More than a dozen luxury consumer goods brands are entering the country ahead of the festive season as they look to attract consumers in a market riding on the growing affluence of Indians with higher incomes, spurring greater discretionary spending even in small towns. The trend is being driven by increased exposure to global trends, younger people buying luxury products, and a post-pandemic boom, all of which are stoking interest from Western luxury brands, executives said.

The surge of new and upcoming launches includes Swiss luxury chocolate maker Laderach, which set up its first boutique at upscale mall DLF Emporio in New Delhi last week. French luxury retailer Galeries Lafayette is entering India in partnership with the Aditya Birla Group. Spanish luxury fashion house Balenciaga SA is planning stores with Reliance Brands. Swiss luxury multi-brand watch and jewelry boutique TimeVallee and Dutch haircare salon services brand Keune, among others, are also set to make their debut. As the Chinese economic engine falters, luxury brands are betting that steadier growth in India will lead to greater demand for their products.

“There is absolutely no question about the potential of the Indian market with upscale and luxurious brand experiences. We are very confident of the Indian market, the big cities, and consumers here,” said Elias Laderach, executive board member and chief creative officer of Laderach, the largest chocolate retailer in Switzerland. The family-owned luxury chocolate maker, which has entered India in partnership with DS Group, plans to set up five to seven stores in India over two years besides selling through their own ecommerce platform.