Broadening and bridging should be the way forward

Luxury faces a huge challenge in the 21st century: managing the paradox of expansion and exclusivity. Any mistake in the delicate balance spells doom, as many luxury houses realised in the previous century. The democratisation of the ambit of luxury poses its own problems. Time was when luxury meant bespoke jewels and clothes, furs and shoes, luggage and chinaware, watches and cars. Handmade, exclusive, rare and unique were the defining adjectives rather than merely expensive.

Now — in India at least — everything from kitted out apartments and villas to bathroom and kitchen accessories to sports goods and personal electronics are crowding into what was once a select club, nixing many a luxury shibboleth. This widening of the luxury definition, however, could be one way of reaching out to larger, new audiences. Allowing for and capitalising on the differing attractions of the bijou and the big could be just what the entire expanded segment needs, echoing the luxury conglomerates’ successful formula of lipstick-to-couture price bands.

The potential of this expanded luxury segment definitely brings India into focus again a century after the famous European brands wooed high spending maharajas but the market has changed. The upper crust now comprises the new corporate royalty; at the same time the high-spending consumer and aspirant base has widened unimaginably too, both financially and geographically.

Replicating or retrofitting China or Russia strategies to tap into this lucrative market may not work, as infrastructure and policy inadequacies make for a tricky playing field. Technology has already helped luxury brands abroad by giving remote clients real-time access to latest trends. That could be the catalyst for India’s luxury story too.