As the number of uber-rich continues to rise, expect heated action in high-end retail in the coming years.
Peeping out from under his white cuffs are two watches, one on each wrist. That is not what Olivier Bernheim, the Global President of Swiss luxury watchmaker Raymond Weil, usually does. But, today, in Delhi, he just wants to show off some of his company’s latest gear.
Bernheim is the son-in-law of Raymond Weil, the company’s founder, and joined the family business in 1982. But he had made his first visit to India even before that, in 1978. On a honeymoon. He has been making trips to India ever since, and along with Weil, hand held many unorganised retailers who were selling from nondescript shops while they transformed to being more organised. The retailers were flown to Geneva, introduced to other brands, and schooled in selling expensive, sophisticated watches.
Until a few years back, most Indians who could afford it, shopped for a watch in Dubai or other foreign destinations. He got a great shopping experience, variety, and possibly, a better price. Much of this has changed. Information has become fluid because of mobile phones and the explosion of social media. Brands cannot indulge in differential pricing. Even as regulations are making luxury shopping more white than grey in India, the shopping experience is improving considerably. Many of the retailers Raymond Weil hand held decades ago have to pull up their socks to remain relevant.
This story is from the October 21, 2018 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 21, 2018 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
"Focus on the challenge of each customer"
SHASHANK KUMAR MD & CO-FOUNDER I RAZORPAY Razorpay is India's first full-stack financial solutions company
PEDAL ON THE FUTURE
THE MG WINDSOR EV, WITH ITS FUTURISTIC AND MINIMALIST DESIGN, COMBINES THE BEST OF BOTH WORLDS-COMFORT AND TECHNOLOGY
BREATHE EASY
Whether you're battling allergies, looking to remove pollutants, or simply want to breathe easier, the right air purifier can make a difference
The Taste of India in a Glass
FROM ROYAL LIQUEURS TO DISTILLED MAHUA, INDIAN HERITAGE ALCOHOLIC BEVERAGES ARE HAVING THEIR DAY IN THE SUN
LOOK BEFORE YOU LEAP
IN 2025, INVESTORS WILL NEED TO FACTOR IN VOLATILITY ACROSS ASSET CLASSES
MISSING ADVISORS
INDIA HAS JUST ONE INVESTMENT ADVISOR FOR NEARLY EVERY 200,000 INVESTORS. AT A TIME WHEN RETAIL PARTICIPATION IN THE STOCK MARKETS IS BOOMING, THIS ASSUMES SIGNIFICANCE
TURNING A CORNER
SHARED ELECTRIC MOBILITY START-UP YULU'S SHIFT TO SERVICING THE QUICK COMMERCE SECTOR IS HELPING IT GROW FAST. IT IS NOW FOCUSSING ON IMPROVING ROAD SAFETY FEATURES AS IT TURNS EBITDA POSITIVE
REALITY CHECK
INDIAN STOCK MARKETS PLUNGED BEGINNING OCTOBER FOR A HOST OF REASONS, INCLUDING A FALL IN FII OWNERSHIP. HOW DEEP WILL THE CORRECTION BE?
TRUMP'S TRADE TANGO
The return of Donald Trump as the 47th President of the US has put the global economy on edge. India, too, is unlikely to remain unaffected. How will policymakers meet this latest challenge?
"The essence of the Trump administration will be transactional”
Global investor, analyst, and best-selling author Ruchir Sharma decodes why Donald Trump won the elections, what India should do, the risks, and more