perceiving the country as a major “retail destination” of top- end products.
“India is becoming the beacon of the future,” said Tikka Shatrujit Singh, advisor
to the chairman of Louis Vuitton company, a French leather and fashion
brand, that is set to expand its footprint in the country.
to the chairman of Louis Vuitton company, a French leather and fashion
brand, that is set to expand its footprint in the country.
An environment has now been created for consumption of high-end luxury
goods and services, UB Global CEO Shashikanth said, which is all set to roll
out a luxury retail project, UB City-Collection, in first quarter of next year.
goods and services, UB Global CEO Shashikanth said, which is all set to roll
out a luxury retail project, UB City-Collection, in first quarter of next year.
“The group had already signed up 10 international brands including names
like Dunhil Gucci, Mont Blanc, Van CLeef, Arpels, Zegna and would bring
in 12 others, Shashikanth added.
like Dunhil Gucci, Mont Blanc, Van CLeef, Arpels, Zegna and would bring
in 12 others, Shashikanth added.
The luxury retail market which is currently in its nascent stage was roughly
estimated to be around Rs1,500 crore and expected to grow at 20% in
next five years.
estimated to be around Rs1,500 crore and expected to grow at 20% in
next five years.
The booming stock market and the recent news that India’s leading
industrialist, Mukesh Ambani, had even overtaken Bill Gates, to become
the richest person in the world, is an indication that the country was ready
for that ultimate ‘haute couture´ experience, Vivek Kaul, Retail and
Leisure Advisory of Jones Lang LaSalle retail advisory service, said.
industrialist, Mukesh Ambani, had even overtaken Bill Gates, to become
the richest person in the world, is an indication that the country was ready
for that ultimate ‘haute couture´ experience, Vivek Kaul, Retail and
Leisure Advisory of Jones Lang LaSalle retail advisory service, said.
“Indians have become global,” he said adding that the growing exposure
to international brands had changed the dice in favour of the luxury
retail segment.
to international brands had changed the dice in favour of the luxury
retail segment.
The luxury retail market is all set to evolve in a major way. In the
beginning the consumer might go in for small things like a cufflink,
a purse, but you will soon see the consumer graduating to more high
end products and services, Vivek said.
beginning the consumer might go in for small things like a cufflink,
a purse, but you will soon see the consumer graduating to more high
end products and services, Vivek said.
The advent of ‘aspirational shoppers’ is expected to add a thrust to
this emerging segment.
this emerging segment.
These young shoppers who aspired to acquire a lifestyle that was
international and the best that the market offers, is what was going
to take this segment to the next level of growth, he added.
international and the best that the market offers, is what was going
to take this segment to the next level of growth, he added.
“It is not merely all about ‘I have arrived syndrome’. It is also
realising that the reputed brands bring along with world class
quality and were not beyond one’s reach,” he said.
realising that the reputed brands bring along with world class
quality and were not beyond one’s reach,” he said.
India, one of the country with the fastest growing high net worth
individuals in the Asia-Pacific region, is being perceived now as
the next hub of luxury goods consumption, he said.
individuals in the Asia-Pacific region, is being perceived now as
the next hub of luxury goods consumption, he said.
