India can have own luxury brand
About 95% of high-end fashion consumption is made up of goods of Indian origin, reports Jaydeep Ghosh.business Updated: Apr 03, 2007 14:56 IST
Concetta Lanciaux has been with Groupe Arnault — the most powerful luxury group in the world — for 22 years. Speaking at the session on ‘Luxury Goods: Issues That Face India & France’ on the second day of the Hindustan Times-Mint Luxury Conference in New Delhi, Lanciaux explained how India could have its own luxury brand.
She also explained how France and India can work mutually towards expanding the luxury market.
Ninety-five per cent of high-end fashion consumption is made up of goods of Indian origin, Lanciaux told the session, that was moderated by Rajdeep Sardesai, Editor-in-Chief, CNN-IBN.
Lanciaux said India had a tradition of luxury, a fact that should rank among the foremost ingredients necessary to develop luxury brands. She also highlighted the creativity of Indian designers, the expanding fortunes of Indians, exemplified by the likes of Mittal and the Ambanis and the ‘new’ Maharajahs of India like liquor baron Vijay Mallaya.
Lanciaux cited the example of LVMH, enumerating the key elements that made it one of the biggest luxury brands. These she said were:
• Traditional heritage
• Renewal of heritage and tradition by staying loyal to your DNA
• Brand renewal
Stating a simple formula: heritage x creativity = Luxury, Lanciaux said India needed to stick to its heritage, maintain a high quality in production, preserve and develop artisan know-how and use selective distribution, to have its own luxury brand.
Fashion may not be the referential point in India to develop a luxury brand, Concetta Lanciaux said. She advised India to use jewellery as the reference point.
In the concluding session on India-France synergies. Lanciaux suggested France can contribute in fashion and luxury education, brand management, retail organisation, retail concepts and high standards of productivity while India can partner with European fashion Brand, develop IT modules for Textile and retail and provide textile and craft skills.