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Represented by its Prime Minister, Narendra Modi, India will be the guest of honor at the July 14th parade. This will be an opportunity to strengthen France’s strategic partnership with the world’s most populous country, likely to be the world’s leading economic power by 2075. Luxury brands are also eagerly eyeing this market with alluring potential…
On the Champs-Elysées on July 14, Emmanuel Macron will have a special guest with him to watch the traditional national parade: Narendra Modi, the Indian Prime Minister.
Together, they will be able to admire the 6,500 participants in this 2023 edition, as well as the dozens of planes, helicopters, motorcycles and horses of the Republican Guard, the 269 members of the Indian armed forces and three Indian Rafales.
Beyond these powerful images, the aim is for France to strengthen its ties with the Asian power and the world’s largest democracy, at a time when China’s hegemony is causing increasing tension.
As India’s second-largest arms supplier after Russia, Paris is keen to strengthen its strategic partnership with New Delhi, which is celebrating its 25th anniversary. A new contract for 26 Rafale Marine and three submarines could be announced, according to the business newspaper La Tribune.
Rising power in Asia
Generally speaking, India has a lot to offer in terms of political and economic clout, and is asserting itself as Asia’s rising power. The United States has understood this too, and at the end of June rolled out the red carpet for Narendra Modi with full honors.
India recently took over from China as the world’s most populous country, with a population of 1.4 billion.
According to the International Monetary Fund (IMF), it is already the world’s fifth-largest economy, with a GDP of $3.74 trillion and a per capita income of $2,600, and could overtake the USA as the world’s second-largest economy behind China by 2075, according to Goldman Sachs. At that date, according to the investment bank, India’s gross domestic product (GDP) would reach $52,500 billion, after India ($57,000 billion) and ahead of the USA ($51,500 billion).
A boom for luxury
Such potential is obviously not lost on luxury players, who are always keen to diversify their targets.
According to Bain, sales of luxury goods in India are expected to grow by 40% at constant exchange rates by 2022. In addition to its 166 billionaires and 266 high net worth individuals (with liquid assets in excess of $1 million), India’s middle class is growing steadily. And they are likely to be consumers of “accessible” luxury…
The luxury brands are therefore multiplying the number of winks they make to flatter this market with its prestigious past and deeply rooted culture of beauty: Dior (Lvmh) held its pre-fall show in Mumbai this spring, and Gucci (Kering) chose an Indian luxury ambassador.
Some observers even raise the possibility that India could one day overtake China in the luxury goods market. The question was raised by business journalist Noémie Wira in her Morning Retail column on BFM Business on July 6.
However, if such a prospect were to materialize, it would take several decades.
Signs of openness
The Indian market, long reputed to be very difficult, even impenetrable, is slowly beginning to open up.
Admittedly, its customs taxes are still among the highest in the world, which encourages Indians to take advantage of their trips abroad (particularly to Dubai) to shop there. And Indians, who are still very attached to their local style of dress and designers, are more likely to concentrate their purchases on accessories (bags, watches…) and luxury cars…
But on the other hand, the previously very strict regulations are becoming more flexible. For example, the limit on the amount of cash that can be withdrawn in India has been raised.
Luxury malls
Distribution is becoming more structured, even if the country is still far from having luxury districts or avenues. Whereas in the past, luxury brands were only to be found in hotels, today they have luxury malls in major cities, but usually through partners. Hermès, for example, is one of the few brands to have opened its own boutique in downtown Mumbai in 2011.
In any case, the Indian luxury market is still far from having reached the maturity required to be a major luxury market in the short term…And according to Prada CEO Andrea Guerra, India will be interesting…in 50 years!
Read also > India: a booming market for luxury
Featured photo : © INDRANIL MUKHERJEE/Getty Images[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
Represented by its Prime Minister, Narendra Modi, India will be the guest of honor at the July 14th parade. This will be an opportunity to strengthen France’s strategic partnership with the world’s most populous country, likely to be the world’s leading economic power by 2075. Luxury brands are also eagerly eyeing this market with alluring potential…
On the Champs-Elysées on July 14, Emmanuel Macron will have a special guest with him to watch the traditional national parade: Narendra Modi, the Indian Prime Minister.
Together, they will be able to admire the 6,500 participants in this 2023 edition, as well as the dozens of planes, helicopters, motorcycles and horses of the Republican Guard, the 269 members of the Indian armed forces and three Indian Rafales.
Beyond these powerful images, the aim is for France to strengthen its ties with the Asian power and the world’s largest democracy, at a time when China’s hegemony is causing increasing tension.
As India’s second-largest arms supplier after Russia, Paris is keen to strengthen its strategic partnership with New Delhi, which is celebrating its 25th anniversary. A new contract for 26 Rafale Marine and three submarines could be announced, according to the business newspaper La Tribune.
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Represented by its Prime Minister, Narendra Modi, India will be the guest of honor at the July 14th parade. This will be an opportunity to strengthen France’s strategic partnership with the world’s most populous country, likely to be the world’s leading economic power by 2075. Luxury brands are also eagerly eyeing this market with alluring potential…
On the Champs-Elysées on July 14, Emmanuel Macron will have a special guest with him to watch the traditional national parade: Narendra Modi, the Indian Prime Minister.
Together, they will be able to admire the 6,500 participants in this 2023 edition, as well as the dozens of planes, helicopters, motorcycles and horses of the Republican Guard, the 269 members of the Indian armed forces and three Indian Rafales.
Beyond these powerful images, the aim is for France to strengthen its ties with the Asian power and the world’s largest democracy, at a time when China’s hegemony is causing increasing tension.
As India’s second-largest arms supplier after Russia, Paris is keen to strengthen its strategic partnership with New Delhi, which is celebrating its 25th anniversary. A new contract for 26 Rafale Marine and three submarines could be announced, according to the business newspaper La Tribune.
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