IBEF presents an enriched, enhanced 'India Now' magazine with more features, analysis and wider coverage. The February-March issue analysed the growing propensity of Indian consumers for luxury brands and how both Indian and global fashion designers are paying heed.
India's erstwhile royalty and its historic love affair for opulence has been captured in interesting anecdotes throughout history. For instance, around 20% of Rolls Royce sales were from India in the 1920s. The Maharajah of Patiala asked Cartier to remodel his crown jewels, including a 234.69 carat De Beers diamond. Cartier developed a beautiful Patiala necklace that weighed 962.25 carats and had 2,930 diamonds - Cartier's largest commission till date. The wealth of the last Nizam of Hyderabad was estimated at £100 million in gold and silver and £400 million in jewels!
Present-day India is again capturing the world's imagination as a highly lucrative luxury market. This time, however, the main plot is not driven by kings or queens or the uber rich. The growth of the luxury market is more broad-based, and is being led by an increasingly prosperous and aspirational middle class.