Spending on luxury goods creates demand and employment at all other levels: Suresh Prabhu, Minister for Commerce and Industry
23 November, 2017
Minister for Commerce and Industry, Suresh Prabhu said that the increased demand for luxury brands must not be misconstrued as elitist. He said that the supply chain created to meet this demand increases demand and employment at all levels. He was speaking at ASSOCHAM’s 5th Luxury Summit. He said the government is charting out a new industrial policy to create a market for Indian goods and services globally. Chairman, ASSOCHAM National Council on Luxury and Lifestyle Karan Ahluwalia, said that an environment to facilitate luxury spending needs to be created in tier two cities, as well. He Posted out that Increasing international collaborations with Indian designers show promise for Indian consumers. Malls are also combining luxury, premium and super premium products to attract aspirational Indians. These trends indicate an opportunity for the luxury industry to create marketing strategies. Luxury Brands consultant and former Vice President, Christian Dior Couture, Kalyani Chawla said that a major challenge is the high Maximum Retail Price because of duties on imports. Luxury buyers also travel abroad and make purchases at cheaper rates. The biggest challenge for India however is a lack of government support as the luxury industry is not a priority. Executive Vice President, DLF Luxury Retail and Hospitality Ms. Dinaz Madhukar stressed how the rise of e-commerce would not impact experiential offline shopping. Experience is essential for consumption of luxury, she said. The event saw the release of ‘Playing in Luxury’ a book authored by Luxury writer Mandira Rai. The event also witnessed technical discussions on Indian Luxury landscape and its challenges, Democratisation of luxury in India, Collaborations and Indian Brands and Growing demand for experiential luxury. Dignitaries and industry experts present at the event included Joint Secretary, Ministry of Tourism, Suman Billa; Country Manager- India, Louis Vuitton, Sunaina Kwatra; Designers, Shantanu and Nikhil Mehra; Senior Associate Editor, BW Businessworld, Smita Tripathi; Business Head, International Brand Luxury, Tata Cliq, Sugam Dhall; Managing Director, PR Pundit, Archana Jain; Managing Director, Jones Lang LaSalle India, Pankaj Renjhen; Co-founder, Pink Post Inc. Mitali Wadhwa; Creative Director, Talianna Studio, Peter D’ Ascoli, Sandeep Jajodia, President, ASSOCHAM; Secretary General, ASSOCHAM, D.S. Rawat amongst others.