India’s luxury split: Hermès grows as Gucci, Dior lose momentum

There is also a slight shift in what Indian consumers value. “Luxury brands like Hermès perform well year on year because their products are based on craftsmanship and permanence, while others driven by seasonal fashion cycles see more variability. Fashion brands like Gucci or Dior operate on fast design cycles and visual signals,” said Raahuul Kapoor, co-founder of Delhi-based consultancy Luxury Ampersand Frolics. “But an increasing number of consumers are moving towards what I call ritual-driven luxury. Objects such as cigars, collectible accessories or maisons, such as a well-made lighter or a writing instrument, appeal to taste rather than mere purchasing power. For India’s emerging class of ultra-high-net-worth collectors and global travelers, these objects align closely with inheritance, gift-giving and intergenerational inheritance.”