GST has brought in much needed transparency in luxury sector, streamlined domestic supply chain and a push to the retail market further
Luxury market is still not a priority for government. Undergoing a phase of transition, the Indian luxury market has its own share of challenge, one of them being government support. Though the industry understands the core priority of the government to address the plethora of challenges in the country, the luxury market has taken the task onto their own hands and is on a dynamic growth map.
?We are going through a huge change, which is bound to witness some turmoil. Having said that, it is all for positive growth. There is a huge amount of unaccountability and lack of transparency that is now being addressed by the government. I don?t think GST has bothered the retail market much, but there are other challenges like duties on imported luxury goods that should be addressed, if we want to bring price parity,? said Kalyani Chawla, Luxury Brand Consultant and Former VP, Christian Dior Couture, on the sidelines of 5th India luxury Summit 2017. Speaking on the price parity, Chawla mentioned how the issue is not restricted to duties, but also mindset and knowledge. Indian consumers prefer to shop in Dubai and south East Asian countries, even though the prices offered by these countries for high end brands stand at same value.
Naushad Gagrat, Business Manager, Reliance Brands pressed on an important challenge of creating a ?mass affluence? in th...