Mint conference discusses next decade of luxury in India

05 Apr,2013

By A Correspondent

 

The 6th edition of the Mint Luxury Conference brought together the stalwarts of the international luxury market to deliberate on the future of luxury in India. In view of the growing importance of the country in the global luxury industry, Mint, the business daily from the house of HT Media, initiated the conference to bring together stakeholders on a common platform to discuss the business of luxury. The theme of the conference was ‘Luxury in India: The Next Decade’.

 

The two-day conference took a hard look at the new world order of all things luxurious. The panelists debated, ideated and proffered solutions for the fast growing luxury market in Asia.

 

Fulvia Visconti Ferragamo, Vice President, Salvatore Ferragamo, shared her definitions of luxury. She said, “Luxury helps us feel special in every moment of our lives and helps us dream. High quality is the essential element of luxury products. High quality is the result of creativity, colours, shapes, craftsmanship and attention to detail.”

 

All luxury brands have made their way to India and luxury is finding a new home in Tier II cities. According to a recent AT Kearney Luxury in India Report, luxury products have grown the fastest at 29% to reach a size of $2.05 billion, well above expectations of 23%. Jewelry, electronics, cars and fine dining have grown exponentially, while apparel, accessories, wines and spirits have continued their strong growth.

 

Joydeep Bhattacharya, head of consumer products and retail practice for India at Bain and Co. spoke about the luxury retail environment in India – “At a minimum, there’s got to be a more favourable regulatory environment than one that is there right now. Secondly, there has to be far more availability of the right kind of infrastructure, but that’s more like a necessary and not a sufficient condition. What’s going to help realize the potential of the market is making sure the right luxury brands make the appropriate investments in retail, in awareness, in brand-building in order to generate demand.”

 

Sanjay Kapoor, CEO, Genesis Luxury, part of a panel debating the topic ‘The Luxury Market in India is Set to Explode’, expressed his views on FDI in multi-brand retail recently approved by Parliament. He said, “It is a positive development. It doesn’t really worry us whether a brand of ours will go single. It is good for the economy and the market. It is important for brands to do well in India. There has been so much negative PR around India and that needs to change.”

 

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