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Burberry ends bonfire of the luxuries after waste outcry. From Burberry to Audi, luxury is no longer just about the product. Yes, if he makes aspiration his plank. All rights reserved. For reprint rights: Times Syndication Service.
Politics and Nation. Defence Defence National International Industry. International Business World News. Corporate Trends Deals. Vodafone Idea. Market Watch. Pinterest Reddit. Angela Ahrendts, chief executive officer of Burberry , says, "India is one of the fastest growing markets for us. Ahrendts is one of those CEOs who has firmly stood by the belief that the Asian market is where future growth for the big labels will come from.
Asia already contributes more than a third of Burberry's revenues, which she says, will grow even bigger. Another British, but younger, luxury brand, Jimmy Choo has a lower footprint in the country. But Joshua Schulman, chief executive of the the luxury shoes and accessories brand says, "India is critical to growth as wealth is drifting towards this region. He reckons that many of his buyers are the young and rich, and like Burberry's Ahrendts, he is reaching out to them through the social media.
A lot of new money, especially generated by small and medium businessmen, new entrepreneurs and top executives across sectors, is chasing luxury products. The number of affluent individuals with assets of at least Rs 25 crore would triple by to 2,19,, says a Kotak Wealth-Crisil report.
Their assets may grow five-fold to Rs lakh crore. The report also estimated the potential market for luxury jewellery at Rs 22, crore and for the luxury cars segment at Rs 15, crore. You need to go after them. Don't have to worry about the old wealth, they already know the brands," says Neelesh Hundekari, principal at consulting firm AT Kearney. Over the last few years, many brands have spread their footprint in the country. A number of them now have multiple stores in some of the top cities in India.
Sanjay Kapoor, managing director of Genesis Luxury , which is a partner or licensee for many top labels, says that the Indian luxury industry is at a tipping point. Issues of tarrif and non-tarrif barriers are challenges. Read more on Burberry. Genesis Luxury. Julius Baer. Add Your Comments. Follow us on.
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Luxury stores like Burberry, Genesis Luxury moving to smaller towns, says CII-AT Kearney report
Please fill in your details to download the Table of Contents of this report for free. We also do customization of these reports so you can write to us at mi fibre2fashion. Today, several philosophies and trends are considered a thing of the past. The idea that quality of life should be valued more than material possessions is one such. They are undaunted by the fact that the desire to possess the most luxurious items is generally insatiable. Luxury represents status and people are eager to routinely sweep aside and replace the mediocre with opulence. This modern approach explains why the gloomy prediction of the future of the global economy presented by experts has failed to grip global customers.
CII AT KEARNEY REPORT
The super-rich are moving beyond buying luxury products, creating new opportunities for a growing band of entrepreneurs. Shahid Kapoor's Filmography. Iconic Italian luxury brand Giorgio Armani is looking to bring its high-end homeware and furnishings retail stores to India in the next one year. The luxury market has grown beyond expectations at a rate of 20 per cent over the past year and is likely to grow at the same rate in the coming years as well. Alfred Dunhill, more than a hundred-year-old British luxury menswear and accessories brand, is winding up its India operations.