Enter the realm of the luxury industry and bask in its grand opulence
Back in the day we longed for those Burberry coats and Gucci bags we saw the Hollywood stars don. Only the fortunate could travel across the globe and pick up that much coveted piece. Cut to 2016, the malls are lined with the the most famous luxury brands in the world. There’s good reason why the most aspirational global brands are descending on the Indian market in large numbers. Our youth are constantly exposed to global luxury brands and they want to own nothing less. Be it accessories or apparel, pampering yourself on a holiday or drinking fine liquor, we just won’t settle knowing that there’s so much better out there. Euromonitor states that, international luxury brands command only a tiny share of the Indian market, where they face strong competition from local fashion designers and jewelry makers. Indians prefer traditional dresses and jewelry but shoes, bags and watches from global brands are a hit. Indians are also developing a taste for high-end skin care as well. The number of the uber rich is rising rapidly in India with many coming from tier-2 and tier-3 cities with enormous spending power and the desire to stand alongside the wealthiest. According to a recent study released by ASSOCHAM, Indian luxury market is estimated to be worth $18 billion by 2017 from the current level of $14 billion.
As of today, we don’t need to look beyond our borders for opulence in any genre. Be it gorgeous apparel or extravagant jewellery, our Indian brands are taking the market by storm. We have Abu Jani and Sandeep Khosla with their exquisite luxury fashion collections. Luxury jewellery maker Farah Khan Ali is ruling the industry and is known as the ‘designer to the stars’. Giving our interiors a funky look with contemporary designs inspired by the various facets of India, we have Krsna Mehta with his label India Circus. The benefits of natural ingredients are a secret to no one and chemical free brands like Bottega di LungaVita are the best perpetuators through their products. Luxury travel cannot get better than sailing on a yacht; Ocean Crest Marine is one such company dealing with yachts that strives to meet their client’s requirements.
This issue of Youth Incorporated, The Luxe Life, takes you through the various aspects of this rapidly growing market. International names apart, we also bring you the workings of some homegrown luxury
brands which have made a name for themselves.
Volume 5 Issue 7