New Delhi, March 12 -- A casual walk through India's luxury malls was once an easy way to gauge how freely the country's rich were spending. Regardless of the broader economic conditions, boutiques were packed, and affluent shoppers queued up outside exclusive stores.

However, recent numbers suggest that the picture is becoming more uneven. While demand for ultra-luxury remains robust, several global fashion houses are beginning to see signs of moderation in India amid economic uncertainty and job insecurity. Brands like Gucci and Louis Vuitton, which rely more on aspirational consumers, saw their revenues fall as customers cut back amid economic uncertainty and higher prices.

The FY25 filings with the ministry of corporate affairs show...