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Tuesday, Nov 30, 2021
Outlook.com
Review

Close On Heels

Quite like Indian fashion today. Full of promise. Mostly unrealised.

Close On Heels
Close On Heels
outlookindia.com
-0001-11-30T00:00:00+05:53

Sengupta’s research is backed by an almost endearing earnestness and a chatty tone that mimicks Friedman accurately, flatteringly well! Thus we have the Jones Lang LaSalle Meghraj report on Indian high streets that establishes the absence of Indian high fashion on the premier streets of Hyderabad, Bangalore, Mumbai, Calcutta and Delhi, which are taken over by retail giants a la Adidas, Levi’s, Reebok, Benetton, Bata, Pepe Jeans, Woodland, Raymonds—not to mention food and beverage chains like Domino’s, Pizza Hut, and Barista. And our fashion brands scramble to get a foot into the Emporios and Kemps Corner outlets where they account for a pathetic single figure percentage of the $828 billion, and growing, Indian lifestyle industry projected to be worth $2,594 billion by 2010.

There’s more. This time from the global AC Nielsen survey that tells us 35 per cent Indians covet designer brands and 73 per cent of them feel these are overpriced. Also that most of these customers are buying into foreign brands. Sengupta quotes from a 2007 Merrill Lynch world wealth report that establishes India as being one of the four countries worldwide with the largest percentage increase in high net worth individuals. More significantly, luxury is one segment that does not register recessionary stress: One of the world’s leading luxury brands, LVHM’s June 2008 figures report an unprecedented increase of business at international award-winning jeweller Viren Bhagat’s only-by-appointment shop.

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