Crafting Luxury and Lifestyle Business
Today luxury businesses have to operate in an increasingly complex environment managing the online migration, shift to emerging markets, search for meaning, creation of value and maintaining the desire for the exceptional. They have to respond to social concerns and pitch a sense of tradition.
In a digital era, ’handmade’ has acquired significance more than ever and is seen as a ‘de facto’ requirement for superior value and luxury.
Globally, emerging markets are likely to represent a major share of growth in luxury market. India has a rich living tradition of crafts and skills which has been a source of inspiration for many designers all over the world for crafting their new product range. This concept and process, in recent past, has been gaining popularity and creating space for luxury and lifestyle segments to cater to the needs of customers who constantly looking for something exclusive and aesthetically appealing.
It is anticipated that the new entrepreneurs will capitalize on this rich competitive advantage and harness it to create luxury products which will act as a bridge between our past and contemporary existence .Indian companies are at an advantage, thus, to create luxury brands with underlying uniqueness and a sense of belonging and capture an increasing share in the global luxury market.
Written by – Mr. Satish Bhardwaj
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