How to launch a new luxury products in india pricing strategy?
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The Indian luxury landscape is rapidly evolving. With the rise in middle class population and increase in disposable income, demand for luxury goods has expeditiously increased in the country. Be it Canali's nawab suit, Chanel's tote bag or Balenciaga's clutch, luxury goods are flying off Indian racks. Ralph Lauren launched its first store last year in New Delhi's luxury mall DLF Emporio and brands like Alexander McQueen and Saint Laurent are all set to have their first standalone stores in India by the middle of this year. The Indian luxury market is expected to grow ten-fold from the current $30 billion to $180 billion by 2025. However, India still lags far behind other developing economies like China in terms of its share in the global luxury market. India is a culturally diverse nation with varied languages, religions, food, music, dance and customs. With such diversity, the Indian market offers opportunities as well as challenges to luxury brands. Therefore, it is critical for luxury players to understand idiosyncrasies of typical Indian consumers to successfully serve this lucrative and growing market. Here are four key strategies for luxury brands to succeed in this complex market.