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CII - ET Dialogue on Luxury
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  • India can transform the global luxury market: Dr K.P. Krishnan

    India can play a potentially transformational role in the global luxury market, said Dr K.P. Krishnan, Additional Secretary, Ministry of Finance, Government of India. He was speaking at the CII-ET Dialogue on Luxury in New Delhi.  The country, he elaborated, has a long tradition of luxury and with the post-liberalisation economic growth, rapidly changing mind set which embraces luxury more easily today and its vast population, India could transform the luxury space. Alluding to an economist who in 1899 had postulated that as societies mature, conspicuous leisure gives way to conspicuous consumption, he said that was visible in India today, with an increasing number of people aspiring to and moving up the value chain in consumption patterns. In fact, the country offers a potential mass market for luxury goods in various price segments. Further, there was great scope to also create Indian luxury brands by linking our heritage and cultural crafts. This would benefit society and Indian economy by way of creating more jobs, among other benefits.  He said there was a pressing need to look at stabilising the rupee, creating a conducive policy and taxation environment and address other issues such as infrastructure to put India firmly on the global luxury map.

  • Delivering the Special Address, Mr Marco Bizzarri, President & CEO, Bottega Veneta, said India and Italy have a lot in common, especially the  tradition of luxury. Luxury, he said, is about heritage and linking it to the future. India with its rich heritage has much to build on, he elaborated, saying he saw tremendous scope for a flourishing luxury goods market in India.

  • Also delivering the Special Address, Mr  Stefano Canali, General Manager, Canali, said that India could become a very important luxury market in the next decade and that the country’s policies must be conducive to make that a reality. He mentioned in particular the high import duties and other impediments such as infrastructure, which were negatively impacting India’s prospects.  For example, he said, Canali has 70 boutiques in China, and fewer than 10 in India, and many Indians buy Canali from other markets such as Singapore, which results in India losing out on growth opportunities.

  • Earlier, in his welcome remarks, Mr Sanjay Kapoor, Chairman, CII Task Force on Luxury and Lifestyle and MD, Genesis Luxury Fashion Pvt Ltd, said that the royalty in India was known for its opulence, and the country has been associated with luxury – be it through its palaces, jewellery or textiles. The   Indian consumer is changing and the guilt associated with luxury purchases is going away, as is evident from the expansion in the luxury goods market. He said despite the economic slowdown, the luxury market is poised to grow at 17% in 2014. He stressed on the need to address issues such as the current practice of clubbing retail and luxury products in the same category as well as the prohibitively high taxation rate on luxury goods to make India a ‘destination’ market for luxury goods.

  • In his closing remarks, Mr T.K. Arun, Editor, The Economic Times, sounded a word of caution for the attending delegates saying that India is very complex and that a simplistic view could be misleading. He said that subtlety was important to Indians and that therefore, luxury goods should not be positioned only as ‘markers of distinction through wealth’ but as products that reflect the class, artistic and cultural facets of the purchasers personality.

  • A CII-IMRB report on ‘The Changing Face of Luxury in India’ was also released on the occasion by Dr K.P. Krishnan.
 
Description

Confederation of Indian Industry (CII), is organized its 4th annual Luxury event on November 19 in New Delhi at Hotel Imperial this year. For the second time, CII has partnered with The Economic Times, India's most important Business Daily (part of the Times of India Group - the top media conglomerate of the country) to bring in the best of content and dissemination.    

Our vision is to help take India's Luxury retailing sector to the next level, bringing together eminent creative and business minds along with policy makers, to chalk out a roadmap for a more robust growth of a sector that could add significant value and economic activity to many of our leading urban hubs and cities. Prominent personalities and stakeholders from across several sectors of the luxury industry, be it apparel, accessories, watches, automobiles, jewelry, real Estate and travel, will join the discussion in this year's conference. 

 

The CII–ET Dialogue on Luxury is CII’s flagship event for the Indian Luxury sector. Some of the previous speakers and participants include CEOs of Burberry, Jimmy Choo, Salvatore Ferragamo, Kenzo, Canali, Pomellato, Damiani, Ungaro, Giorgio Armani, Bottega Veneta, Audi, Ermenegildo Zegna amongst others. 

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Knowledge Resources
You will get access to following Knowledge Resources by subscribing to the Digital Library of this event.
 
The Changing Face of Luxury in India
Mr Sanjay Kapoor, MD, Genesis Luxury Fashion Pvt Ltd at the Inaugural Session of the CII - ET Dialogue on Luxury 2013
Mr Marco Bizzarri, President & CEO, Bottega Veneta at the Inaugural Session of the CII - ET Dialogue on Luxury 2013
Mr Stefano Canali, GM, Canali at the Inaugural Session of the CII - ET Dialogue on Luxury 2013
Release of CII-IMRB Report on Indian Luxury Consumer at the Inaugural Session of the CII - ET Dialogue on Luxury 2013
Dr K P Krishna, Additional Secretary, Ministry of Finance at the Inaugural Session of the CII - ET Dialogue on Luxury 2013
Mr T K Arun, Editor, Economic Times at the Inaugural Session of the CII - ET Dialogue on Luxury 2013
Mr Amit Dutta, MD, Quintessentially India on “Marrying Craft, Culture, Commerce-Celebrating Luxury heritage”
Origins in the 60s – A New Standard of Luxury by Mr Marco Bizzari, CEO, Bottega Veneta
Mr Dilip Doshi, Managing Director, Entrack India (Mont Blanc) on “Marrying Craft, Culture, Commerce-Celebrating Luxury heritage”
Connecting the Dots – Heritage, Communication and Style by Mr Raghavendra Rathore, Noted Fashion Designer
Mr Ankur Bhatia, ED, Bird Group (Dusit Devrana) on “Marrying Craft, Culture, Commerce-Celebrating Luxury heritage"
An open house discussion on “Marrying Craft, Culture, Commerce-Celebrating Luxury heritage”
Mr Amit Dutta, MD, Quintessentially India on “Marrying Craft, Culture, Commerce-Celebrating Luxury heritage”
Ms Priya Paul, Chairperson, Apeejay Surrendra Park Hotels on “The New era of Luxury”
Mr Stefano Canali, GM, Canali on “The New era of Luxury”
Luxury Brand Strategy by Mr Philipp von Sahr, President, BMW Group India
Mr Nirav Modi, Noted Jewelery designer and retailer on “The New era of Luxury”
Mr Rajeev Wadhwa, Founder, Chairman & CEO, Baron Luxury & Lifestyles on “The New era of Luxury”
An open house discussion on “The New era of Luxury”
Ms Priya Paul, Chairperson, Apeejay Surrendra Park Hotels on “The New era of Luxury”
Mr Ashok Wadhwa, Group CEO, Ambit Group on “Real Estate for Real: Creating Luxury Destinations”
A panel discussion on “Real Estate for Real: Creating Luxury Destinations”
An open house discussion on “Real Estate for Real: Creating Luxury Destinations”
Mr Neelesh Hundekari, Partner & Head-Luxury & Lifestyle Practice, AT Kearney on “Luxury, an economic Multiplier”
Luxury Industry as an Economic Contributor by Ms Saba Ali, India Senior Associate, Fondazione Altagamma
Mr Andrea Bonardi, President, Italian Chamber of Commerce, Singapore & former MD, La Perla Asia on “Luxury, an economic Multiplier”
Mr Sanjay Rishi, President, American Express South Asia on “Luxury, an economic Multiplier”
Mr Maninder Gill, Partner, Simons Muirhead & Burton on “Luxury, an economic Multiplier”
Mr Nikhil Mehra, COO, Genesis Luxury on “Luxury, an economic Multiplier”
An open house discussion on “Luxury, an economic Multiplier”
Mr Neelesh Hundekari, Partner & Head-Luxury & Lifestyle Practice, AT Kearney on “Luxury, an economic Multiplier”
Mr Sanjay Kapoor, MD, Genesis Luxury Fashion Pvt Ltd on "Closet Vs Unapologetic Consumers of Luxury”
Luxury's Closet Consumers by Ms Priyadarshini Narendra, Vice President, IMRB International
Ms Sonakshi Sinha, Mr Manish Malhotra and Ms Tanaaz Bhatia on "Closet Vs Unapologetic Consumers of Luxury”
An open house discussion on "Closet Vs Unapologetic Consumers of Luxury”
Mr Sanjay Kapoor, MD, Genesis Luxury Fashion Pvt Ltd on "Closet Vs Unapologetic Consumers of Luxury”
 
Charges to access Event
 
Participant TypeAmount (in Rs)
Member
2000
NonMember
3000