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India’s Luxury and Premium Fashion Market Set to Reach $26 Billion by 2028

India is quickly evolving into a global hotspot for luxury and premium fashion, making the country a top target for UK high-street and mid-luxury labels eager

Published: Oct 31, 2025 5:02 PM

By RETAILBOSS Team

InsightsTrends

India’s Luxury and Premium Fashion Market Set to Reach $26 Billion by 2028

Credit: NYKAA

India is quickly evolving into a global hotspot for luxury and premium fashion, making the country a top target for UK high-street and mid-luxury labels eager for fast growth and booming demand. As disposable incomes rise, the urban middle class expands, and international exposure widens, Indian shoppers are accelerating the country’s transformation from an emerging to an essential consumer market for global fashion.

Growth Drivers: The Rise of India’s Affluent Consumers

India is set to experience one of the highest growth rates in the number of ultra-high net worth individuals (UHNWIs)—with a 50% increase expected by 2028, outpacing China, Turkiye, and Malaysia. This rapidly expanding base of high-spending consumers is driving the demand for the world’s top luxury and premium brands. Reports from McKinsey & Company and Business of Fashion highlight that up to 19,908 Indian ultra-rich (worth $30 million or more) will call India home by 2028, a massive…

jump from 13,263 in 2023. With upwards of 326,400 millionaires and rapid GDP growth propelling India to soon become the world’s third-largest economy, global brands see Indian consumers as the new engine of luxury growth.

The British Invasion: UK Brands Bet Big on India A flurry of UK-based high-street and premium brands—such as ASOS, Next, Karen Millen, Marks & Spencer, Burberry, and COS—have launched or expanded in India since 2024, alongside fast-fashion and beauty stalwarts like The Body Shop and Fenty Beauty.

This wave has been fueled by more relaxed FDI norms, upgraded mall infrastructure, and most recently, the progressive UK-India Free Trade Agreement. The result: lower tariffs, more franchise deals, and more affordable British luxury, beauty, and fashion imports for Indian shoppers.

Mark Barraclough, COO of Karen Millen, noted that India offers a strong opportunity for the brand to establish a physical presence and explore a dynamic new market…

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India’s Luxury and Premium Fashion Market Set to Reach $26 Billion by 2028

India is quickly evolving into a global hotspot for luxury and premium fashion, making the country a top target for UK high-street and mid-luxury labels eager

Growth Drivers: The Rise of India’s Affluent Consumers

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