Think of cities that are revered for luxury fashion, and the first that likely come to mind are ‘The Big Four’ – London, Milan, Paris and New York. Biannually, they are home to the biggest fashion events of the year, presenting new season collections from some of the top design houses in the world. For many, fashion transcends clothes and becomes a form of self-expression and even goes so far as to become performance art, especially when shown on catwalks or worn at events like The Met Gala which are hosted annually. Fashion is communication, or, as iconic designer Miuccia Prada once described, ‘instant language’, but has for some time felt pigeonholed into the European and North American version of ‘couture’. However, the world of luxury fashion is expanding.
“Designers have extended their sights elsewhere and are investing in countries like Japan, Korea and India”
With fashion weeks now being held in Copenhagen, Berlin, São Paulo and Tokyo, to name just a few, the market is touching more corners of the globe than ever before. Looking towards Asia, China is the gravitational centre, but with an economy that decelerated around 4.5 percent in 2024 and a substantial decline in investment in the property sector, consumer sentiment has moved away from luxury goods and is instead coveting more affordable alternatives. With this shift, designers have extended their sights elsewhere and are investing in countries like Japan, Korea and India.
India, in particular, has been an emerging luxury market since the turn of the century – highlighted by Louis Vuitton’s store opening in 2003, which was the first international luxury fashion brand to enter the market – but over the past couple of years, there has been a noticeable ramp up in the way these design houses are viewing the space. This year, India’s fashion market is projected to grow between 12 and 17 percent, while The Reserve Bank of India has projected luxury to rise between 6.5 and 7 percent year-on-year in 2025 thanks to a population of 1.5 billion people and an expanding middle class.
Activity has been dynamic; Aquazzura, Golden Goose and Amiri all launched flagship stores in New Delhi in November of last year, while Chanel launched e-commerce across 27,000 postcodes, and Canali chose India as one of its global locations to celebrate its 90th anniversary. In a major moment, Tod’s collaborated with Indian couturier, Rahul Mishra (who, incidentally, was the first Indian designer to be invited to Paris Couture Week in 2020) on an exclusive capsule collection.
This flurry of activity hasn’t happened in a vacuum. Speaking to Sanjeev Mohanty, who was most recently Managing Director of Levi Strauss in the US & Canada but has had a career that has spanned the globe, including South Asia, told us that the way the top one to two percent of consumers are shopping in India is changing. “Previously, they were travelling to areas like Singapore, Dubai, Europe and the US to access Western fashion,” he says. But with the continued expansion and investment of luxury western fashion houses in India, there is less need for consumers to travel abroad.
However, it is not simply that traditional design houses are entering the Indian market; luxury Indian designers are also starting to export into European and US markets. More Indian brands are updating their silhouettes and styles to suit a western audience, and there is creative and clever talent coming from India that is looking to create a space for themselves in the US and Europe.
Two such luxury designers are Rahul Mishra, who, as we previously mentioned, recently collaborated with Tod’s, and Anamika Khanna who has a print line called AKOK, which launched in Saks department store in New York towards the end of last year. The brand will also be coming to Harrods in London near the end of 2025. AKOK is inspired by the Bonda tribe, one of the oldest and most isolated tribes in India, which is renowned for its unique culture, language and lifestyle, resiliently holding onto traditions despite external pressures.
Rahul Mishra made his debut at Lakme Fashion Week in 2006 and throughout his career, has won multiple prestigious awards including the 2014 Woolmark Prize at Milan Fashion Week – which was previously won by Giorgio Armani, Yves Saint Laurent and Karl Lagerfeld – becoming the only Indian to ever have done so. What Rahul Mishra and Anamika Khanna both have in common is their foundations in Indian history and culture. Sanjeev explains: “A brand that is deeply rooted in India’s rich textile culture could take off in a big way. For success, it needs to be really authentic to India.” He continues, “Luxury is an area where India could offer a lot and lean into its history and heritage. There are so many rich nuances which could become very interesting.” Looking at Rahul Mishra and AKOK, it seems that this is the direction that India’s luxury fashion export is heading in.
In the luxury space, movement is happening in India. European and North American designers are building on the foundations that have been gradually put in place over the last 20 years, introducing e-commerce and flagship stores in a way that hasn’t happened in the market previously. In the same way that imported luxury fashion is becoming of interest to a larger section of the Indian population, the world is also beginning to discover Indian couture as well. We will watch with interest as the global luxury fashion market continues to evolve and what India’s role in that will ultimately be – at this moment in time, it looks like it could be significant.
moira.benigson@thembsgroup.co.uk [email protected] | The MBS Group
