Hyderabad emerges as luxury market to watch with surge in rich list
luxury brands to take note.
Industry insiders said Hyderabad is now snapping at the heels of Delhi and Mumbai and is a market to watch out for.
«In 2012, we had only three entrants from Hyderabad on the Hurun Rich list. Fast forward to 2023, and that number has surged to 87,” said Anas Rahman Junaid, founder and chief researcher, Hurun India.
“In 2023 alone, we welcomed 26 new entrants from the city, and 64 individuals saw their wealth going up. With the increasing number of wealthy individuals and billionaires, Hyderabad is positioning itself as a major player in India’s luxury segment,” he added.
Fashion designers are sensing the demand. Sabyasachi Mukherjee opened his jewelry store in Hyderabad last year, and Rahul Mishra will launch a new store in the city next month.
“2024 is an important year for the brand as we straddle growth and retail expansion for both our brands- Rahul Mishra Couture and the recently launched pret a porter label AFEW Rahul Mishra,” said Mishra. “The Hyderabad consumer has already constituted over a fourth of our total sales volume in India as they would shop from us remotely or from the retail stores in Mumbai and Delhi. It felt important to extend our offerings there, as we observe an increasing interest from the region,” he added.
When Radisson Hotel Group, the third largest chain in India thought of launching its luxury brand Radisson Collection in India last year, it signed up the first Radisson Collection for Hyderabad. “Hyderabad has undeniably emerged as a vibrant hub for
