A look at 2012 : Luxury in India

There was a time when luxury seemed foreign and untouchable but that was then. With the luxury  market taking steps that are as self-assured as a lady in Louboutin shoes, the year gone by is just an inkling of the ‘luxe storm’ that is yet to take over India and shower its million fans with love and of course, style.

The Good


Talking about shoes, French luxury shoemaker Christian Louboutin opened its first mono-brand store in India, in the capital city of Delhi, at DLF Emporio mall. Practically a milestone for Indian shoe lovers who are smitten by the red sole, the 80 sq m store is a reflection of the designers’ French, Middle Eastern and American inspirations and influences. The store has a colourful collection as Indians’ love for colour is obvious and black shoes will have to compete with its more vibrant cousins. The Bollywoody shoe is, of course, our favourite!

Joining Louboutin, Italian designer Roberto Cavalli too launched his first ever flagship store here. Cavalli has forayed into the India market through a partnership with start-up firm Infinite Luxury Brands Pvt. Ltd., jointly set up by Indian fashion designer Manav Gangwani, Dubai-based entrepreneur Sahiba Narang and finance expert Rahul Kapoor. Lucky for most, world-known Cavalli Caffe has also opened shop in the country and if all goes well, he might even bring his Cavalli Club to India soon and redefine Indian nightlife much to the glee of many. The store resonates with the brand's trademarks - bold patterns and exotic animal prints. “I love women,” Mr Cavalli said charmingly, in a heavy Italian accent. Even though we couldn’t understand much of what he said, his happiness was apparent from his behaviour. “I am so proud of my new baby, the Cavalli Caffe,” he said, literally bubbling and gargling with laughter!

The Bad

Although finalized in December 2011, the full force of the now government approved 100% FDI in single brand retail really hit us in 2012 only. Though this ought to have made us whoop up in joy, a very carefully placed rider played a little dampener. Any brand coming in through more than 51% FDI, will have to source 30% from local SMEs (small and medium enterprises) in India. So while international brands are enthusiastic about the Indian market, going through a joint venture or a franchisee is the most preferred mode of entry still.

2012 also caused us to sigh as DLF Brands shut their luxury business with Giorgio Armani thus going to Genesis Luxury. DLF Brands in May said that it is exiting the luxury business because it found it difficult to scale up luxury brands in its portfolio. After ending its joint venture with Armani, DLF is in the process of exiting its venture with Salvatore Ferragamo. India's luxury retail story has encountered a few bumps in recent months. Alfred Dunhill, more than a hundred-year-old British luxury menswear and accessories brand wound up its India operations and shut down its store at DLF Emporio in July this year. Unfortunately, even Blues Clothing Company fell into a sticky situation and watched as Corneliani went to OSL Luxury.

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