For years foreign brands have been put off by this country's high import taxes (up to 50% for watches) and its shabby retail environment (there are no upscale shopping streets and few malls). But today India is experiencing a mall-building boom, perhaps a response to the sharp rise of newly affluent consumers—many under age 25. Analysts at Bain & Co. predict that the luxury market could grow 25% a year over the next three years—a far cry from the days when it was the exclusive preserve of Cartier-bedecked maharajas.
Most often mentioned luxury brands:
Three of the six most often mentioned...
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