Gateway to Opulence

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Courtesy: Fendi, Harry Winston

In an MSNBC report last year, The World Bank said that global economy will shrink in 2009 for the first time since World War II. Not just that. Global financial crisis, it seems, was going to make it tougher for poor and developing nations that needed financing. But hold on a second. As far as I recall, I attended more than a dozen press conferences, each one either launching a luxury car or a luxury watch or a line of exotic jewellery! So where did the recession winds come from? Or was it a blink and miss din?

The word, luxe, in India has acquired a whole new connotation. Indians love brands and brands love India. And why not. Take for instance, the sprawling Palladium mall in the heart of Mumbai (though, now, Mumbai has many hearts), which spells class, elegance, style and luxury, all packed with a punch. Be it London’s popular Comedy Store that opened here, which serves up stand-up comedy with a side order of food and drinks or a roster of brands that find way to your closet full of trophies: Paul Smith, Rosenthal, Rohit Bal, Top Shop, Tie Rack, Burberry, MAC- India’s lust for luxe has just about begun.

When L’occitane entered the skincare and body care market in 2006, it was no shocker that the urban population embraced it like lost-love-suddenly-found. And now with its foray into spa and wellness, the bar is only rising. On the other hand, when The Body Shop arrived in India, their target was only the lah-di-dah! But it didn’t take long for the 100 per cent subsidiary of French cosmetics brand L'Oreal to realise that the only way to prosper in the country is to move down the economic pyramid. So adapting to the Darwinian Theory, Body Shop lowered the prices of around 200 of its best-selling items. But that was only a trailer. This year, the cosmetics brand extended the 10-35 per cent price cuts to 600 more products.

Unexpectedly, a decade ago, luxury clients did have an interest in the country, but were clearly put off by its pervasive poverty and an unsophisticated retailing environment populated mainly by small, independent shops. The handful of luxury brands operating in India did so quietly, selling mainly from boutiques located in five-star hotels. There was virtually no other option. But now the tables have turned. Swing by any metropolis and you’ll find yourself enveloped with exclusive brand stores and boutiques all around you. From Villeory & Boch’s romantic bathrooms to chasing Harry Winston’s ‘Talk to Me’ timepiece, it’s about celebrating life in style!

Be it a Chanel lipstick, a YSL belt or Fendi pump shoes, we now want to own products that inspire awe and envy. It’s no surprise then that luxury brand Mont Blanc chose Mumbai’s Taj Mahal Palace and Towers to open its first jewellery salon worldwide. The removal of trade barriers in the Indian economy has boosted the foreign brands to create a niche for them here. The upsurge in Indian households, with their increased purchasing power and more awareness about global market, is another factor that has been encouraging foreign brands to invest in the Indian market. So while India is becoming the beacon of a luxurious future, here’s to Gucci, Givenchy, Piaget, Tiffany, Moschino and others in toe!