DS Luxury bets on premium fashion boom, plans 30 stores by FY28 as India's luxury market is set to boom
With India's appetite for high-end fashion and accessories on the rise, DS Luxury, the luxury retail arm of Dharampal Satyapal Group Ltd, makers of Catch and other FMCG products, is gearing up for aggressive expansion over the next three years. The company plans to operate 30 stores across the country by 2027–28, spanning both luxury mono-brand boutiques and a new multi-brand concept.
'India's luxury market is likely to see several new additions in terms of luxury malls, for which infrastructure is still lacking. We would look to have as many as 30 stores by then across the country," said Ritesh Kumar, promoter, DS Luxury Retail Ltd, in an exclusive conversation with Mint.
The move comes amid a broader shift in consumption patterns. 'The quiet luxury trend is definitely gaining popularity in India," he said, 'but brand logos as status symbols are still relevant and garner massive demand."
DS Luxury currently retails seven luxury menswear brands such as Tom Ford, Berluti, Brioni, and Brunello Cucinelli in luxury malls across Delhi. It introduced Tom Ford in the country back in 2010.
Also Read: India's Gen Z is drinking less, but drinking betterLate last year, it launched a women's accessories and shoe brand, Aquazzura, and most recently, this month, it has brought Italian fashion brand Eleventy Milano to India in Delhi's The Lodhi Hotel. The company is known for its luxury, contemporary clothing and shoes.Berluti—part of the LVMH group portfolio—has also emerged as a very strong performer for the company, too.
Multi-brand retail next
Now, it is working on a multi-brand retail concept in collaboration with an international partner, with launches expected this fiscal. Initial rollouts are planned in Delhi, Mumbai, Hyderabad, and Bengaluru. 'This will be more like a concept outlet, and a lot of brands that are not present in India will find it easy to come into this multi-brand outlet and start to retail here," Kumar said.
The multi-brand format, he added, will also help the company enter tier-2 cities, where luxury mall infrastructure is still developing or has not developed at all. 'These types of formats can be taken to different cities, even where luxury mall infrastructure doesn't exist," he said. The format also serves as a risk hedge in a market where brand cycles can be short. 'Sometimes luxury brands also tend to have a shelf life, so when there is a multi-brand store, that helps reduce the risk for us as well as for the brand before they launch in a mono-brand format," Kumar said.
DS Luxury is also in advanced talks with several global names across ready-to-wear, shoes and accessories. 'We are very serious about looking at women's shoes and accessories as a category. Accessories, shoes and bags are doing very well as a category across the world. Select categories and brands have good consumption and strong demand, which will probably continue to see an uptick even in the future," he added.
Also Read: Airfares are down but insufficient hotel rooms are keeping travel costs high: Thomas Cook
Apart from its luxury fashion vertical, DS Group also owns Swiss chocolate brand Läderach, luxury children's wear stores Les Petits, Le Marche, Le Gourmet by Le Marche, and gourmet French bakery and patisserie chain L'Opéra. Le Marche, which also comes under Kumar's purview, has about 10 stores across the country.
It will look to add another 3-4 outlets over the next few years to its newly launched Le Gourmet by Le Marche, a luxury grocery store that sells products from brands like Harrods, Swiss tea brand Sirocco, Bacha coffee, and Maestrani chocolates, etc.
Luxury retail changes
All of this comes on the back of the fact that the country's luxury retail landscape is set for a significant transformation with upcoming developments across major cities over the next 4-5 years.
While at present there are a clutch of luxury malls in the country, in Delhi, Bharti group is working on Worldmark Aerocity, poised to become the country's largest mall, while Mumbai is expected to see new luxury-focused projects like Oberoi Realty's Three Sixty West in Worli and additional expansions by the Palladium group. Similar activity is underway in Bengaluru, Hyderabad and other metros, signalling stronger infrastructure support for premium retail.
Also Read: Virat Kohli to continue to rule ad world despite retirement from Tests, T20Is
This growth comes as India's affluent population is set to expand sharply over the next five years. According to property consultancy Knight Frank India, the number of ultra-high-net-worth individuals (those with net worth exceeding $30 million) is projected to rise by 58.4%, to over 19,000 by 2027 from 12,069 in 2022.
The billionaire count is also expected to grow to 195 from 161 during this period. Meanwhile, the high-net-worth individual (HNI) segment—with net assets over $1 million—is forecast to more than double to 16.5 lakh from 7.9 lakh.
Key takeaways
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
3 hours ago
- News18
India poised to benefit from FTAs, says RAI CEO Kumar Rajagopalan
Singapore, Jun 8 (PTI) India has emerged as a 'great place" to use the advantages accruing from Free Trade Agreements (FTAs), a senior retail industry official said as he highlighted the success of Make in India programme. 'We are among the most attractive markets, with a growing young population that makes us one of the world's largest consumer markets with insatiable demand for the best in the world," said Retailers Association of India (RAI) CEO Kumar Rajagopalan at an event here. FTAs will also give Indians access to items that get manufactured abroad at a more convenient pricing, he added. But he was also quick to dismiss notions of dumping cheap inferior goods into the Indian market, pointing out that the country has created laws that can protect against such trade-damaging practices, and that can be challenged at the World Trade Organization. According to Kumar, a trade veteran of 40 decades, a full-fledged quality control checking system is in place to ensure Indian consumers are getting the best products as imports of edibles is set to increase following the signing of more and more FTAs by the Indian government in an endeavour to reach out the global markets. India has always imported consumer products from around the world but in recent years with the economic prosperity momentum picking up, the country has become 'more and more attractive as a consumer-driven market", given the young population with rising income seeking the best quality, cost-effective, long-lasting and appealing products, Kumar pointed out. FTAs are increasing India's bilateral trade globally, covering value-added high-end and heavy-duty industrial products to edibles such as soybeans, cheeses, vines and beverages. RAI leads about 2,500 members, mostly retailers at national level, with an annual business volume of about USD 900 billion, that is set to grow at 10 per cent annually. Kumar also sees competition from world-class products for Make in India. 'Imports and exports will create a competitive landscape and we will see further upgrades in manufacturing processes within India to make globally-rated products be it hardware, software and or edibles." India, he said, produces agri and non-agri products for consumers as well as industrial plants for the world. He said that 85 per cent of the 7,00,000 stores in India are still operating in traditional formats, ranging from the corner shop Kiraana to single store supplying everything in the range of garments and edibles, competing with mega modern-day fast-pace trading department stores, online and offline supply chain operators. Fast and quick-commerce have reduced delivery time to 10 minutes while e-commerce and online payments have made retailing business easier and prompt, he observed. A latest example of India made products from design to garment production is Mumbai-headquartered 'Fynd", an artificial intelligence-driven commerce platform that is serving the Indian market as well as the Middle East and Africa markets. NRF 2025 had 9,500 trade visitors from over 72 countries, alongside participation from 240 exhibitors and sponsors, and 150 conference speakers. PTI GS ANU First Published: June 08, 2025, 17:15 IST
Mint
4 hours ago
- Mint
ION Founder to Pay €280 Million to Settle Tax Probe: Carlino
(Bloomberg) -- ION Group founder Andrea Pignataro has reached an agreement with Italian tax authorities to pay €280 million ($319 million) to end a probe into alleged tax evasion, Il Resto del Carlino reported on Sunday. Prosecutors in Bologna, where the fintech billionaire was born, had originally sought up to €1.2 billion in arrears, interest and other costs relating to a period up to 2023, according to the newspaper. He'll make the payments in instalments over five years, Carlino said. While a criminal case against him remains open, the settlement could work in his favor in that process, the newspaper said. Although Pignataro claims to reside in Switzerland and most of ION's business is in the UK, officials said he was liable to pay taxes in Italy because his family has lived there throughout the period, Carlino said. Investigators pored through travel and phone records and examined his personal relationships to conclude that he spent most of his time in his home country, according to the report. A representative for Pignataro declined to comment. The Italian tax authority couldn't immediately be reached outside business hours. Pignataro has quietly become one of the most important men in Italian finance, building a network of companies that control data, trade securities and help the European Central Bank manage the euro. In Italy, through ION, Pignataro controls financial services firms Cedacri SpA, Cerved Group SpA and Prelios SpA. That means the group handles large amounts of data on Italian borrowers and companies, while providing software for most lenders. He's also bought stakes in Banca Monte dei Paschi di Siena SpA, Illimity Bank SpA and Cassa di Risparmio di Volterra. After studying at Bologna University, Pignataro worked as a bond trader in London, where he later received a doctorate in math from London's Imperial College. While working for Salomon Brothers, he helped lead a joint venture with Pisa-based software firm List Holdings, filings show. That business would eventually become ION Trading UK, the start of what is now ION Group. Bloomberg LP, the parent company of Bloomberg News, competes with ION in providing financial software and data. --With assistance from Luca Casiraghi. (Updates with response from Pignataro representative in fourth paragraph.) More stories like this are available on
Mint
9 hours ago
- Mint
G7 Summit: Canada's PM Carney says New Delhi ‘belongs at the table'. Why is India important? Mint decodes
Canada Prime Minister Mark Carney, while highlighting India's economic stature and strategic role in global supply chains, said that the country's presence is 'essential' at the upcoming G7 Summit. 'It made sense,' Carney said, 'to have India, the fifth largest economy, at the G7 Summit." 'There are certain countries that should be at the table for those discussions in my capacity as G7 chair consultation,' he said. 'India is the fifth largest economy in the world, effectively the most populous in the world central to a number of supply chains, so it makes sense… I extended the invitation to Prime Minister Modi in that context and he has accepted," Carney said on Friday while responding to a question on extending an invitation for the Summit to Prime Minister Narendra Modi. PM Modi also confirmed he would attend the G7 Summit in Canada. According to Vina Nadjibulla, Vice President of Research & Strategy at the Asia Pacific Foundation of Canada, 'having India at the G7 Summit matters to everybody else.' In an interview on CBC NN, Nadjibulla highlighted how there was a strong push from the other G7 countries to have India at the table. According to her, Canada is the outlier as other six members of the G7 are interested in deepening their strategic partnerships with India. 'In terms of the G7, we are the outlier because the other six members of the G7 are interested in deepening their strategic partnerships with India, deepening their defence technology and economic ties. In fact, every day there is a new announcement about either France of the UK or the US doing more with India,' she said. 'So, having India there also matters to everybody else. I think there was a strong push from other G6 to have India at the table. And I think in order for Canada also to be able to show relevance on the world stage, we can't just engage in diplomacy with those whom we like. I mean, diplomacy is not a gift to our friends. It's not a concession. It's a necessary tool to be able to advance our interests and defend our values,' Nadjibulla added. Experts say given the increasing economic heft of the country, India cannot be outside the major policy issues confronting the West, an opinion Canada's Carney seconded on Friday. India surpassed Japan to become the world's fourth-largest economy in May this year. At present, India's economy is bigger than all the G7 countries except the US and Germany. Italian Prime Minister Giorgia Meloni's two visits to India have been 'instrumental in infusing momentum and depth in the bilateral agenda between India and Italy' in PM Modi's own words. Italy is India's fourth largest trading partner in the European Union, according to the Embassy of India, Rome, Italy. Bilateral trade between the two countries reached $14.56 billion in 2023-2024, with India's exports at $8.76 billion. An India Brand Equity Foundation report said that the Indian community in Italy (estimated at 2.5 lakh including PIOs) is the third largest community of Indians in Europe after the UK and the Netherlands. India ranks 15th as the country of origin of Italian imports, accounting for 1.5% of Italian imports, the report added. While attending the Group of Seven (G7) Summit in Italy last year, PM Modi held bilateral discussions with then UK Prime Minister Rishi Sunak and French President Emmanuel Macron. UK Foreign Secretary David Lammy will be in India to further advance an ambitious UK-India relationship during talks with PM Modi and External Affairs Minister S Jaishankar. The visit follows the historic Free Trade Agreement agreed between the two countries and will deliver on this government's commitment to boost jobs and prosperity back in the UK, as part of the government's Plan for Change, a UK government's press release said on Saturday. The new deal with India is expected to increase bilateral trade by over £25 billion every year, UK GDP by £4.8 billion, and wages by £2.2 billion each year in the long run, the report added.
