Western brands don’t usually have a rich perception of India. What sort of convincing did it require on your part to persuade them to set up shop here and also sustain it for years?
Brands, even luxury ones, need scalability. They can’t do with only one store, they need to open new ones and get a footprint in new destinations. India is a steady growth market and not an exponential one, where sharp rise can be followed by a sharp drop, like Hong Kong. But brands are reinvesting as India is a stable place politically, as well as financially.
How difficult was it to get customers who usually shop abroad to buy luxury products in India, giving them the assurance of the entire experience and product range?
That was a challenge initially, as there was a perception that India could be a dumping ground for old inventories. So most brands had LED screens displaying their latest collections here. The second misconception was price. People thought India will be more expensive, but even though there is a small difference in European prices, in the region, we are cheaper than many countries. For instance, some products are about 30% cheaper here than in Dubai. Both issues have got resolved as people have realised over time they are getting the latest range at good prices here.
How has consumer spending changed over the years in India?
Consumer spending has steadily increased over the years. There was a small dip during demonetisation, and several financial initiatives like GST, cash limit, etc, which happened almost together. This impacted consumers, as we are a very cautious people. We like to wait and watch. Consumption picked up immediately, but a small dip was definitely there.
What are the hottest trends in luxury retail presently? What are the buzz words?
Every key brand has a classic range that sustains over the years. Then there are seasonal trends like colour. Today, logos are subtler and not emblazoned across. Things are less logo-centric and more product-centric. And that is a sign of maturity of the market. Talking of current trends, every apparel and accessory brand has its own sneakers. Last year, the backpack was big and every brand had its own backpack. These trends keep changing, but the classics remain.
How would you look back at the past decade in terms of luxury retail in India, specifically the Emporio?
Each mall develops its own persona and morphs over the years, but Emporio has been able to sustain its luxury, look, ambience, feel and brands the way we envisaged it. It’s easy to bring brands that are willing to pay more money and it’s also not possible to get every luxury brand. So we contemplate brands, the perception about them, etc, but we have held our ground and got what we wanted.
What have been your biggest challenges?
Some of them have been to identify the right brands, especially in the Indian space where there are more players wanting to enter. The second has been to consistently draw in the right quality of footfalls. In initial years, there is always a crowd, but we have to sustain interest when it plateaus out. The number of footfalls is not an indicator for us, but the quality matters.
What do you feel about hospitality being an essential accompaniment to retail when it comes to luxury? How are you making it happen at DLF?
In terms of hospitality, people are not customers but guests. That difference had to be brought in. We have introduced an ambience where people are treated as guests. It could be hands-free shopping, valets, concierge, stylist or a personal shopper. All these services make the difference between a commercial engagement and making a guest feel comfortable.
Are you looking at a luxury destination after Delhi?
In the future, why not? But Delhi is a key market for luxury, as any brand that enters India wants to come to Delhi first. Mumbai was a distant second, but is now a close second. This is because, in the north, people enjoy what they have worked so hard for. They don’t mind spending money on themselves. Delhiites believe in consumption, and why not? So Delhi is the luxury-centric market when it comes to India.
