Tuesday, 28 May 2024

Dior targets India’s luxury goods market

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Christian Dior reviewed its fall 2023 collection in Mumbai on March 30, becoming the first fashion house to reveal its latest fashion collections in India at a time when luxury brands are taking advantage of entering new markets in order to explore upcoming opportunities to earn billions.

According to Al-Sharq, the costumes that were displayed included everything from sari-inspired skirts to loose tunics and vibrant colored silk clothes, including pink Indian costumes, and the “India Gateway” appeared in the background of the show led by Maria Grazia Chiuri, first creative director of Dior.

It is noteworthy that the shares of the parent group “LVMH” (LVMH) rose by 1%, to reach 838.7 euros ($ 913), as it hit a record high level during Friday trading.

Dior is the second largest brand in the luxury giant LVMH group of French billionaire Bernard Arnault, as the brand’s decision to add India to its seasonal show schedule reflects the growing interest in capitalizing on the country’s growing wealth. India is currently home to 119 billionaires, according to Oxfam, where it is estimated that the country introduced 70 new millionaires every day between 2018 and 2022.

The company’s decision indicates Dior’s ability to attract new buyers to the world of LVMH, who make up a growing group of consumers, especially in a country with a population of 1.4 billion, through its cosmetics offerings to fragrances and bags. ..

“India is a hugely untapped market with a growing middle class and more millionaires showing up throughout the year,” says Deborah Aitken, senior luxury analyst at Bloomberg Intelligence. The market is vibrant, full of new designs and colors, and innovative technologies in the field of luxury products, which is in great demand.”

Dior is not new to showcasing its collections in untapped destinations by using iconic architectural designs as a backdrop for its shows. Artistic director Kim Jones unveiled his men’s collection last fall with the “Pyramids of Giza” in the background, highlighting the ambition of his parent group to ensure future profits, while the next generation of the Arnault family plays fundamental roles in an increasingly important largest way in this empire.

Aitken added: “When the name (Dior) comes to your mind, there is a direct association between it and perfumes, in addition to its very strong position in the world of make-up, and it is the luxury destination for many consumers.”

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