Top brands have little to fear as would-be rivals struggle
As the world's luxury brands seduce Indians with their exquisite workmanship and fine quality, there is one thing they need not fear - competition from homegrown luxury brands.
Despite the fabulous opulence of the maharajas, India has not developed any names that are synonymous with luxury, with the exception of the hospitality sector.
Hotel chains such as the Oberoi and the Taj represent quality and top service throughout India. Some of the Oberoi properties - Amarvilas in Agra and Rajvilas in Jaipur - are among the best in the world.
Arvind Singhal, the chairman of retail consultancy KSA Technopak, is not surprised at the absence of domestic brands.
'Do rich countries like Australia, Canada or Japan have a luxury brand? It's only a few countries - Britain, France and Italy and lately the United States with designers like Ralph Lauren - who have developed global luxury brands.'
Most of the world's big, high-end brands are predominantly associated with women's wear, accessories and jewellery and it is in these areas that Mr Singhal believes India may eventually produce its own big names.