New Delhi, May 28 -- Would you pay Rs.7 lakh for a pair of limited-edition Nike-Dior Air Jordan sneakers or Rs.50,000 for a tiny monster stuffed toy or Rs.20,000 for lip gloss iPhone covers? India's young, style-conscious and wealthy shoppers are shelling out big money for such hype-driven luxury.

rich shoppers are driving demand for hype wear and collectibles, some of which is never officially sold in the country. Demand is propelled by scarcity, brand hype, and social media buzz created by global fashion houses, streetwear giants, or celebrity-led brands through exclusive drops and collaborations. Buyers pay a premium for underground luxury on resale platforms such as Culture Circle and Crepdog Crew. Some even treat it as an investment...