OPINION
For luxury brands , India ’ s time is now . brands collaborate with Chinese artists , can enhance cultural relevance and acceptance .
In Mumbai ’ s Jio World Plaza , I had the privilege of joining Jean-Christophe Babin , CEO of the Italian jewellery house Bulgari , when he picked up the B . zero1 Kada bracelet , costing about $ 14,000 , from a tray full of iconic jewels , at its store .
“ We are probably the only global jeweller to have Indian products such as the mangalsutra and the Kada . The mangalsutra sold out extremely quickly . We had to make it again ,” he said , noting that Bulgari ’ s mangalsutra , costing more than $ 5000 , is perpetually in high demand .
Embracing such culturally significant products is a masterstroke for luxury brands looking to succeed in India . By tailoring offerings to resonate with local traditions and preferences , brands can navigate the complexities of the Indian market with the same finesse they applied in China , ensuring cultural sensitivity and relevance in their approach .
Defining success There ’ s a noticeable and worrying pattern : many brands continue to stumble on the same missteps they did when entering the Chinese market by building barriers to this crucial demographic . Brands , and their local partner , must challenge their traditional ways of thinking and align themselves with the shifting paradigms to stay relevant to the demanding and wellinformed consumers , especially in a high growth market like India .
This means embracing diversity , appreciating the new interpretation of exclusivity and personalisation , demonstrating genuine commitment to sustainability , engaging authentically and facilitating personal storytelling through brand storytelling consistently and across all consumer touch points .
India ’ s luxury market is poised for a transformative journey . Is your brand ready to join the ride ?
Sabyasachi Bridal Couture 2024
Christian Westphal is a creative and business strategist at SilverSpoon Consultancy with extensive global experience in luxury , retail , e-commerce and marketing .
August 2024 www . insideretail . asia 31