Fri Sep 20 06:55:53 UTC 2024: ## Luxury Brands Flock to India as China Slows Down
**MUMBAI -** India’s booming economy and growing number of affluent consumers are attracting a wave of luxury brands, driven by the slowing growth in China. Swiss watchmaker Gerald Charles SA recently launched its first boutique in India, joining a growing list of luxury brands setting up shop in the country.
The move comes as China’s economic slowdown has prompted global luxury players to shift their focus to other markets. India, on track to become the world’s third-largest economy, boasts a burgeoning middle class with a growing appetite for luxury goods.
“India is a key market in the luxury industry,” said Sara Taha, area manager for S.T. Dupont, a French luxury brand returning to India after a decade. “We will provide our existing loyal customers and prospective customers a tailored service.”
The luxury watch market is particularly booming, with sales of luxury watches in India expected to reach $30 billion by 2030, according to Deloitte India. Popular brands such as Franck Muller, Breitling, Breguet, Jacob & Co., Rolex, and Franck Muller are expanding their presence in India, opening flagship stores in major cities.
Besides watches, luxury accessories and apparel are also seeing significant growth. French brand S.T. Dupont, known for its high-end lighters, pens, and bags, is returning to India with a new strategy. They are focusing on personalized services for discerning customers.
The growth in luxury spending reflects the increasing wealth of India’s population. According to the UBS Global Wealth Report 2023, India has 849,000 US dollar millionaires, and wealth per adult in India has been rising steadily since 2000.
This influx of luxury brands is expected to further fuel the growth of India’s luxury goods market, making it a key player in the global luxury landscape.
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