A slowdown in Japan, coupled with weak spending in the US and Europe is forcing luxury goods companies to reassess their strategies. Luxury brands are now shifting their hopes to emerging markets such as India and China. India is no stranger to the luxury industry with its Maharajas and princely states of the past. But today it’s the “new Maharajas – the kings and queens of business” that the uber luxury brands want to target. The uppermost ranks of India’s 1.1bn citizens are among the world’s most affluent. According to Forbes’ annual list of the world’s wealthiest people, India has the most billionaires of any Asian country.