India and Italy: Global players in the luxury space
Cultural heritage and traditional craftsmanship, over a period of time, have proved to be most effective in the promotion of homegrown luxury brands.
It was around 70 years ago when Italian brands first made their way to the Indian market. Both India and Italy use their traditional arts and culture to ensure exclusivity in their luxury products. To highlight the importance of “Make in India” and “Made in Italy”, the Luxury Symposium 2018 hosted a session where various delegates from both the countries presented their views on the same.
Minister of Commerce and Industries, Suresh Prabhu was also present at this session. He spoke about how Indian goods have the potential to expand the country’s share of the global luxury market. He said, “A country like India does not have a per-capita income as high as other developed countries and therefore we have a clear vision about what luxury means to us. India is known for the finest textile and material, and its artisans. It is renowned globally, since decades and centuries, for its products. What we see as art here becomes a luxury item some- where else. We should also understand that by creating a market for luxury goods, we are actually helping a supply chain and its backend, which is quite beneficial for the economy. In our country there are many people who can afford luxury goods but there are far more people who benefit because the luxury items are being sold within the country or outside. And the economic value that is added is of great significance.”
Prabhu emphasised on the fact that there is a need to form a community which can promote such potential luxury items abroad and within the country. He also explained how India’s partnership with Italy—one of the most fashion-conscious countries in the world—can be beneficial for us. He said, “We would like to make a vertical in the department of commerce, where we promote these luxury items from Indian origin. So the market is somewhere else yet the production can happen in India. We would like to have necessary partnerships and coalitions to actually make it happen. We will take the responsibility of promoting the items in the overseas market. This is where countries like Italy come in. We would like to work with them and figure out what is it that we need to do from their perspective in India...”
The panel also included Licia Mattioli, vice president, Confindustria; Atul Chaturvedi, Additional Secretary, DIPP; and Vinita Jain, Founder, Biotique Riyal. They discussed how creativity and quality has helped Italian brands to maintain their premium image globally.