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The luxury industry is equal to the worlds’ 13th largest economy: BCG insights
Luxury is not democratic. By definition, it is exclusive, rare. Luxury brands aggressively restrict when, where and how they are made, sold and to whom. Dealing with a luxury customer is also therefore a science. Limited availability and personalisation adds to the desirability for luxury, and India is ripe for this market.
Luxury is not democratic. By definition, it is exclusive, rare. Luxury brands aggressively restrict when, where and how they are made, sold and to whom.
Dealing with a luxury customer is also therefore a science. Limited availability and personalisation adds to the desirability for luxury, and India is ripe for this market.
Experts believe that over the last few years, luxury brands have entered India, exited India and are now wiser, in their strategies to re-enter the country, with intention to stay and build their audience.
“Till a decade ago, very few luxury brands were available in India. But now, the country has become the prime destination for top-notch global brands, many high-end luxury brands have quickly set up shops here, some are at the threshold waiting to enter and many more are eyeing India.” shares Dr Radhika Narayanan, Director, Master’s Program in Global Luxury Goods & Services Management (MGLuxM), S P Jain School of Global Management, Mumbai- which has announced its twin-city program, in collaboration with Milan’s MIP Politecnico di Milano Graduate School of Management.
The Luxury Industry in India can be broadly stratified under three heads
1.Luxury fashion products: Jewellery, apparels, electronic gadgets, shoes, handbags, belts, cosmetics, fragrances, crockery, wine and accessories
2.Luxury Automobiles: which includes luxury cars, motorcycles, yachts, jets.
3.Luxury services: Hotels, Resorts, Travels and Tours, Holiday Destinations, Cruise, Health Care, Real Estate, Spas, Salons, Education, and the big Indian Wedding Services
Regardless of the category, established companies know that luxury is an experience and not just an object.
It is about the little things that leave an outsized impression. Components of experience include – how luxury is delivered, packaging (powerful first impression), store environment and sales staff (the store’s design, ease of layout, the staff’s education, a personal style and gentle persuasion, that must match the object being sold.
To support the potential growth of the luxury market in India, the country needs skilled professionals who understand both domestic and international luxury industries well in terms of its economics, consumers, products and services. SP Jain School of Global Management recognises this need and aim to exposing program participants to the world of global luxury and relate and connect it to a bursting emerging luxury market like India.
