It’s time again to start the war of words on luxury. This year’s Mint Luxury Conference will be held at the Taj Palace Hotel New Delhi on March 22 and 23 where some of the world leaders from the luxury business will speak their experiences, share their ideas and this year even debate on various aspects of high-end business in India.
Aptly titled “Luxury in India — The Next Decade”, the conference will take a peek into the prospects of high-end brands doing their business in the years to come. As you may be aware, this kind of business started in India with the entry of Louis Vuitton a little over 10 years ago and since then many brands have come to India.
While there were plenty of hopes pinned on the vast Indian market, the hopes were high in terms of luxury business going multi-fold in the immediate vicinity a few years ago. Some even said that India will be the next China in terms of its fast growth.
Contrary to perceptions, the business did not grow as expected. This is not to say that it failed. It didn’t. But the pace so far has been not as much as it should have been, especially with dollar millionaires growing in numbers in this country and spending powers of the middle class at an all time high.
Despite all these, most brands did not do their business well as well as they hoped in comparison to the growth in the number of millionaires and in the spending power of the middle class segment.
Add to this the high tariffs prevalent in this country and 100% FDI with its riders well in place. With all these happening, the forthcoming conference will prove to be an ideal platform to share and debate on the prospects of luxury business in this country.
With India’s commerce minister Anand Sharma inaugurating the conference, such stalwarts as legendary Salvatore Ferragamo’s daughter Fulvia Visconti Ferragamo, Savile Row’s Mark Henderson, LVMH’s former North America Chairman Renaud Dutreil, Gurlain’s perfumer Thierry Wasser and many others will have a chance to discuss and find out the prospects of luxury in India right from the top decision makers of the country.