With all the usual suspects of Mumbai’s party scene (bloggers, brandmakers and glitterati) in attendance last November, an ambitious team announced the launch of a first for luxury in India — a consortium that aims to bring over a 107 luxury brands together over two days. If you are imagining a local version of Baselworld, but with everything from automobiles and fashion to jewellery and hospitality, then Akash Sheth’s brainchild, Luxury Lifestyle Weekend (LLW), has hit the mark.
Set up in a space designed by architect Rooshad Shroff, the weekend pop-up to be held today and tomorrow is bringing brands from various verticals together. Sheth says this will work, because at the end of the day, the consumer is the same, “as long as the person has the will and the wallet,” he adds. Inspired by Masterpiece London, Baselworld, SIHH and all the shows he has attended in his travels, LLW is his attempt to create what he calls a ‘luxury ecosystem’, despite the nuances of different categories. “Watching brands from across the board engage with each other and the collaborations that happen when they meet, is what keeps me going,” he adds. Getting names that aren’t in India yet to test the waters and get a feel of the demands of the Indian consumer, and being better prepared to enter the market, is another effect that he hopes a platform like LLW will have.
Big brands come to play
But what does this mean for luxury in India? For an industry that is predicted to hit the $30 billion mark by the end of the year, according to Assocham, and is presently estimated at $23.8 billion, all signs show that a tough couple of years have given way to a brighter future. “The year 2018 looks very promising,” concurs Milvin George, Managing Director, Officine Panerai (Middle East & India). With two boutiques, in Delhi and Mumbai, on the cards for this year, the Italian watch brand is betting on the optimism.
- Genesis Luxury has brought brands like Coach, Burberry, Bottega Veneta and Canali to India. In earlier interviews, Sanjay Kapoor, executive chairman of Genesis Group, had admitted that while growth in the luxury market had slowed down across the world, India had potential, with new buyers like entrepreneurs and high-earning professionals. Then last September, Genesis was in the news when direct competitor in luxury retail, Reliance Brands, acquired a 40 % stake in it. Last month, several of Genesis Luxury’s brands like Coach and Canali were launched in Chennai at the new Palladium mall. Talking about infrastructure for luxury retail in India, Kapoor says, “Our consumption of luxury is internal, not necessarily for tourists as in other countries. But luxury retail in India is a marathon, not a sprint. There are too few malls for luxury, and those available are too expensive.” About his multi-retail format, Luxe Bridge, with international designer labels like Armani Exchange and Hugo Boss, Kapoor says there is scope in markets like Bangalore and Kolkata. “Destination traffic is necessary. As seen at Chennai’s Palladium, size and scale is important when talking about luxury at the mall. The local context is also important, and some brands have launched limited edition collections especially for India.”
“Independent wealth data forecasts put Ultra High Net Worth Individuals (UHNWI) growth at 150% over the 2016 to 2026 period (6,740 vs 16,850 individuals),” says Paul Harris, Asia Pacific Regional Director for Rolls-Royce. “Regulations and economic considerations aside, the luxury market’s growth is driven by growth of the population of highly-successful individuals or UNHWIs,” he adds.
And proof of the potential is in the increasing number of brands setting up shop in the country — in 2017 alone, we saw Simon Carter, Kate Spade, Onitsuka Tiger, Toyota’s Lexus, and more invest in India, while others, like Valentino, are set to enter soon.
But the fact remains that India is a unique luxury market, where the usual predictions and expectations fall short. And that’s why Rolls-Royce, for example, has a special chauffeur training programme called the ‘White Glove’ – to train chauffeurs to deal with very Indian problems like potholes.
Highlights at LLW
- Taste of good karma
- At the LLW Cafe, what’s special about the menu isn’t just that it features renowned names like Sanjana Patel, Vikramjit Roy, Yohan Dattobhai and more - proceeds from here will be donated to charity, thanks to a collaboration with culinary fundraising platform, Food with Benefits
- Vintage point
- Christie’s will be showcasing vintage timepieces Rolex and Patek Phillipe, while ‘Secret Vault’ by Jaipur Jewels will have their rarest pieces on display
- Lessons in luxury
- Swiss watchmaker Bovet Fleurier will have a master-engraver on hand to get a first-hand look at their high-quality dials, and Panerai will host a first-of-its-kind masterclass on watchmaking
- Sweet surprise
- Geneva-based Du Rhône Chocolatier will be launching in India at LLW, and influential personalities from Mumbai will be hosting invite-only lunches, catered by The Table, Colaba. Cocktails with ace designer Rohit Bal and high tea with Anish Bhatt, of the well-known WatchAnish blog, are also on the cards
Luxury Lifestyle Weekend will be held at Jio Gardens, Bandra Kurla Complex, Mumbai. Details: luxurylifestyle weekend.com
elizabeth.mathew@ thehindu.co.in
