India luxury market boom: What does it mean for the country? – BBC News

Gucci, Balenciaga, and Louis Vuitton are among brands which have opened stores in Indian tycoon Mukesh Ambani’s new Mumbai mall.

It comes as India’s luxury market booms and firms are seeking to profit from strong economic growth and a rapid rise in the number of millionaires in the country.

But the boom in this market also coincides with flattening consumption across the broader population and worries of growing inequality in Asia’s third largest economy.

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