ASSOCHAM hosted the 5th India Luxury Summit-2017 on 23rd November, at the Shangri-La’s Eros Hotel in New Delhi. The Chief Guest, Mr. Suresh Prabhu, Hon Min of Commerce & Industry mentioned a few strategic points and interesting observations in his address. Mr Sandeep Jajodia’s welcome address was followed by Karan Ahluwalia, Chairman of the Assocham National Council of Luxury & Lifestyle. Yes Bank was the Banking partner to the event, with Business Week as Media Partner.
Some of the key Dignitaries present at the event were Mr. Suman Billa, Joint Secretary Ministry of Tourism;Mr. Atul Chaturvedi, Addl Secretary DIPP , Ministry of Commerce & Industry; Ms. Sunaina Kawatra, Country Manager (India) Louis Vuitton, Mr. Amit Pande, Brand Head, The Collective & Intl Brands, Madura Fashions; Archana Jain, Managing Director PR Pundit, Designers- Suket Dhir, Shantanu & Nikhil Mehra, Nivedita Saboo,to name a few.
Some interesting points of discussion are as follows.
– Two-thirds of India’s 1.3 billion population is under the age of 35. This digitally savvy and dynamic era is changing retail consumption patterns of the fastest growing economy globally
– Like other emerging markets of China and Brazil, India is increasing its contribution in the $2.2-trillion global luxury market. Estimates suggest that the Indian luxury market is over $18 billion and is growing at a CAGR of about 25% and has the potential to reach the $100 billion mark in the next 7-8 years
– According to global consultancy Knight Frank, India’s ultra-high net worth individuals count rose by 340% in 2016 to 6,020 while global growth was 61% to 187,468. By 2025, the country is expected to account for 5% of total UHNWI population and 6% of the billionaire population across the planet
– International brands have not only started collaborating with Indian designers, but have also introduced India specific products and designs. Some examples are:
- Longchamp launched an India inspired luxury collection of bags
- Vacheron Constantinand Officine Panerai have each unveiled a couple of watches dedicated to India & the Middle East
- Jimmy Choo launched a limited edition collection inspired by Diwali exclusively for India
- Hermes launched a collection of Sarees
- Canali launched the Nawab Jacket
- Judith Leiber introduced the ‘Ganesha’ clutch
- Sabyasachi and Christian Louboutin launched a line of Indian Shoes for the Global Market
- Lladro introduced a line of Indian idols as part of their collection
– The wedding industry is undoubtedly the biggest consumer of luxury goods and services. The country’s $ 40 billion bridal wear industry is arguably the most expensive in the world with an average heavy wedding outfit created by a top designer costing anything between $ 50,000 – 100,000
– Seventeen International lifestyle brands have entered India in the last 6 months at a time when the international growth is nearly stagnant.