It's a closed club. No real estate developer or retailer who may have made serious money recently can get into luxury. The domain is reserved for those who are exposed to these brands and understand their finer aspects.
The luxury retail market, which is currently in its nascent stage was roughly estimated to be around Rs 1,500 crore (Rs 15 billion) and expected to grow at 20 per cent in next five years. The booming stock market and the recent news that India's leading industrialist, Mukesh Ambani, had even overtaken Bill Gates, to become the richest person in the world, is an indication that the country was ready for that ultimate 'haute couture' experience.
Self-indulgence is the new motto of the uber rich as more foreign luxury brands announce their presence in India.
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