Business Standard Manthan: India's luxury landscape brimming with potential

A country of rich heritage, of exquisite textiles, jewellery and craftsmanship, of creativity that finds a myriad of expressions, and an entrepreneurial spirit that is second to none. Add to that a new, younger rich class with growing spending power and the desire to indulge in the finer things of life. India is a market brimming with possibilities for the luxury sector, which is poised to play a key role in the country’s ambition to present itself as a developed nation by 2047.

Global luxury brands and firms have turned their attention to India with greater interest. A number of Indian luxury brands have started stepping into international markets. Designers such as Rahul Mishra have been making news for dressing up celebrities such as Zendaya, Selena Gomez and Beyoncé, and business biggies like Mark Zuckerberg.
 

The luxury business, however, is complex. It requires deep and consistent relationship building. It takes time to establish a brand in this space. It needs support in the form of infrastructure and services. Is India keeping pace with its demands?
 

This and several other questions will be discussed at the inaugural edition of Business Standard’s two-day national summit of thought leaders, BS Manthan, scheduled for March 27 and 28 at Bharat Mandapam in New Delhi. BS Manthan is taking place on the occasion of Business Standard stepping into its 50th year.
 

Under the topic, ‘Ramp to resorts to retail: How can luxury in 2047 redefine a developed India’, industry leaders and observers will delve into this vast landscape. They will do some future-gazing to assess what the luxury industry is looking like over the next 23 years when India turns 100 as an independent nation. According to “The State of Fashion 2024” report by The Business of Fashion and McKinsey & Company, global luxury brands believe India is among the most promising destinations for luxury consumption in the immediate future. 
 

At a luxury symposium by the Indo-French Chamber of Commerce and Industry in New Delhi last year, Benedicte Epinay, the CEO of Comité Colbert, said the desire for luxury products has gone up by 75 per cent. Comité Colbert is France’s official luxury association, which represents more than 95 of the world’s top luxury brands. At this symposium, Pushpa Bector, senior executive director and business head, DLF Retail, had described the next 10 years as “the decade of retail for India”.
 

Bector will be among the industry leaders who will explore the luxury sector’s potential in helping India achieve its developed-nation goal. The invigorating panel discussion will also have Kapil Chopra, founder and chief executive officer, The Postcard Hotel, and former president of The Oberoi; Abheek Singhi, managing director and senior partner, Boston Consulting Group; Alexis de Ducla, director, Mathieu Lustrerie; and Nikhil Sethi, partner, National Head – FMCG, KPMG India, sharing their thoughts on the sector. 
 

India’s image as a consumer and producer of luxury is beginning to sparkle. However, it is widely felt that the country undersells its brand of luxury. The panel discussion hopes to trigger thoughts, and potentially ideas, among top minds from the world of policy, government, industry and innovative entrepreneurs who will be attending the summit.