Indian luxury on par with global peers in FY25, shows Tofler data

According to data sourced from business intelligence platform Tofler, global fashion houses like Christian Dior, Hermes, and Gucci have not crossed the ₹500 crore mark when it comes to revenue in FY25

Indian luxury labels are closing the gap with leading global fashion houses in the country, as they diversify beyond bridal couture into pret, accessories and jewellery to tap a growing cohort of younger customers.

 

Data sourced from business intelligence platform Tofler shows that major global luxury brands operating in India – including Christian Dior, Hermès, and Gucci –  did not cross the ₹500-crore revenue mark in 2024-25 (FY25), even as several Indian designer labels moved closer to that threshold.

 

Hermès India Retail and Distributors Pvt Ltd, which sells the famed Birkin and Kelly handbags, reported a 35.4 per cent year-on-year (Y-o-Y) rise in revenue to ₹428 crore in FY25, from ₹316 crore in FY24.

 

While Louis Vuitton India, presumably the largest global luxury player, is yet to release its FY25 financials, other international brands saw pressure on sales. 

 

Gucci, part of the Kering group and retailed locally through Luxury Goods Retail Pvt Ltd, reported a 17.3 per cent decline in revenue to ₹265.4 crore in FY25 from ₹321.3 crore a year earlier.

 

Christian Dior Trading India Pvt Ltd posted a 3.2 per cent fall in revenue to ₹257 crore in FY25 against ₹265.7 crore in FY24.

 

In contrast, several Indian designer labels recorded strong growth, narrowing the gap with global peers.

 

According to Tofler data, Manish Malhotra’s label reported consolidated revenue of ₹308.3 crore in FY25, up 34.6 per cent from ₹229 crore in the previous year. The brand has increasingly focused on accessories as a growth lever. Earlier this month, Malhotra announced the launch of MM Accessories, beginning with a handbag collection.

 

“After jewellery, accessories felt instinctive to me. They are not just additions, they are statements,” Malhotra said in a release, adding that the line was designed to be multi-occasional and accessible beyond bridal wear.

 

Designer Sabyasachi Mukherjee had earlier told Business Standard that his label was nearing the ₹500-crore revenue mark in FY25. Marking 25 years of the brand in 2025, he said its jewellery business was expected to cross ₹100 crore this year, while accessories – including handbags, belts and eyewear – could reach nearly ₹60 crore.

 

“It’s our fastest-growing category, especially with NRIs,” Mukherjee said.

 

Similarly, Tarun Tahiliani said his label was close to ₹350 crore in revenue. “Between couture, Tasva, and OTT, I hope to reach ₹700 crore this year,” Tahiliani told Business Standard, outlining longer-term ambitions to scale the businesses significantly.

 

Another Indian luxury brand targeting younger consumers is set to launch a high jewellery line later this month, underscoring how accessories and jewellery are emerging as key growth drivers across the segment.

 

According to a recent Euromonitor International report, India – along with South Africa and the UAE – is among the fastest-growing luxury goods markets globally. The Indian luxury market is projected to be valued at about $12.1 billion in 2025.

 

As global brands contend with slower growth and Indian labels expand their product mix, domestic luxury players are positioning themselves to claim a larger share of the premium market.