Growth of Luxury Brands in India

‘THE GROWTH OF LUXURY BRANDS IN INDIA’

With the advent of globalization in India, luxury brands tried their luck into the Indian market. Since 1992, we have seen a number of luxury brands coming into India like Prada, Gucci, Armani, Cartier, Louis Vuitton etc. With the so called ‘show off’ trend amongst the Indian people, luxury brands have a very good opportunity to survive as well as blossom in the India market. The Indian market isn’t affected by high inflation or economic slowdown. It is thus moving towards growth after this slowdown phase. It is also seen that the trend of luxury brands is not only seen in Metropolitans but also in small cities as well. This growth is mainly due to the rich lifestyle of the people of Indian.

INTRODUCTION:

Globalisation is the new ‘buzzword’ that has come to control the community since the 1990s of the last millennium with the end of the cold war and the break-up of the former Communist Nation and the international pattern towards the moving tennis ball. The frontiers of the state with improved dependency in the marketplace economic climate and restored trust in the private capital and sources, a procedure of architectural modification stimulated by the research and impacts of the World Bank and other Worldwide organizations have started in many of the creating countries. Also Globalisation has gotten in new possibilities to creating countries. Greater access to developed country marketplaces and technology exchange hold out guarantee enhanced efficiency and higher living standard. But globalisation has also tossed up new difficulties like growing inequality across and within countries, movements in economical industry and ecological deteriorations. Another negative element of globalisation is that a bulk of creating countries stays eliminated from the procedure. Until the 1990s the procedure of globalisation of the Native indian economic climate was restricted by the limitations to business and economical commitment...