The potential for luxury sector in India is enormous and this sector is set to continue to grow significantly. Is India the new growth driver for the luxury sector ? The "India Luxury Summit" was the occasion to discuss about the opportunities and challenges of the sector. ( Nicolas Ribollet )
15. Invest and
innovate with
a localized
strategy
Be cost
effective
Understand
customers
and market
Experience
16.
17. • A country with complexities and traditions
• Contrasts, contradictions and extremes
• Outstanding service
• Indian weddings
• Religious festivals
• Family
• Bollywood
• Royalty patronage
Succeed with the Indian
consumers
Succeed with the Indian
consumers
18. Understand Indian taste and create
merchandise suitable for Indian audiences
Example : Indian market for luxury
clothing is driven by the Indian wedding
estimated to be more than $1 billion.
Understand that the preferences of people
belonging to different states following
different cultures are not similar
19. • This one is the
oddball who defies
stereotyping and
has the luxury
brands utterly
confused.
• They operate out
of all known
paradigms and
could pick up the
most baffling
purchases, for no
apparent rhyme or
reason.
• It is very difficult to
pigeon hole this
segment.
• This is the class
mostly self-made
entrepreneurs or
professional
business
executives — that
has the money to
enjoy the good
things in life, and
docs so without
guilt.
• The motto is work
hard, and plays
harder, and
celebrates success
with irreverence
and fun.
• Acquisitive to the
core, has a
childlike mentality
of coveting
whatever they
sees new.
• Luxury brands talk
in hushed tones
about this
consuming class,
the origins of
whose wealth are
shrouded in
mystery, but who
is perhaps the
biggest contributor
to the bottom lines
of the high end
brands.
• Very rich, but as
comfortable in a
Kolhapun chappal
as in a pair of
Jimmy Choo
pumps.
• A value seeker will
not buy luxury
unless it fulfills a
need.
• Years of socialist
idealism and guilt
Of conspicuous
consumption has
ingrained
frugalism.
• Finally they have
the temptation of
enjoying the fruits
of labour.
• Hails from the
ultra-high net
worth segment
and consumes
luxury for their
Intrinsic
satisfaction.
• Luxury is no
novelty but part
and parcel of
everyday living.
• Disceming with a
discreet style,
everything has to
be just so for this
consumer.
• Is the new rich
status seeker who
chases after
visible luxury.
• So will be seen
sporting fancy
watches, driving
high-end cars,
wearing designer
clothes but will not
invest in the
invisibles —
designer lingerie
or top notch
kitchen and
bathroom fittings.
According to C. Narayan, the Indian luxury shopper can be categorized into the following segments:
Source : BusinessWorld (Chitra Narayan “Luxe for less”, Sept 2012)
22. India’s market share in the global jewellery
0.5%
12.5%
$12 billion-worth of exports for
Indian jewellers
1997
2014
Source : Gems and Jewellery Export Promotion Council (GJEPC)
26. Mazars is present in 5 continents.
www.mazars.co.in
Date
Our offices:
Bangaluru
No 102, Gangadhara Chetty Road
Near Ulsoor Lake
Bangaluru 560042
Tel: +91 80 2554 9666
Delhi/NCR
Plot No. 421, IInd Floor
Udyog Vihar , Phase IV
Gurgaon 122016
Tel: +91 124 481 4444
Mumbai
Army & Navy Building
148 – MG Road
Mumbai 400001
Tel: +91 22 6158 7200
Pune
III Floor, Pro 1 Business Centre
Plot no 34+35, Senapati Bapat Road
Pune 411016
Tel: +91 20 2565 3365
With associate arrangements in Chennai,
Coimbatore, Hyderabad, Kochi and Kolkata.
CONTACT
Mazars
Nicolas Ribollet
Email : nicolas.ribollet@mazars.co.in
luxury@mazars.co.in