Nearly half of India’s population  about 456 million people  live on less than $1.25 a day, according to World Bank figures released last week. But as any well-briefed luxury goods executive or private banker knows, India also has a fast-growing wealthy class and emerging middle class that make it one of the world’s most attractive new places to sell high-end products.

The juxtaposition between poverty and growing wealth presents an unsavory dilemma for luxury goods makers jumping into India: How does one sell something like a $1,000 handbag in a country where most people will never amass that sum of money in their lives, and many are starving? The answer is not clear cut, though Vogue’s approach may not be the way to go.

Marketers need to “create brand awareness” in India, said Claudia D’Arpizio, a partner with the consulting firm Bain & Company, who is based in Milan. She recommended the approach that some consumer brand companies took in China, opening big flagship stores and trying new forms of advertising like television.

Image A man modeled a Burberry umbrella in Vogue that costs about $200. Some 456 million Indians live on less than $1.25 a day.

As India’s population becomes more affluent, successful luxury goods manufacturers will “create aspirations,” Ms. D’Arpizio said, and people will buy their products to show their pride in their prosperity. On the other hand, she said, would not be prudent for marketers to open luxury stores on “streets where people are struggling for survival.”

Brands like Gucci, Jimmy Choo and Hermès have been bunking in high-end hotels or banding together in new superluxury malls, where guards are often stationed at the doors to keep the destitute outside. One new mall coming to south Delhi, the gold-leafed and marbled Emporio, even features a spa and a members club, developers say.

For now, the Indian middle and upper class  and the companies that aim to cater to it  are just getting used to having new money, said V. Sunil, creative director for advertising agency Weiden & Kennedy in India, which opened its first office here last September. “No one thinks they need to do something deeper for the public,” like address India’s social ills, he said.