Indian economy is shining and growing rapidly. Now the number of rich families in India is growing rapidly too. I just finished reading an excellent article in Rediff.com titled “Luxury goods? India not yet ready”. The article informs that in India nearly ‘1.6 million Indian households earn more than $100,000 per year--a number that is growing at 14 per cent a year--creating a $14 billion business for luxury goods.’ That is a good market but it seems that western brands are finding it difficult to take advantage from it. Brands like Ermenegildo Zegna have struggled in Indian market although they tried everything possible to attract the Indian consumers. Go ahead and read the article.
It seems that Indian love for luxurious goods is mainly limited to buying flashy cars. Western dress and perfumes are not exactly a hot priority for the Indian men and women. Well, India has a rich tradition in making dress and the problem is that western fashion houses do not try to address the Indian taste. What they need to remember is that they must try to address the likes and dislikes of Indian people. Finally, they need to think of the middle class families too.
What do you think?
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