ET Global Business Summit: Michael Ward talks about Indian luxury market, says it’s growing in specific niche

The Harrods MD says he is optimistic about Indian luxury market.

ETGBS 2019: Harrods chief Michael Ward on future of luxury retail
Luxury is all about experiences, crack that and you have a customer for life, says Michael Ward, Managing Director, Harrods at the ET Global Business Summit.

“Luxury is never about the most expensive thing but about the experiences and memories,” stressed Michael Ward, managing director, Harrods at the ET Global Business Summit. According to Ward, that’s why the luxury industry is generally immune to economic upsets. “To the person who’s just starting in luxury, buying a small wallet is the most beautiful and exquisite thing they got. As you go up the food chain from a wallet to a handbag to apparel and finally fine jewelry, spending millions of pounds on jewelry gives you the same level of excitement as with that first wallet.”

Despite this, Ward remains cautiously optimistic of the Indian market. “We’ve never really cracked the Indian market which is why we’ve come here to sell the gospel of Harrods to you,” he joked.


According to Ward, the Indian luxury market is growing but in very specific niches. “There is still a huge tradition and culture in India (of relishing änd celebrating the past) which people hang onto more than maybe the Middle East and the Chinese,” he explained. “(The market) hasn’t become as Westernized and so luxury brands haven’t seen that rise of penetration that they’ve seen in other countries. With all the reforms under the current government, that is breaking down. It’s becoming less state-like and more country like and once that happens, we’ll start to see the growth of the luxury market.”

ET Women's Forum: Shikha Sharma, Diana Hayden, Aditi Mittal Reveal How To Prioritise Oneself
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Eminent women suggest what you should do to put yourself first.

In pic from left: (Shikha Sharma, Diana Hayden, Aditi Mittal)

Eminent women suggest what you should do to put yourself first.In pic from left: (Shikha Sharma, Diana Hayden, Aditi Mittal)

Shikha Sharma, Former MD, Axis Bank

My advice for women has always been, ‘Believe in yourself.’ Do not overcompensate by being aggressive or being like anybody else. You never win by playing someone else’s game. You only win by playing your own game. So, play to your strengths. Make sure you are learning every day.

Shikha Sharma, Former MD, Axis BankMy advice for women has always been, ‘Believe in yourself.’ Do not overcompensate by being aggressive or being like anybody else. You never win by playing someone e..
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Diana Hayden, Miss World 1997

To put yourself first, you need to change your thought process. It’s all in your head and that’s where it starts. Understand and truly get self-confident. You need to treat yourself well. As Eleanor Roosevelt said, “No one can make you feel inferior without your consent.”

Diana Hayden, Miss World 1997To put yourself first, you need to change your thought process. It’s all in your head and that’s where it starts. Understand and truly get self-confident. You need to tre..
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Namita Thapar, Executive Director, Emcure Pharmaceuticals

We need to learn to be a bit more selfish. We always tend to put others before us and I think we need to take the time out to pamper ourselves. Whether it’s going to the salon or going to watch a movie, do certain selfish things and schedule it. And also, choosing the right man to marry is important. While you can use your head and heart for other decisions, I would recommend going with your gut for this one.

Namita Thapar, Executive Director, Emcure PharmaceuticalsWe need to learn to be a bit more selfish. We always tend to put others before us and I think we need to take the time out to pamper ourselves..
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Namrata Joshipura, Founder, Joshipura Designs

Never feel guilty. As working women and mothers, we do our best. When my daughter was much younger, I would often feel guilty that I’m either in the office or when I was with her, I would feel guilty about not being in the office. Today, I feel I gave my child, my home, and my work as much time as each needed. I did and am doing my best.

Namrata Joshipura, Founder, Joshipura DesignsNever feel guilty. As working women and mothers, we do our best. When my daughter was much younger, I would often feel guilty that I’m either in the offic..
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Rashmi Shukla, ADGP, Maharashtra Police

If you want to maintain a balance (between work and life), be mentally prepared to accept responsibilities. In my case, I had tremendous support from my late husband. What is important is to know your limitations. Once you know your limitations, they can become your strengths.

Rashmi Shukla, ADGP, Maharashtra PoliceIf you want to maintain a balance (between work and life), be mentally prepared to accept responsibilities. In my case, I had tremendous support from my late hu..
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Aditi Mittal, Comedian

Women are often conditioned to think that the needs of others come before their own. So, put yourself first. We normally put other people first at the cost of ourselves. Like the emergency mask on the flight, you need to put yours on first before you help the child. That’s so you can breathe enough before you empower the child.

Aditi Mittal, ComedianWomen are often conditioned to think that the needs of others come before their own. So, put yourself first. We normally put other people first at the cost of ourselves. Like th..
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Fawzia Koofi, Member of Parliament, Afghanistan

The first thing is setting goals for yourself. And the second thing is to stay committed to what you believe in. Often for women, it’s not easy to stick to what they believe in and what they want to achieve. During times like these, you need to keep your focus.

Fawzia Koofi, Member of Parliament, AfghanistanThe first thing is setting goals for yourself. And the second thing is to stay committed to what you believe in. Often for women, it’s not easy to stick..
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Vidya Shah CEO, EdelGive Foundation

It is this feeling of ‘I am no different’ and seeing humanity in yourself, not just as a woman but as a person. We are no different from anybody else, so I don’t know why we (women) get into the thing that I’m a woman so I won’t be able to do this or won’t be able to access that. That is vital. A lot of us on the panel were raised in ordinary homes but we were raised to believe that we are no different.

Vidya Shah CEO, EdelGive FoundationIt is this feeling of ‘I am no different’ and seeing humanity in yourself, not just as a woman but as a person. We are no different from anybody else, so I don’t kn..
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