| Launch
of FICCI Lifestyle Forum
July 28, 2008,
New Delhi Address By Mr. Ness Wadia, Chairman,
FICCI Lifestyle Forum on occasion of Launch of Ficci Lifestyle Forum India
- A future manufacturing hub for global fashion and luxury goods "Made
In India" tag becoming the aspiration choice of the luxury consumer, globally. India
is now poised at a point where the luxury goods industries are vying for a piece
of the Indian pie, a vibrant economy, burgeoning population of aspiration youth,
high end retail stores opening over the past 3 years. The Household Income
Survey by the National Council of Applied Economic Research says that by 2010,
there will be 140,000 households with an annual income of more than Rs. 1 crore
i.e. 10 million USD. There are over one million luxury customers in India
and this figure is expected to triple by 2010. A recent report by Technopak
- The Knowledge Company analyzed that there are over 8-9 million consumers in
India who can afford luxury brands but do not purchase them as they cannot relate
to them. New Emergence: India - A future manufacturing
hub for global fashion and luxury goods I see a new emergence, a co-existence
so to speak in this scenario. Here a cultural crossroad can be observed
where Indian market should be viewed by Luxury Brands in this room from both perspectives: a)
Skill transfer from luxury ateliers to Indian craftsmen and developing brand synergies
with India b) Policies conducive to enabling opening of doors to Single
Brand luxury retail and eventually multibranded retail which will in effect bring
employment and development of technologies in supply chain management, luxury
retail management. Eventually this will be a catalyst for development of Indian
Indigenous Luxury Brands for Global Fashion and Luxury Goods Market, as interactive
exchanges become more deep-rooted. International luxury brands today find
synergies which are unique to India. Connotations of luxury have been prevalent
for years in India unlike our other emerging market. Cultural
Revolution of east and west emergence of India as a luxury hub Culturally
we have fashion and luxury sensibilities which combine the East and West effectively. -
Unlike other emerging markets like China, In India we have always been surrounded
with a sense and tradition of luxury. A cultural revolution has not been thrust
upon us. So the revolution is taking place at both the macro and micro level and
finds its genesis in a myriad of factors. - At a macro level, India is getting
richer 100,000 millionaires and growing, Indians have realized that the world
is a global village and want to be active participants. - At the micro level
we are realizing the power of fashion and luxury. We are paying greater attention
on our own wardrobes, our lifestyle and upping the ante. All these factors highlight
our unique evolving consumption patters. - Look at our unique hospitality
brands - Our indigenous 'luxury hospitality brands' such as Oberoi Vilas and Taj
Palaces in Rajasthan, Ananda Spa in Rishikesh provide lifestyle examples where
International guest is here to discover a new brand of 'revivalist princely Indian
living' or "Indian Spa and Ayurveda Experiences'. - The Signal is clear
in a confident India "We invented creative luxury through our gems and jewelry,
luxury palaces and patronage of European brands and now we a re poised for a True
Revival - the stage is set with our economic policies to welcome your investment
in India, and help us develop Indian luxury brands with skill exchange. Made
in India Tag is a reality today for 'Bespoke Indian Indigenous Luxury'. Our level
of customization is our biggest asset to the luxury goods industry. Our endeavor
is to combine this process with skill transfer, build expertise in luxury retail
and develop our brands with joint collaboration with European brands. A
handshake in luxury skills between India, an emerging new luxury market with a
deep appreciation of aesthetic and design, a confluence and trade off will result
in 'Made in India tag being the coveted luxury tomorrow as India inspires and
India sells. It's now equally about positioning our expertise and creative skills
to the European luxury houses, like we replicated with our IT industry and Film
industry. I re-iterate to our friends from Europe, Asia here today to view
Indian brands as 'Brands with a soul and tradition for luxury, the most important
ingredient to develop luxury brands for the future from India. Look at potential
of working closely with our gems and jewelry, hospitality and spas, palace hotels,
traditional crafts, or Indian designers going global. We require integration of
these ingredients and I see European luxury partnering with Indian brands on this
key issue in the near future. India - a unique manufacturing
hub for Luxury Goods, an individual sense of creativity and modernity "India
is luxury goods market with a unique individual sense, creativity, and an aware
audience, our emerging market counterparts are more intrigued with badge value,
duplicating easily and shunning their craft, in the long term its India's luxury
which will be brand to reckon with" Growth of Luxury Goods Industry
in India is on an upswing and for us there is no stepping back, Invest in India
now and share best practices with our Indian brands to help create 'Bespoke Made
in India Tag', this is as I foresee the future for your brands success and sustainability
in India. Develop skill and craft centres in India, as extension of your
ateliers, we will provide the requisite manpower from our repertoire of youthful
workforce and craftsmen. Delve deep and research our tradition and modernity
co-existing with International fashion and brands will be able to decode our market
and set up manufacturing base for the future development of creativity and sustainability
of brands. Discover India and its market complexities and nuances with a
new perspective for the long term investment and establish your brand's growth
trajectory with this partnership. Incredible India is an established brand;
'Indigenous India Luxury' brand is now ready to establish its own distinctive
stamp for the global luxury industry. Footnote for Chairman
to add in speech : Ficci Lifestyle Forum: Objective and Goals Currently
there is no homogeneity in luxury, fashion, design and lifestyle sector as this
disparate burgeoning industry looks towards FICCI to initiate a dialogue among
key players in luxury and fashion. - FICCI has therefore created FICCI
Lifestyle Forum to promote the development of the Luxury Goods Industry in India
with specific interest of encouraging Indian Lifestyle Brands to emerge.
- In
the same vein International Luxury houses will play a key role for sustainable
development of Indian luxury market and create manufacturing hub locally in India.
The Forum would have representation from global luxury brands, Indian fashion
brands, lifestyle products, design houses and bespoke services.
- Ficci
Lifestyle Forum roundtables will focus on the $ 450 million luxury goods and fashion
Industry. India is soon moving away from being a backwater to 'handmade-hancrafted
in India tagline' becoming solicited in luxury circles.
- FICCI aims to
develop the Indian Luxury Goods and Fashion Industry and open dialogue with Industry
bodies, fashion and private equity and investment fro growth of 'India Indigenous
Luxury'
- I urge Lifestyle to be active members and develop India Indigenous
Brands
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