mazars presentation - luxury summit 2015 (ifcci / assocham)
TRANSCRIPT
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INDIA LUXURY SUMMIT 2015
FRENCH COMPANIES AT THE HEART OF THEDEVELOPMENT OF LUXURY SECTOR IN INDIA
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LUXURY SECTOR :WHAT ARE WE TALKING ABOUT ?01
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LUXURY – WHAT ARE WE TALKING ABOUT ?
Source : BCG/Ipsos
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IS INDIA THE NEW PRIORITY OF GLOBALLUXURY BRANDS ?02
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INDIA, A PRIORITY MARKET FOR GLOBAL LUXURY BRANDS ?
Can India be the new Eldorado following theslowdown of Chinese economy ?
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THE IMPORTANCE OF FRANCE ANDFRENCH COMPANIES FOR THE LUXURYSECTOR IN INDIA
03
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FRANCE - FASHION & LUXURY INDUSTRIES
Source: Website of the Ministry of Industrial Recovery, "La filière mode et luxe", April 2013, and Comité Colbert, 2012 data
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MAZARS RECENT REPORT ABOUT FRENCH LUXURY & FASHION INDUSTRIES
To obtain the Mazars reports :email : [email protected]
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AN EXAMPLE : THE TOP 10 MOST SEARCHED LUXURY HANDBAG BRANDSGLOBALLY
Source : World Luxury Index
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FRENCH COMPANIES AND BRANDS ARE ALREADY WELL REPRESENTED IN INDIABUT CAN DEVELOP FURTHER
WHITE PAPER :
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SOME CHALLENGES TO TACKLE FIRST INORDER FOR THE LUXURY SECTOR TOGROW MORE QUICKLY IN INDIA
04
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RECOMMENDATIONS RAISED
FDI entryconditions
Local SourcingNorms
Access toe-commerce
Sub-branding Multiple brands Wholesaleretail in parallel
Import dutybarriers
Rates on saleof luxury goods
Industryspecific issues(per segment)
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OTHER CHALLENGES
Rental costs
Limited Luxurymalls and high
streets. Need formore quality
luxury space andenvironment
Counterfeitsproducts
Manpower / Stafftraining and
retention
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KEY FACTORS OF SUCCESS ON THEINDIAN LUXURY MARKET05
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KEY FACTORS OF SUCCESS ON THE INDIAN LUXURY MARKET
Invest andinnovate with
a localizedstrategy
Be costeffective
Understandcustomersand market
Experience
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IS A LOCALISED STRATEGY REQUIRED IN INDIA ?
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SUCCEED WITH THE INDIAN CONSUMERS
• A country with complexities and traditions• Contrasts, contradictions and extremes• Outstanding service• Indian weddings• Religious festivals• Family• Bollywood• Royalty patronage
Succeed with the Indianconsumers
Succeed with the Indianconsumers
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ILLUSTRATION
Understand Indian taste and createmerchandise suitable for Indian audiences
Example : Indian market for luxuryclothing is driven by the Indian wedding
estimated to be more than $1 billion.
Understand that the preferences of peoplebelonging to different states following
different cultures are not similar
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Richie Rustic
• This one is theoddball who defiesstereotyping andhas the luxurybrands utterlyconfused.
• They operate outof all knownparadigms andcould pick up themost bafflingpurchases, for noapparent rhyme orreason.
• It is very difficult topigeon hole thissegment.
VivaciousVivant
• This is the classmostly self-madeentrepreneurs orprofessionalbusinessexecutives — thathas the money toenjoy the goodthings in life, anddocs so withoutguilt.
• The motto is workhard, and playsharder, andcelebrates successwith irreverenceand fun.
PoliticalProwler
• Acquisitive to thecore, has achildlike mentalityof covetingwhatever theysees new.
• Luxury brands talkin hushed tonesabout thisconsuming class,the origins ofwhose wealth areshrouded inmystery, but whois perhaps thebiggest contributorto the bottom linesof the high endbrands.
AffluentAscetic
• Very rich, but ascomfortable in aKolhapun chappalas in a pair ofJimmy Choopumps.
• A value seeker willnot buy luxuryunless it fulfills aneed.
• Years of socialistidealism and guiltOf conspicuousconsumption hasingrainedfrugalism.
• Finally they havethe temptation ofenjoying the fruitsof labour.
ClassyConnoisseur
• Hails from theultra-high networth segmentand consumesluxury for theirIntrinsicsatisfaction.
• Luxury is nonovelty but partand parcel ofeveryday living.
• Disceming with adiscreet style,everything has tobe just so for thisconsumer.
FlashyFlaunter
• Is the new richstatus seeker whochases aftervisible luxury.
• So will be seensporting fancywatches, drivinghigh-end cars,wearing designerclothes but will notinvest in theinvisibles —designer lingerieor top notchkitchen andbathroom fittings.
UNDERSTAND THE INDIAN CONSUMER : CLASSIFICATION OF LUXURYSHOPPERS IN INDIA
According to C. Narayan, the Indian luxury shopper can be categorized into the following segments:
Source : BusinessWorld (Chitra Narayan “Luxe for less”, Sept 2012)
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INDIA AS A SOURCING HUB FORLUXURY PRODUCTS AND AS A SOURCEOF LUXURY BRANDS
06
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INDIA AS A SOURCING HUB FOR LUXURY PRODUCTS
The Indian handicraftsmarket is estimated to be
worthRs. 46,000 crore
Exportsaccountfor close
to 60%of the overallmarket
with around 2/3 goes to 10“quality-conscious” markets
(including France)
Source : Exports Promotion Council for Handicrafts
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JEWELLERY EXPORTS FROM INDIA
India’s market share in the global jewellery
0.5%
12.5%$12 billion-worth of exports for
Indian jewellers
1997
2014
Source : Gems and Jewellery Export Promotion Council (GJEPC)
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THE WAY FORWARD ?
India as asourcing hubfor luxury ?
Can Indiancompaniesemerge as
globalretailers ?
Are there anyIndian brands
that canbecome big
globally?
Prospects ofIndia
IndigenousLuxury brands
?
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ACCELERATOR FOR LUXURY :E-COMMERCE IN INDIA07
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ACCELERATOR FOR LUXURY : E-COMMERCE IN INDIA
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