BENGALURU: A number of top UK brands embarked on a first-of-its-kind fashion and beauty trade mission to India in the last week of February. The brands were on a mission to capitalise on India’s rapidly growing demand for high-end fashion and beauty products.
The delegation included British success stories such as Lush and luxury knitwear brand John Smedley which came to participate in India Fashion Forum 2023, an international trade fair, in Bengaluru.
The trade mission was the first of its kind and had been organised by the Department for Business and Trade to help British brands showcase their expertise in luxury, heritage and innovation to potential buyers and distributers.
Enormous opportunity
UK’s Business and Trade Secretary, Kemi Badenoch, said on this occasion, “India’s growing economy and middle class represents an enormous opportunity for enterprising UK companies looking for new markets.
“Removing barriers to business and boosting exports are two of my top trade priorities and I’m eager to make it easier and faster to do business with India through the free trade deal we’re currently negotiating.”
India is set to become the third largest economy by 2050, by which time it will have a middle class of 250 million consumers.
According to the Robb report, in 2021, the Indian luxury goods market was valued at over $5 billion, and is expected to grow by another 10 per cent over the next five years.
Natural cosmetics
Managing Director, Mena Lush Fresh Handmade Cosmetics, Anita Baker said, “Lush is very happy to take part in this trade mission and we’re confident that in India, with its deep roots in natural cosmetics, we can find a partner that lives our ethics. “India has the opportunity to be a very sizable market and we aim to give our Indian shoppers the amazing customer experience they expect from visiting our shops around the world.”
Meanwhile, negotiations continue on a forward-facing trade deal with India, with the nations already enjoying a current trade relationship worth £34 billion to year end September 2022. The deal, expected to boost the UK economy by billions over the longer term, is part of the UK’s strategy to forge stronger partnerships with fastgrowing economies in the Indo-Pacific.
The UK wants an agreement that slashes barriers to doing business and trading with India’s £2 trillion economy and market of 1.4 billion consumers, including cutting tariffs on exports for British businesses such as Lush and John Smedley.
