The market for international brands in India has been going through a lot of changes in the last 3-5 years, but here is a glaring fact about it: nearly 85 percent of potential consumers search for international & luxury brands on the internet at least once a month, says ASSOCHAM. Consider the growing number of consumers who have an interest in this segment, and you have a huge base that is actively searching for the Armani, Michael Kors, DKNY, Furla, L’Occitane and the likes.
Not too long ago in India, international brands were synonymous with shopping abroad. But rising brand awareness and aspirations of the burgeoning middle class, especially the 20-somethings among them, are no longer waiting to visit the high streets of Paris, Milan, New York or Tokyo to fulfill their desires. The Indian online shopping platforms are well poised to cater to their young audience.
For instance, Myntra forayed into the premium wear segment in November 2014 with brands such as Desigual, New Look, Furla, Mango, Superdry, Emporio Armani, L’occitane to name a few and is now rapidly expanding this segment. The latest brand to join the bandwagon is Mizuno with products including footwear and sports apparel with over 140 unique styles. These Mizuno shoes are known for its ‘wave technology’, which is a unique midsole technology that provides both, cushioning and stability on every step, resulting in a smoother and comfortable run.
According to a study by ASSOCHAM, the Indian luxury market is expected to cross $18.3 billion by 2016, growing with a compound annual growth rate (CAGR) of about 25 percent. This kind of a growth translates to approximately 100 million transactions for luxury products on the Internet by 2020, adds the report.
The demand and aspiration for international brands is only going to grow in future. In order to allow easy access to best of fashion & lifestyle to every corner of the country, Myntra is increasing its focus on Tier II & III markets, which includes diversifying its offering of international brands. You now have the option of ordering a plethora of premium brands right at your doorstep.
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