Top luxury brands eye India's rising HNI market
World’s luxury brands are keen to grab a pie of India’s growing luxury goods market. The Luxury Festival, jointly organized by GroupM & Quintessentially Lifestyle Services aims to showcase the world’s leading luxury brands in one space
India’s first ever luxury exhibition is well on its way to take place in New Delhi in 2015. This brand new venture is joint effort by Quintessentially Lifestyle Services India and GroupM (a WPP Company) with Confederation of Indian Industry (CII) as the Trade Partner.
The exponential growth of the luxury market in India, coupled with the increase of the rich upper-middle class and HNI community, has led to global luxury brands vying to find a space in the Indian market. The Luxury Festival, is a unique platform providing participating brands with the opportunity to network with purveyors of luxury brands, key decision makers & influencers in India.
CVL Srinivas, CEO, GroupM South Asia elaborated on the luxury market in India and the kind of growth he foresees for global brands in India. “Specifically in India the luxury goods market is growing at a CAGR of 18% and is estimated to reach 15 million USD in 2016. We expect the number of ultra HNI households to triple to over 3 lakh households. We see a huge growth potential of this segment as several iconic luxury brands establish themselves across product categories- automobile, leather and personal goods, hospitality etc.,” he said.
Srinivas also explained that although luxury brands reach out to target customers using experiential and print mediums, digital is bound to be a very important element of the media mix, given the profile of the target audience.
There is a high demand for various high profile brands in India across sectors like fashion, accessories and clothing, automobile, jewellery, etc.
Brands making headway into Indian consumer’s mind include names such as Louis Vuitton, Hermes, Jaguar, Gucci, Jimmy Choo, TAG Heuer, Roberto Cavalli, just to name a few.
Indians are more brand aware now which means good news for international luxury brands.
Talking about the festival, Amit Dutta, Managing Director, Quintessentially Lifestyle Services India said, “The three day extravaganza will showcase global iconic luxury brands in an exhibition format to the connoisseurs of luxury. The Luxury Festival will welcome invitees from across India, including industrialists, socialites, entrepreneurs, corporate magnates, private wealth clients, luxury automobile owners and private air charter members.”
The event will see attendance from senior executives of global luxury brands, Foreign Embassies’ dignitaries, media representatives & industry experts. The event is being supported by CII as the trade partner, who will also facilitate participating brand on their India strategy.
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