Essay about Luxury Review

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Executive Summary Reflections on Year * Robust and unexpected growth within the Indian luxury market. * ~20% total luxury market growth FY 2010 (India-Luxury-Review PDF pg.viii) * 29% growth in luxury products * 22% growth in services * 13% growth in assets * Areas that have broken beyond expectations include: * Jewelry, electronics, cars and fine dining. * The digital and social media resources have been two of the largest drivers behind the rapid expansion within the Indian Market. However, the infrastructure and turbulent political climate have created doubt around future sustained growth. (India-Luxury-Review PDF pg.viii) * India has developed into a unique business model; * With sales at 60-80 Rs/sq.ft/day gross margins return 55-60%, while rental and other costs range between 40-50% of revenue * Vs. Global at 110-170 Rs/sq.ft/day gross margins return ~70%, while rentals and other costs range between 30-45% of revenue. (India-Luxury-Review PDF pg. 13) * In contrast, other Asia economies i.e. Singapore, Malaysia, Indonesia, Thailand, Philippines, and Vietnam all have a consumer population that is lower when compared to India in terms of the elasticity coefficient. * Liquor has been an emerging industry among the younger professional male demographic as wells as traditionally wealthy families. * Companies have shown increased interest in lobbying efforts in order to, “Standardize laws and regulations across states and seek inclusion in the impending GST regime.” (India-Luxury-Review PDF pg. x)
Snakes and Ladders: Need for a Refresh * “The Indian luxury industry is evolving more rapidly than most of us had foreseen. Skepticism is being replaced by an increasing sense of buoyancy and promise in the future potential of the market. Consumers are accepting and adopting global trends much faster than anticipated. Digital and social media have made it possible for companies to connect with more of the hard-to-reach Indian consumer.” (India-Luxury-Review PDF pg. 3) * Ladders * Moves made by luxury players that could result in dramatic success, and future exploitation of opportunities. * Snakes * A move made by a luxury player that results in a significant set-back or pitfall.
Luxury Market in India- Reflections on the year gone by * Total luxury has grown from $4.81 Billion in 2009 to $5.74 Billion in 2010 (19% change) (India-Luxury-Review PDF pg. 7) * Luxury products and services have led the market in terms of growth, easily beating estimates in most categories. * Assets i.e. cars and real estate have also grown; albeit at a slower rate due to a slowing of the overall real estate market. * “The luxury cars market, which has witnessed significant traction over the past four years, saw the entry of globally revered brands such as Aston Martin and Ferrari.” (Luxury-Review PDF pg. 8) * “Car dealerships are the most penetrated with more than 50% of their dealerships outside the metros (Mumbai/Delhi/Bangalore/Hyderabad/Chennai) - towns where luxury car dealerships are present are Ahmedabad, Bhubaneshwar, Chandigarh, Coimbatore Goa, Guwahati, Jaipur, Kochi, Kolkata, Ludhiana, Pune, Raipur, Surat. These are potential destinations for luxury products as well as services and assets.” (Luxury-Review PDF pg. 9) * There are several different notions on market entry that have shown both promise and problems: * “Instead of setting up shop in luxury malls, as has been the trend over the past few years, Hermes has ventured into market with standalone stores in iconic buildings in Mumbai and Pune.” (Luxury-Review PDF pg. 8) * Another possible mode of entry is to open a retail space, such as a mall with many stores in a single location. * The third option is to stress the importance of online retailing and increase marketing efforts within the India online
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