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livemint.com / 2 months ago
India’s luxury split: Hermès grows as Gucci, Dior lose momentum
₹265.4 crore, Christian Dior's slipped slightly to ₹257 crore from ₹265.7 crore in FY24, and Louis Vuitton's eased to ₹802.47 crore from ₹816.24 crore in FY24.In contrast, the more upmarket Hermès India, which caters to ultra-rich buyers, continued to expand, with revenue rising to ₹427.9 crore from ₹322.2 crore and net profit increasing to ₹83.7 crore from ₹72.7 crore. Swiss watches also outperformed, with sales rising to about ₹3,500 crore from ₹3,244.6 crore in 2024, according to the Federation of the Swiss Watch Industry FH.The divergence could be a sign of a broader market dynamic at play, say experts.
Luxury cars, too, saw a slowdown, with Mercedes-Benz reporting declining sales after five years of growth. Economic uncertainty, inflation, and job insecurity led aspirational buyers to cut back on discretionary spending.
Currency fluctuations and a weakening rupee made imported luxury goods more expensive, while high import tariffs widened price gaps between India and global luxury hubs, encouraging some buyers to shop overseas in cities such as Dubai and London.Despite this, Delhi remained a stronghold for luxury brands. “Although some of these brands have expanded into other Indian markets, Delhi has remained a strong and stable market.
Our malls, DLF Emporio and The Chanakya, in fact recorded growth in sales in all but one quarter of FY25. Any potential dip in overall luxury consumption may be attributed to macro-level disruption in Q1 FY25.
In fact, this fiscal, we expect domestic demand for international luxury goods to rise, driven by narrowing home-country pricing gaps. This means luxury goods are now only 10-12% more expensive in India than their home countries, making local purchases increasingly
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21.05 / 10:17
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Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
21.05 / 10:17
markets
Digital
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
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Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
21.05 / 08:45
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