SPECIAL FEATURE: It’s not all smooth sailing (or power-boating) for India’s luxury market
There are high hopes for India’s luxury market and there is still a lot of ground to cover if markets will reach expected targets. India’s highly connected consumer is not your traditional ‘luxury customer’. Luxury brands with boots on the ground should look at India’s luxury market as quickly evolving (read: bored") and need to be as organic as the market itself.
Luxury car brands and fashion labels are focusing on India only trims and editions in a bid to evolve and adapt to the changing marketplace.
When it comes to India and luxury, Abhay Gupta is the man to turn to for the most informed perspective and he offers some crucial marketing advice and innovative concepts for luxury brands so they don’t miss the boat (either sail or power): Collaborate, not compete: The success mantra for luxury brands
Whilst the Indian luxury domain continues to grow at a whopping pace of approximately 25% PA CAGR, a sure shot success formula is yet to be ascertained. Last projected at 18.7 b USD, the industry is stated capable to touch 180 b by 2025 by none other than Shri Amitabh Kant, CEO Niti aayog.
Brands across sectors have however been trying to find and define a success formula that can ensure commercial success without compromising on the carefully crafted brand position, ethos and value propositions. Can collaborations be a direction to adopt"" A quick check shows that this does seem to be a direction adapted from the west but see...
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