In New Delhi, the green storefront stamped "Ladurée" in gold letters is impossible to miss. The emblematic French brand's store, which opened in September 2021, is located in Khan Market, one of the Indian capital's most exclusive districts where ministers and wealthy Indians come to shop. Inside, loudspeakers play 1960s French hits such as "Douliou-douliou Saint-Tropez." "The songs currently playing at Ladurée Champs-Elysées are exactly the same," said Chandni Nath Israni, head of the Indian franchise. And just as in Paris, prices are exorbitant. A macaron costs 240 rupees, or €2.60, in a country where 60% of the population lives on less than $5 (€4.50) a day.

"We target what we call the 'ambitious class,' those who are prepared to spend," said Israni. "And the customers are there. When we opened our first store, people were queuing up." In less than three years, the French patisserie has opened four outlets in India and is preparing to unveil a fifth in Calcutta in October. By 2025, Ladurée should have a dozen tea rooms. "The luxury segment per se is very limited, but the segment of consumers aspiring to luxury is untapped. That's where the opportunity lies," said Praveen Kenneth, founder of luxury goods brand Beautiful India, and former managing director of Publicis India.

With a population of 1.4 billion and an average growth rate of 7.3% over the last 20 years, India is a coveted market for companies targeting the wealthy. Although a tiny part of the population, it is one that represents considerable volume. According to a Goldman Sachs study published in February, the number of consumers considered affluent will rise from around 60 million in 2023 to 100 million in 2027. The American investment bank defines affluent consumers as those who earn around $10,000 per person per year, own credit cards,defines affluent consumers as those who earn around $10,000 per person per year, own credit cards and fly at least once a year.

From large groups to SMEs, India is home to 716 subsidiaries of French companies. This is still a small number compared with China, which has 2,100, almost three times as many. Nevertheless, most of France's flagship companies are present on the subcontinent – 37 CAC 40 corporations, as well as dozens of SMEs and mid-sized companies (ETIs), and more than 100 self-employed entrepreneurs.

"French companies are present in virtually every sector, and it is working out pretty well for them," said a professional who has accompanied foreign companies in India for several years. "Everyone has a chance. I can't tell SMEs not to come, because it's not only the big groups that can succeed," continued this specialist, for whom there is neither a key sector nor a standard model, between joint-venture, 100% subsidiary or acquisition. "There is currently a momentum in India, which has enormous potential, both in terms of its domestic market and exports," confirmed Pierre-Arnaud Cassin, President of French Foreign Trade Advisors "Conseillers du commerce extérieur de la France en Inde" and Director of Ultraconfidentiel design, a design firm set up in India 18 years ago.

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