Foreword

A lot has changed in the past ten years. The world and its people are no longer what they were. And it has affected the meaning of luxury as well. From an appreciation of exotic skin products, we have justifiably moved on to fighting the horror of animal slaughter. From demanding newer designs and styles every few months, we are turning towards the philosophy of slow fashion – an acceptance of classics well-made.

India, too, has changed. Ten years ago, luxury brands were entering India with much opulence. Glittering parties were held with magnificent decors while the swish set would mill around with flutes of champagne. Today, the sophisticated tones are hush. Ten years ago, we discussed the challenges and processes of an international luxury brand entering India. Today, we discuss how brands that exited need to re-enter the country in a more steel-enforced way.

But the scenario is not as dismal as it sounds. This is a natural progression of business. Many luxury brands dared to enter India these past years. Some succeeded. Some quietly learned their lessons and went back. Today, those brands are stronger as they re-enter the market.

These past years have also seen an increased appreciation for and growth of ‘Made in India’ products. The more heritage a product has, the better it is. Silken Benarasi saris have flown from golden hued drawing rooms of posh homes to the streets of India. Local craftsmen from Indian rug companies are winning international design awards. And international brands are increasingly adopting Indian celebrities as Brand Ambassadors.

The rampant optimism of yesteryears has been replaced by a cautious positivity, which is only going to get better. India has a young, affluent population, which is eager to spend and travel. It is eager to embrace technology, melding it with traditions in design and style. The foot that wears a gold ‘payal’ also dons a Christian Louboutin. The man who wears a khadi kurta covers his wrist with a Jaeger-LeCoultre. The economic scenario may seem unrelenting, but the only way from here is upwards. As the rest of the world gears towards another recession, India is strengthening its manufacturing, technology, and infrastructure.

Abhaya Gupta, the author of The Incredible Indian Luxury Bazaar, has been standing at a vantage point and observing as history changes over the past few decades. One of the most experienced individuals we have in the Indian luxury industry, he has not only seen the industry altering, but also helped shape it with his own hands. From a Brand Head in the luxury apparel industry to someone who is shaping the next generation of Luxury Brand Managers, Mr. Gupta has had a long career, which makes him perfect to pen down a comprehensive publication such as this.

The book spans the history of luxury in India, from ancient times to liberalization, to current day. It talks in-depth about each category in luxury and the major players involved.

It talks about the ever-changing consumer, while offering insight on the upcoming Generation Z. From entry barriers to success models, the book goes into each tiny detail of what entails a luxury business. And Mr. Gupta is apt to play this role, who has explained everything in a simple way to understand vocabulary. Yes, challenges for luxury brands in India have increased, especially as the young consumer demands new meanings of luxury.

But in a world where the populations of America, Europe, China, and Japan are ageing, India is a bright, rich spot on the map. After all, we are the people who eat silver on our sweets and weave our clothes with threads of gold.

Soumya Jain Agarwal

Chief Editor, LuxuryFacts.com

Co-Editor, The Luxury Market in India: Maharajas to Masses