Fashion update: Old luxury bags and heirloom Banarasi saris get a new life and a novel twist as upcycling
Established brands are latching on to the luxury buyers desire to modernise heirlooms. This week, designer Amit Aggarwal, known for his sculptural silhouettes and distinctive designs, launched Banarsi Edit—a collection of vintage Banarasi saris transformed into contemporary creations. In a first for the brand, clients can bring their own Banarasi saris for customisation. The pieces retail between Rs 2.5 lakh and Rs 4.5 lakh. Key Points
Economic TimesHoliday home demand tapers off as rentals fall
Goa is becoming a first-home market with interest from businessmen and startup founders. luxury second homes are in demand, especially in locations like Porvorim. Coonoor Estates is developing high-end luxury homes for buyers looking to settle down. Key Points
Economic TimesIndian luxury brands steal the spotlight on global stage
Over the past year, Indian designer Sabyasachi Mukherjee has achieved significant milestones, including a showcase of jewelry, clothing, and accessories at Saks Fifth Avenue in Beverly Hills during the Oscars weekend. Additionally, his limited edition lipstick collection in collaboration with Estee Lauder was launched in the UK at Selfridges. Key Points
Economic TimesGucci’s China shock reverberates across the luxury landscape
Fears of a slowdown in luxury spending among Chinese consumers have been growing for some time, and recent events have underscored this concern. Kering SA, the parent company of Gucci, experienced a significant decline in its market value following a warning about slumping sales of Gucci products in China. Key Points
Economic TimesDLF to roll out super luxury projects in key markets
In Gurugram, DLF is expected to launch phase 2 of Privana after the first phase was sold out within days of the launch. In addition, it plans to launch a super luxury project in DLF-5, where the current market rate for its project has already reached ₹100,000 per sq ft. Key Points
Economic Times
This Valentine's Day, money is indeed buying them love
Properties such as The Oberoi Udaivilas and Fairmont Jaipur have no rooms available for February 14, as per Booking.com. Rajesh Namby, general manager of Raffles Udaipur, said the hotel has seen a “remarkable” surge in bookings and expects a 22-27% revenue growth with an increase in average daily rates around Valentines Day. Key Points
Economic TimesWhy are the super rich snapping up luxury apartments?
It's not just Delhi-NCR. luxury properties in all big cities are on fire. Mumbai, the countrys largest and most expensive real estate market, has been setting new benchmarks with property transactions. Several large-ticket record-setting transactions involving industrialists, CXOs, actors, and sports personalities have been taking place. Key Points
Economic TimesRich Indians lap up $865 million luxury homes in three days
India Business News: India's biggest real estate developer, DLF Ltd., sold all luxury apartments in a $865 million project near New Delhi. The 1,113 residences were sold i Key Points
Times Of IndiaAbhinandan Lodha Group plans Rs 2,000-cr luxury hotels in Ayodhya, Benares, Vrindavan
While several hospitality chains have signed pacts for properties here, there is no operational hotel in the luxury segment in Ayodhya yet. The new temple complex in Ayodhya has led to heightened infrastructure development and economic activities in and around the city. This is expected to boost not only tourism but also help the city emerge as a regional business and economic activity hub with improved connectivity. Key Points
Economic TimesAudi's four rings shined bright in 2023. But India still a small market for luxury cars
Without volume, it makes little sense for Audi to start manufacturing units here. India is the world’s third-largest market for passenger vehicles, but it remains way behind China. Key Points
ThePrint
luxury car sales hit top speed in 2023; young professionals drive surge amid lifestyle changes, robust cor
In 2023, luxury car sales in India soared to a record high, with daily sales of cars priced over ₹50 lakh, rising to 128 from the pre-Covid 95. The shift is attributed to post-Covid lifestyle changes, robust corporate earnings, and increased interest from younger professionals. Key Points
Economic TimesShopping For luxury Online Has Fallen Out of Fashion
Stocks that unite two of the world’s most successful industries, European luxury and American tech, might sound like winners. Instead, companies that sell luxury goods online have turned into quicksand for investors. Key Points
mintHNIs, startup founders' demand for super luxury homes in Bengaluru causes scarcity
The scarcity of luxury homes in Bangalore's Silicon Valley is posing a challenge for high-net-worth individuals, including startup founders, who are looking to invest in the city. Property brokers have noted that there is a lack of ready-to-move-in inventory or nearing-completion assets in this segment. However, the demand for luxury properties remains high, driven by senior management and startup founders who have liquidated their ESOPs. Prices for prime localities have also increased, with areas like Koramangala 3rd block selling at Rs 60,000 per sq ft. The trend of purchasing luxury homes is expected to continue in the coming years, fueled by the growing startup ecosystem in India. Key Points
Economic TimesSalil Desai on how crazy, rich Indians are changing the atlas of consumption
“In a lot of segments, we will see clear divergence into what would earlier have been thought as essential spending and more luxury and high-ticket spending. We are reorienting our portfolios based on some of these themes, which is part of a broader theme that we are playing with called WESCO.” Key Points
Economic TimesWhy James Bond stunt car hopes to see more action on Indian roads
Aston Martin plans to expand its presence in India's luxury car market, targeting the growing number of rich individuals who are willing to spend on high-end brands. The company currently sells around 10-15 units in India each year and aims to introduce new models, including an electric vehicle, to attract more customers. India's luxury car market has been experiencing strong growth, with sales of ultra-luxury cars increasing by 50% in 2022. However, high taxes on super luxury cars remain a challenge, limiting sales in the country. Key Points
Economic Times
Tony properties sell like hotcakes: What's driving the uber luxury real estate?
A luxury apartment in Mumbai has been sold for Rs 130.24 crore, reflecting the recent surge in the city's high-end residential market. The buyer, Asha Mukul Agarwal, also purchased two apartments for over Rs 132.75 crore. Mumbai has been witnessing record-setting transactions in its real estate market, with celebrities and high-net-worth individuals making significant purchases. Sales of luxury homes in Mumbai costing Rs 10 crore and above rose nearly 50% in the first half of 2023. The market is expected to continue to thrive due to the growing wealth in India and the city's rising number of millionaires. Key Points
Economic Timesluxury car market in India poised for record sales in 2023 after stellar H1 numbers
Mercedes-Benz, BMW and Audi have recorded record numbers in the first half of 2023, with 8,528 units sold by Mercedes-Benz alone. BMW and MINI brands also posted record sales of 5,867 luxury cars, while Audi reported a 97% jump in retail sales. Sales in the Indian luxury vehicle market are expected to reach 46,000-47,000 this year, an all-time high, according to Balbir Singh Dhillon, Audi India Head. Key Points
Economic TimesCharged Up: luxury auto companies are set to drive in more EVs in FY24
Eleven electric luxury cars and SUVs are set to launch in India this fiscal year, out of a total of 48 passenger vehicle launches. luxury carmakers such as Audi, BMW, Lexus, Mercedes-Benz and Volvo are all expected to release models from their global portfolios in the country this year. Petrol vehicle sales in the luxury segment fell by 8% over the past year, compared to electric luxury vehicle sales which grew by 142%. Automotive companies are therefore aiming to sell up to 15% of their vehicles in India as electric cars within the next two to three years. Key Points
Economic Timesluxury vehicles selling like hot cakes in 2023
Steady domestic economic growth amid signs of moderating inflation, coupled with strong corporate earnings, are fuelling demand at the higher end of the market and supporting sales of luxury vehicles. Within luxury, too, demand was stronger for top-end vehicles priced upward of ₹1 crore, said a senior industry executive. At Mercedes Benz, sales of top-end models, in fact, more than doubled in the first quarter. Key Points
Economic TimesWorld’s richest man eyes India’s luxury market with landmark Dior show
The French luxury brand became the first fashion house to showcase its collection in India on March 30, highlighting the rising interest that Western luxury brands have in tapping the country's growing wealth. India currently has 119 billionaires, with an estimated 70 new millionaires produced every day between 2018 and 2022. Key Points
Economic Times
Premiumisation a multi-year phenomenon, panning out in T1, T2 cities: Avi Mehta, Macquarie Capital
“In India, premiumisation is something that has been happening and is going to continue, sustaining simply because we have that benefit of people being aware of brands a lot more, people having aspirations a lot more and knowing what they want. They are value conscious and that value also has some sort of bragging rights involved in that, which drives our belief.” Key Points
Economic TimesLadurée’s local arm mulls ₹60 cr offline store expansion
CK Lifestyle LLP, a unit of the CK Israni Group, plans to expand luxury pastry chain Ladurée with 20 outlets in India within three years. The company has bought the master franchise rights of the brand and will invest ₹50-60 crore to develop its stores. Key Points
mintThere's one sector Gurugram isn't competing with Noida—Affordable real estate
Steep rise in Gurugram’s land acquisition cost hurt affordable housing. But luxury is booming. Key Points
ThePrintSuper rich Indians looking for second homes help Dubai cement status as world’s busiest luxury property ma
The number of sales for homes valued at $10 million or more reached a record 277 in the first nine months of the year, totaling $4.91 bn. Dubai's property sector is thriving due to the government's handling of the pandemic and liberal visa policies, attracting foreign buyers. The city's Palm Jumeirah was the most popular area for wealthy buyers, accounting for over half of luxury sales. Key Points
Economic TimesEx-Pak PM Imran Khan receives luxury tax notice of PKR 14 lakhs for Lahore residence
Former Prime Minister of Pakistan Imran Khan received a luxury notice of more than 14 lakh Pakistani rupees for his Zaman park residence in Lahore. The notice issued by the Department of Excise and Taxation to Imran Khan is to be paid by Monday. Key Points
India Today
Homes at Sushma Belleza launched with new age luxury
India Business News: The impressive lifestyle at Sushma Belleza is inspired by only grande spaces. It offers the region’s largest villa floors from 2300 sq. ft to 3400 sq ft. Key Points
Times Of IndiaAkshara Haasan buys luxe apartment in Khar for ₹15.75 crore
Actor Akshara Haasan, daughter of Kamal Haasan, has purchased a 2,354 sq ft apartment in a luxury project in Khar, Mumbai for ₹15.75 crore. The apartment is located on the 13th floor of a 15-storey tower and includes three car parking spaces. | Mumbai news Key Points
Hindustan TimesLexus launches new LC500h in India. Check updates, features and price
The 4-seater luxury coupe has been priced at ₹2.39 crore (ex-showroom). Key Points
Hindustan TimesRBI's Repo-Rate Pause May Not Boost Affordable Housing Just Yet
Home sales rose 14% over a year earlier to 1.13 lakh in the three months ended March. Key Points
BQ PrimeMotilal Oswal top official Ashish Gumashta buys luxury apartment in Mumbai’s Bandra west
Ashish Gumashta, managing director of strategic initiatives at Motilal Oswal Financial Services, has purchased an under-construction luxury apartment in Mumbai's Bandra locality for over 36.19 crore. Gumashta recently resigned as Executive Chairman of Julius Baer India. The apartment has a carpet area of 3,417 sq ft and is located on Perry Road and St. Cyril Road. Key Points
Economic Times
BYD unveils $233,450 EV to rival Ferrari, Lamborghini
BYD became the biggest EV seller globally, overtaking Tesla in the last quarter of 2023. While it is better known for making affordable EVs, the company markets its luxury models under the Yangwang and Fang Cheng Bao brands. With a post-Lunar New Year price war looming in China, the Shenzhen-based giant is betting there remains a market for high-end products which deliver better margins. Key Points
Economic TimesPredictions for 2024: Discovering the ‘real’ joys of craftsmanship, says fashion designer Sabyasachi Mukhe
Year 2024 is expected to be a glorious year for the fashion industry and especially for the one in India. LVMH recently forecast that it will have a deficit of 22,000 artisans by the end of 2025, a record shortfall. Theyve begun to look at India and other countries with a deep provenance of master craftsmanship. This is Indias moment. Key Points
Economic TimesAs luxury watches become dearer and harder to lay one’s hands on, the second-hand market is on a roll
There has been a sharp increase in the prices of both new and used luxury watches. However, that has been far steeper for pre-owned watches as several, fast-moving, first-hand models of top brands such as Rolex, Patek Philippe, Cartier, Omega and Audemars Piguet as well as of independent watchmakers like FP Journe and Daniel Roth are in short supply. A supply-demand mismatch and a reliable pre-owned market have driven up prices and the current inflationary pressure will push the rates up further, say luxury watch sellers. Key Points
Economic TimesOff the mark: luxury car sales roar in India
Luxury car sales were at record levels in the first half of 2023. Should the trend continue, the industry could log an all-time high for the full year. What explains this frenzy, who are the major benefactors and how long will it sustain? Mint takes a look: Key Points
mintBollywood producer Dinesh Vijan buys luxury pad in Mumbai’s Pali Hill for Rs 103 crore
The transaction for the house spread across 15th and 16 floors of the under-construction tower values it at over Rs 1.32 lakh per sq ft, making it one of the most expensive deals for a residential property anywhere in the country. Key Points
Economic Times
‘Quiet luxury’: No flash, no logos, but big-time style
Call it stealth wealth, or quiet luxury. For the rich and those who aspire, logo-free fashion with outsized price tags is having a moment — at least among people who can spend in the face of higher inflation and a volatile economy. Key Points
The Indian ExpressLVMH breaks into world top 10 as market cap nears $500 billion
For a growing crowd of investors, LVMH and its French luxury rivals are to the European stock market what Big Tech has been to the US: Dominant businesses whose growth holds up even as the economy waxes and wanes. Shares of LVMH and Hermes International have on average returned more than 20% annually the past decade and Kering has returned 16%. Key Points
Economic Timesluxury holiday homes embrace green living standards
Holiday homes in India are adopting green technologies to reduce their environmental impact. Developers are implementing solar panels and water recycling plants, while ensuring the construction process doesn't harm the surrounding area. The luxury second home market is growing due to evolving preferences, disposable incomes, hybrid work culture, improved connectivity, and infrastructure. Key Points
Economic Times