13/05/2026
For 30 years, Indian luxury was sold one story. Hermès, Dior, Louis Vuitton would dominate. Indian designers would stay ethnic.
The FY25 numbers just buried that story.
SABYASACHI closed FY25 with revenue nearing ₹500 crore in revenue. Hermès India did ₹428 crore. Manish Malhotra crossed ₹308 crore.
Meanwhile, Gucci India fell 17%. Dior India fell 3%. Louis Vuitton declined too. Not a single global luxury brand crossed ₹1,000 crore in India last year.
📍 Indian designers grew while global heritage brands shrank
📍 Sabyasachi outsold CHANEL one full day at Bergdorf New York, over $1 million in sales
📍 Hermès India grew 35% by serving the top 0.01% who never apologize for what they spend
The wedding wardrobe alone tells the whole story. When a family spends ₹50 lakh on a single wedding, that money does not flow to Christian Dior Couture. It flows to Sabyasachi, Tarun Tahiliani, and Manish Malhotra. The Indian luxury buyer has grown up.
They know what craftsmanship looks like. They know what things cost in Dubai. They are choosing between an international brand and an Indian one and often, the Indian one wins.
For 20 years, I've watched Indian premium brands ask for packaging that "looks European."
The brands winning today did the opposite.
They built Indian as the premium category, not the discount one.
The next decade of Indian luxury will not be written in Milan or Paris. It will be written in Mumbai, Kolkata, and Delhi.
If you had to gift one Indian brand to a friend abroad, which one would you pick?
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-SiddharthKhaitan