The sixth edition of the Mint Luxury Conference, which concluded recently in New Delhi, brought together the stalwarts of the international luxury market to deliberate on the future of luxury in India. The theme of the conference “Luxury in India: The Next Decade.”
The two-day conference took a hard look at the new world order of all things luxurious. The panelists debated, ideated and proffered solutions for the fast growing luxury market in Asia.
Fulvia Visconti Ferragamo, Vice President, Salvatore Ferragamo, shared her definitions of luxury – “Luxury helps us feel special in every moment of our lives and helps us dream. High quality is the essential element of luxury products. High quality is the result of creativity, colours, shapes, craftsmanship and attention to detail.”
All luxury brands have made their way to India and luxury is finding a new home in Tier II cities. According to a recent AT Kearney Luxury in India Report, luxury products have grown the fastest at 29% to reach a size of $2.05 billion, well above expectations of 23%. Jewelry, electronics, cars and fine dining have grown exponentially, while apparel, accessories, wines and spirits have continued their strong growth.