The Mint Hindustan Times Luxury Conference ended after in-depth discussions by eminent speakers from India and abroad, mainly from Italy. The discussions centered mainly on issues of creating global brands.

In the opening session “Feeling Good: The Role of Luxury,” Mark Lee, the CEO of GUCCI, quoting a Nielsen survey, said that aspiration levels in India were very high and 48% Indians aspire to a GUCCI product. He said “India will emerge as one of our key markets in the coming years. However, today it is still in a state of fantasy”. Currently, GUCCI has two stores in India and plans to open two more in 2008. However, he added that infrastructure remains a constraint. Unlike China, where GUCCI opens one store every 6 weeks, the company is far more cautious in India.

Carlo Rivetti, Chairman, Sportswear Company said, “India is an unknown jewel. I didn’t know India till I came to this country”. He advised that India should focus on its own inherent strengths, like Ayurveda, which is becoming highly popular in the West. Rivetti remarked that luxury is not limited only to fashion.

Vittorio Missoni, Chairman of Missoni and Vice Chairman of Camera Nazionale della Moda Italiana, an association of luxury brand manufacturers, welcomed Indian brands and designers to become part of this association. Missoni asserted, “There is potential in India because of its craftsmanship and art. The colours and styles of India are in a perfect fit with those of Italy.”

Nakul Anand, Divisional Chief Executive, ITC Hotels said, “Luxury is more about taste and not money”. He added that ITC is looking seriously at luxury retailing and large commercial spaces were earmarked for that purpose in all their new properties.

Sunil Sethi, CEO of Sunil Sethi Design Alliance, said that many foreign designers and manufacturers are already outsourcing from India, mainly in the home furnishing area. Armani, for one, is going into the hotel business and has placed orders for over 70 products from India. Berkus has placed orders of over Rs 50 crores. To meet this demand JJ Vallaya is shortly launching home stores in select cities.

In a telling comment Frank Zambrelli, President and Creative Director, Lieber, said “India has shown us that a culture can maintain its culture and yet become a world superpower. We need to follow the Indian model and not try to impose or copy the Western one.” He announced that Lieber would open its first store in India in the next few weeks. As a gesture to Indian tradition, he showcased a jeweled Ganesha that has been specially designed for the start of Lieber’s India operations.

“At the end of the day the Indian woman is very strong – she looks after her family, her in-laws, her children, her job, yet she manages to keep her feminity intact. She is determined on the one side, dedicated, on the other. She has total self confidence”. - Andrea Bonardi, Managing Director, La Perla

All the speakers at the Mint Hindustan Times Luxury Conference agreed that India was an emerging market, with huge potential. This was the time to enter this market, when infrastructure was coming up to meet the demands of luxury brands

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