Opening Remarks: Luxury around the World
Main segments: Travel / Hotels; Jewellery, Technology.
Among the Asian Markets; Luxury in India is ½ the size of China, 1/4th the size of Japan and only 2x as big as Singapore.
How does luxury fit into the Indian context?
• The TV is one of the first signs of ‘affluence’.
• We have build our own lounge stores to build loyalty among customers
• We allow people to customise their televisions in terms of technology as well as aesthetics.
• Tarun Tahiliani and Swarovski have collaborated with us to build luxury televisions.
• In order to bring our innovations to the fore, we organise “trunk shows” across the country.
• Co-branding with other luxury brands has helped us enhance clientele.
We have made televisions in India more about the senses than about the science.
How is consistency of service maintained for a luxury service provider?
• Luxury is notabout price but value.
• Building a luxury brand is about trust – the kind that develops over time, and needs consistency of product and experience.
• Getting world-class services at a convenience of price and time defines modern luxury.
• The Luxury consumers in India are not necessarily affluent but aspirational. They have global exposure and understand the value of a branded product.
What defines luxury in Indian apparel industry?
• The Indian woman is the most powerful shopper. There was a need to cater to her luxury demands vis-a-vis men’s fashion.
• 73% demand is from the women’s apparel category.
• Kimaya designs clothing for women in the $ 100 segment.
•In the Indian apparel segment, luxury is about design, style AND price.
What is the price v/s value concept within a luxury brand?
• It is important to note that luxury brands all over the world evolved from being sharply aligned with consumers demands of that time.
• These brands made extraordinary products consistently and, hence, the demand grew exponentially.
• When the demand couldn’t be met, the price rose. Hence, the relationship between luxury and price hinges on value.
Where do you see your brand in 5 years?
• We will become even more experiential.
• Our brand values won’t change. Brands don’t change drastically over 5 years. However, we expect the consumer to become more quality and brand conscious.
• Hence, I hope to go online and establish a healthy balance between cultivating e-commerce as well as expanding my stores.
• We would like to leverage the trend of customers buying electronics on line – and move the customer towards buying Luxury electronics online.
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