Luxury Marketing Council Worldwide, the apex body for luxury goods and service providers across the globe, has launched its India chapter – the Luxury Marketing Council of India (LMCI). The organisation will perform the role of a nodal body for the industry, developing and sharing marketing, sales and customer retention best practices to help businesses in the luxury segment address the needs of the emerging affluent consumer category in the country.
American Express India is the first to join the Luxury Marketing Council of India as the founding member.
Luxury Marketing Council Worldwide is an exclusive, ‘by invitation only’ council with 700 of the most prestigious luxury goods and services companies worldwide. Under this umbrella more that 1,700 CEOs and CMOs set the standards worldwide for the intelligent exploration of best marketing practices and trends in the luxury arena.
Speaking at the launch of the India chapter of LMC, Gregory J Furman, Chairman and Founder of LMC, said, “2006 is a very special year for the Luxury Marketing Council Worldwide. We are celebrating our 13th anniversary of service to the most prestigious luxury marketers and brands in the world, and will be expanding our worldwide network to cover more countries in the APAC region, starting with India.”
“With the affluent consumer segment set to grow at 13 per cent over the next few years, the market presents tremendous potential for luxury goods and service providers. But the lesson from around the world is that you can’t make assumptions. You need to know what these people want almost before they do. That is one of the expectations that comes with wealth and that is where the Luxury Marketing Council plays a vital role,” Furman said.
Devyani Raman, CEO of Leading Brands of the World, a management consultancy focused on the luxury segment, will head luxury Marketing Council of India. As CEO, Luxury Marketing Council of India, Raman will be responsible for spearheading the growth of the organisation, and working with member organisations to develop and lead the LMCI charter for India.
Raman said, “Our aim is to catalyse the growth of the luxury market in India by bringing the smartest, most imaginative marketers of luxury products and services together to explore best practices and critical issues, and share intelligence on customers and market trends. A key objective will also be to identify the important industry and policy issues that affect luxury brands and collectively work to resolve these issues for the success of all stakeholders.”
The Luxury Marketing Council of India will commence operations in December 2006 with a series of industry events, including panel discussions featuring international experts in the luxury arena, Think Tank discussions, Executive Roundtables, Common Practice Surveys and others.