Business Standard reports that luxury marketers are now coming together to target seriously rich Indians. "There's strength in numbers, luxury marketers in India have realised," says the article, hence high-end fashion retailers like Kimaya (Pradeep Hirani), Ensemble (Sailaja Tahiliani), Samsaara (Sanjay Kapoor) and others have come together to announce the formation of the Indiluxe Retail Council of India (IRCI).
The idea behind IRCI is to look at the lifestyle, fashion accessories and luxury retail industries as a whole. So, IRCI will address issues like fixing mark-ups of designer wear, enforce quality standards and ethical practices, prevent plagiarism and poaching of staff, lobby with the government and maybe associate with developers to come up with a retail space that could be a fit abode for luxury brands.
Indiluxe, however, is not the only exclusive body of high-end retailers, marketeers in India. There was the World Luxury Council which started operations in India around two years ago, did a few events, but is now, by all accounts, quite defunct.
In October last year, the Luxury Marketing Council (LMC), the US-originated platform for more than 675 major international luxury goods and services companies, set up shop in India, and is going great guns.
According to Devyani Raman, the CEO of luxury-consultant, Leading Brands of the World and the licence holder for India, LMC already has 12 members in India, and from April 1 next year will become a non-profit trust committed to building the luxury industry in India.
LMC comes in with its roundtables where marketing professionals can discuss strategies, share best practices, understand affinities. Often, the roundtables also lead to on-ground alliances, says Raman, citing the example of the joint Porsche-AmEx joint promotion which works both as a publicity activity for the recently-launched German sports car and a loyalty programme for AmEx Platinum cards. Taj, a member of LMC, is also a strong partner of AmEx Platinum Cards.
Hmmm. Seems like a case of too much noise, too little action to me.
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