THE LUXURY MARKET'S TWO-WAY STREET

Indian designers are making a splash on the world stage, while the biggest of global brands are wooing India's growing affluent class like never before

- SMITA TRIPATHI

IT'S THE FIRST week of November and Diwali is just a few days away. Shifali Shah, a 37-year-old marketing executive at a leading multinational pharma company in Mumbai, has her shopping list ready. Her destination: Jio World Plaza, Mumbai’s latest luxury shopping mall that opened its doors on November 1. Spanning four levels and 750,000 sq. ft, the Plaza at BKC hosts 66 luxury brands. Shah is particularly keen on exploring brands that have finally entered India— Balenciaga, Valentino, Tory Burch and YSL, among others.

The mall also has stores by leading Indian fashion designers such as Manish Malhotra, Abu Jani Sandeep Khosla, Rahul Mishra, Ri by Ritu Kumar, etc. Incidentally, they are all brands that Reliance Brands Ltd has invested in. “Our envisioning of the Jio World Plaza is aimed at bringing the best global brands to India as well as highlighting the prowess and craftsmanship of top Indian brands,” Isha Ambani, Director of Reliance Industries Ltd, said in a statement during the mall’s launch. Her statement encapsulates the two-way street that is currently the Indian luxury market. While top Indian luxury fashion designers are making a splash on foreign shores, global luxury brands are wooing Indian customers more aggressively.

IT’S RAINING BRAND AMBASSADORS 

 Let’s start with the global luxury brands. Some of the biggest names have snapped up Indian actors as brand ambassadors. In May 2022, Louis Vuitton appointed Deepika Padukone as its latest global brand ambassador, the first Indian to hold the post. Then in October, she became the ambassador for French heritage luxury jewellery brand Cartier. Earlier, in 2021, Priyanka Chopra Jonas was appointed the global brand ambassador for Italian luxury jewellery brand Bulgari.