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In India’s fast-growing economy, millions of newly wealthy consumers are driving demand for handbags and accessories from Louis Vuitton, Chanel, and Dior. Yet getting to a store is easier said than done — there simply aren’t many.

With a population approaching 1.5 billion and economic growth above 6%, India is expanding faster than China — the main driver of the luxury industry over the past decade, Reuters reports.

A Shortage of Prime Retail Space
Leading luxury brands face a significant hurdle: a severe shortage of high-quality retail locations. India currently has only three true luxury shopping centers: two in New Delhi — Emporio and Chanakya (both owned by developer DLF) — and Jio World Plaza in Mumbai, owned by the conglomerate Reliance.

“We constantly get requests from headquarters — LVMH, Kering, Richemont — asking for space for brands that want to enter the Indian market,” said Surabh Bharara, head of luxury malls at DLF. “We have fifteen top-tier brands ready to enter India tomorrow if we can provide the space, but right now, there simply isn’t any.”

Economic Momentum and Rising Wealth
India ranks fourth globally for individuals with net worth over $100 million, behind only the U.S., China, and Japan, according to the 2025 Knight Frank Wealth Report. The country’s middle class is also expanding rapidly.

Still, the Indian luxury market was valued at just $12.1 billion last year — less than 3% of China’s market, according to Euromonitor. While India has the potential to offset slower growth in other key markets, that potential may remain untapped until new shopping centers open.

“High-quality retail real estate is the main bottleneck,” noted R. Satyait, CEO of International Brands at Aditya Birla Fashion and Retail. In November, the company opened a franchise of French department store Galeries Lafayette in Mumbai, giving roughly 200 foreign brands access to the Indian market.

Four new luxury malls, including an expansion of Emporio, are under development, but openings are not expected for several years. The other three centers are planned for Mumbai, Hyderabad, and Gurgaon (New Delhi’s surrounding region). This gives hope to brands like Chanel, with a Mumbai store a near-term priority.

Premium Brands Adapt
Some luxury brands are entering less exclusive but still premium malls. Golden Goose, focused on luxury footwear, has opened three stores in New Delhi, Bangalore, and Mumbai over two years, targeting a young and confident Gen-Z audience.

Gaps in the Market
The scarcity of quality retail space has left India without stores for several key brands. For example, Patek Philippe and Loro Piana have no physical stores. Prada has only one cosmetics boutique and no fashion outlet, while Chanel operates one clothing store and seven beauty boutiques. By comparison, in China, Prada has 14 fashion stores, Chanel 18, and some brands operate 40–50 locations, including Louis Vuitton and Gucci.

Even if brands are willing to forgo “ultra-luxury” spaces with high ceilings, columns, and parking, options remain limited. Flagship stores on main streets are often unattractive due to cleanliness and air quality issues.

As a result, some brands are entering India via franchise partnerships with retail conglomerates like Reliance, Aditya Birla Group, and Tata Group, which provide store networks and capital. Balenciaga, Tod’s, and Stella McCartney entered through Reliance Brands, while Jio World Plaza allowed Louis Vuitton to open a Mumbai store outside hotel complexes.

Other Challenges
Developers face a “chicken-and-egg” problem: investing in projects is difficult without firm commitments from brands, but brands rarely invest until construction is complete. High customs duties — 35–40% — also push wealthy Indian consumers to shop in Paris, Dubai, or Singapore.

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