Perfect platform to boost luxury segment.
With India ranking 15th among countries that have maximum number of high net worth individuals, there is growing demand for luxury items. Keeping the statistics in mind, the Associated Chambers of Commerce and Industry of India along with YES Bank organised the India Luxury Summit- 2012 in partnership with Italy, Fondazione Altagamma ( Milan), European Cultural and Creative Industries Alliance, Outlook Business and The Luxury Marketing Council at Taj Palace here on Thursday.
The event included a book launch and a series of panel discussions with leading names in the luxury segment.
According to a leading strategy research firm, India be the world's fastest- growing market for luxury goods this year overtaking China. Does that mean more products will be manufactured especially for the Indian market? Vispi Patel, group representative, LVMH India, said, "C* it is not essential but it helps make the connect. For example, Daum's Ganesha statue helped it create an association with Indian clientele, but global brands need a global focus, not a local one." Marco Riggio, director, L'Oreal Luxe India, said, " Yes, customisation plays an important role. When we look at a specific market on the luxury side, it is necessary to understand our consumer. If we create thirty shades of lipstick or hair colour that compliment the Indian client's need, they will do very well."
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