75% of all luxury spending comes from the middle class.
In 1995, Louis Vuitton sold a ₹40,000 handbag to only an elite, old-money audience.
In 2025, they sell ₹2.8 lakh handbags to salaried 30-year-olds, financing it over EMIs.
What changed?
Luxury didn’t become cheaper.
Private equity promised multibaggers.
But lately it’s locking investors money into “zombie funds”
55% of PE funds are now 6+ years old (highest in a decade).
The ratio of investments to exits?
3.14x , means for every sale, PE holds three more companies it can’t sell.
Let’s