No Slowdown in Luxury: Maybach Thrives in India
NEW DELHI: While economic forecasts may be uncertain, the appetite for luxury goods among India’s wealthiest individuals shows no sign of waning. Maybach, the German luxury carmaker, has experienced remarkable success in the Indian market, selling nearly ten cars every week in 2024.
This strong performance is fueled by a growing number of Indian billionaires and millionaires, who continue to spend despite economic headwinds and stock market fluctuations. Daniel Lescow, the global head of Maybach, stated that the Indian market is expected to break into the company’s top five countries worldwide in sales.
Maybach’s success in India is also attributed to its young customer base. Lescow noted that the average age of Maybach customers in India is under 40, significantly lower than the global average. “Increasingly a younger profile of individuals are looking into the brand,” he said.
Maybach, part of the Mercedes-Benz group, has a long history in India. It originally sold cars to Indian royalty. The company is expanding its presence by introducing new models. Lescow also mentioned the unveiling of the new Rs 4.2 crore (ex-showroom) two-seater open-top ‘SL680 Monogram Series’, which will be available for sale starting January of next year. India has received a quota of only three SL680s, all of which have already been sold.
Maybach is also one of the first ultra-luxury players to locally assemble cars in India. The S580 model is assembled at Mercedes’ Pune factory. However, it imports other models such as the Maybach GLS SUV and EQS electric from its global factories.
Lescow expressed strong optimism about the Indian market. “The numbers here are absolutely stunning,” he said. He added that the company is working to raise brand awareness and deepen understanding of its products. Maybach plans to create dedicated brand spaces to offer a broader experience of its products and accessories.
“There’s a deep interest into the brand, and Indian customers are very knowledgeable about the products. I was impressed by the maturity around luxury here. Customers buy our cars as an expression of their lifestyle and individuality, which resonates very well with the Maybach brand.” Lescow said.
“Last year, we saw a growth of 145% in our India sales as numbers crossed 500 cars, making it one of the fastest-growing countries for us globally.”
