The future of the luxury leather market in 2023 | The Financial Express

The future of the luxury leather market in 2023

India is said to be one of the most lucrative markets as the Indian consumer is constantly on the lookout for designs which sets them apart from the rest.

The future of the luxury leather market in 2023
After the pandemic, brands which offered luxurious travel leather goods are still on the recovering spiel

By Gautam Sinha

Defining craftsmanship, inventive designs and conscious consumers have steered the growth of the luxury leather industry making leather accessories the most desirable and fashionable object to look out for in 2023. Rendering a touch of sophistication to minimalist outfits, leather bags, wallets and shoes have historically accentuated looks and the luxury market for these goods will only boom in 2023.

As the traditional consumer becomes more modern, I envision new colorways being desired for leather accessories in the coming year. Box bags with minimal embellishments and simplistic designs are making a great comeback to achieve that perfect elegant look.

As the industry grows rapidly, India is said to be one of the most lucrative markets as the Indian consumer is constantly on the lookout for designs which sets them apart from the rest. Valued at approximately USD 500 billion, the foreseeable future for the leather industry only looks brighter with India being one of the prominent exporters in this field. Slowly but surely, many local brands have been able to successfully enamor and capture the palettes of the global audience too, making our country one of the frontrunners in this space.

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After the pandemic, brands which offered luxurious travel leather goods are still on the recovering spiel and I envision this scaling positively as the world opens up faster. As physical appearances for occasions are also increasing, gifting leather accessories as a token of appreciation exudes both elegance and class. All of these contributing factors will only help snowball the fashion frenzy, and increase the revenue of significant market vendors.

Today, luxury leather accessories are adorned by an eclectic mix of people, from business tycoons to the youth, from high-class women to travelers seeking durable and spacious bags, therefore demonstrating its significant and growing impact on the fashion industry. As the key players continue to drive high revenues, it will be interesting to see new players capitalize on this growing taste for leather accessories and give traditional brands a run for their money in 2023.

(Gautam Sinha is the Founder and Creative Director of Nappa Dori. Views are personal)

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First published on: 06-12-2022 at 11:31 IST