The rich list and the numbers of high-net-worth individuals are going up in Hyderabad, prompting luxury brands to take note.
Industry insiders said Hyderabad is now snapping at the heels of Delhi and Mumbai and is a market to watch out for.
“In 2012, we had only three entrants from Hyderabad on the Hurun Rich list. Fast forward to 2023, and that number has surged to 87,” said Anas Rahman Junaid, founder and chief researcher, Hurun India.
“In 2023 alone, we welcomed 26 new entrants from the city, and 64 individuals saw their wealth going up. With the increasing number of wealthy individuals and billionaires, Hyderabad is positioning itself as a major player in India’s luxury segment,” he added.
Fashion designers are sensing the demand. Sabyasachi Mukherjee opened his jewelry store in Hyderabad last year, and Rahul Mishra will launch a new store in the city next month.
“2024 is an important year for the brand as we straddle growth and retail expansion for both our brands- Rahul Mishra Couture and the recently launched pret a porter label AFEW Rahul Mishra,” said Mishra. “The Hyderabad consumer has already constituted over a fourth of our total sales volume in India as they would shop from us remotely or from the retail stores in Mumbai and Delhi. It felt important to extend our offerings there, as we observe an increasing interest from the region,” he added.
When Radisson Hotel Group, the third largest chain in India thought of launching its luxury brand Radisson Collection in India last year, it signed up the first Radisson Collection for Hyderabad. “Hyderabad has undeniably emerged as a vibrant hub for luxury consumption in India,” said Nikhil Sharma, MD and ASVP, South Asia at Radisson Hotel Group. Jaideep Dang, MD, Hotels and Hospitality Group, India at JLL said in quarter one of 2024, the luxury and upper upscale segment in Hyderabad witnessed a 28% growth in revenue per available room during the year to date March 2024 compared to the same period in 2023.Malvika Poddar, co-founder of hotel art fair Artix said for decades, Delhi and Mumbai have vied for the title of India’s luxury fashion capital but the recent trends in Hyderabad have been astonishing. “Residents are increasingly investing in luxurious products, though they remain discerning about their purchases,” she added.
Gaurav Malhotra, MD, Hansgrohe India said the company launched a store in Hyderabad last year with a separate dedicated display for its luxury brand Axor looking at the demand from customers.
After Delhi, the first store for VRK by Khanna Jewellers opened in June this year at Banjara Hills in Hyderabad. The brand is present at DLF Emporio in Delhi.
“Given the brand name and reach of our parent company Khanna Jewellers, and our store being located at DLF Emporio mall in Delhi, we are a brand that is usually on the radar for Hyderabad shoppers when they visit Delhi,” said a spokesperson.
