Innholdsfortegnelse for 16 October 2022 i Business Today

Rich Indians are on a spending spree. What began last year as revenge spending—as the pandemic gradually came under control and lockdowns were lifted—has now turned into a strong trend with Indians splurging on sprawling residences, lavish holidays, jewellery, watches, fine dining and more. So much so, that Euromonitor International estimates the luxury goods market—which includes personal luxury, fine wines/champagne and spirits, luxury cars and experiential luxury—to bounce back, after the setback caused by the pandemic, to over ₹50,000 crore by 2024 from around ₹46,000 crore in 2022. The reasons for this are not far to seek. Stock markets have been on the rise, and a new pack of young business owners has emerged, with the valuations of their enterprises soaring. Wealthy GenZ buyers are now making a beeline for…

AFTER SUFFERING FROM subdued demand and a steep rise in commodity prices for over a year, fast-moving consumer goods makers are gearing up for bumper sales during the festive season in October. From Hindustan Unilever and ITC to Nestle, Parle Products and Mondelēz, leading companies are ramping up their procurement and production schedules in anticipation of higher sales in the coming weeks. According to them, the uptick in demand is already visible in consumers’ buying patterns. That may finally bring some relief to the companies’ stressed margins and lacklustre volume offtake.…

WITH THE WORLD looking at a resilient supply chain and seriously working towards the China-Plus-One strategy, India’s most prominent business houses, too, are eyeing this opportunity to manufacture iPhones in India. The Tata group has been in talks with Apple’s contract manufacturer Wistron for some time. And now Vedanta Group, which has entered into a joint venture with Foxconn, also wants to manufacture iPhones locally. However, both will require a go-ahead from Apple to start with.…

Yoga guru Baba Ramdev-backed Patanjali group on September 16 announced that it will launch four new IPOs—Patanjali Ayurved, Patanjali Wellness, Patanjali Medicine and Patanjali Lifestyle—in the next five years. At present, only Patanjali Foods is listed on the exchanges. The company said it is “working to achieve a target of ₹5 lakh-crore m-cap for these five firms”, and a turnover of ₹1 lakh crore for the group in the next five-seven years.…

SITTING HERE IN LONDON, it is impossible not to be struck by the stark difference in economic tidings these days from the western world and India. While it has been in vogue for some time to talk of the divergent fortunes of India and China—the two countries inevitably inviting comparison as the rising powers from Asia—less is said of the decay in the developed world. Yet, China’s woes, by no means insignificant, seem trivial compared to the unravelling that is playing out in the Western Hemisphere. To put it bluntly, the US, Europe and the UK are in shambles. The US, which most of the economic world takes its cues from, is staring at a recession. But that is the least of its travails. After all, recessions are not exactly…

1884 SOTIRIO BULGARI, the Founder, opens his first store in Rome 1905 THE BVLGARI STORE in Via Dei Condotti 10 opens. Today a symbol of the company’s heritage and temple of the brand, it is the reference point for the most important Bvlgari stores around the world 1930-1950 BVLGARI BECOMES the preferred fashion house of select Italian and international clientele; stores are opened in New York, Geneva, Monte Carlo and Paris, marking the beginning of the Group’s international expansion 1993 BVLGARI’S FIRST fragrance, Eau Parfumée, Cologne au Thé Vert, is launched. This marks the first step of the company’s diversification 1995 BVLGARI POUR Homme, the first fragrance for men, is launched. Bvlgari S.p.A. is listed on the Milan Stock Exchange 1998 THE FIRST eyewear and leather goods collections are launched…

Diana Chopra Jonas with 158,000 followers on Instagram is often seen in her fashionable best. Her wardrobe includes accessories from Tiffany’s. She is joined by Diamond Baby, who seems to have an affinity for Chanel. Diamond Baby and her friends have 79,000 followers on Instagram. Wondering who these fashion icons are? Diana is Priyanka Chopra Jonas’ pet, a Chihuahua, and Diamond Baby is Paris Hilton’s. While pets of celebrities have often lived extravagant, glitzy lives, your ‘furry friend’ too can live the high life with some dashing pet accessories from luxury fashion houses. Take a look: DOG COATS FROM GUCCI WHERE TO BUY gucci.com INDICATIVE PRICE STARTS FROM $810 Gucci thinks your pet deserves to live the high life. The iconic Italian luxury brand released its pet collection in June, and…

Shoes maketh the man’ goes an old saying. If you must make a statement, a pair of shoes seems the perfect fit. And there are some crazy things happening in ‘sneakerland’ lately. Take, for instance, a shoe filled with actual beer! Heineken recently came out with a pair of limited-edition sneakers called Heinekicks, which had Heineken Silver beer filled in its soles. “Beer for your sole” it said of the collaboration with shoe designer Dominic Ciambrone. Luxury brand Balenciaga, too, kicked up a storm online when it released the distressed version of its Paris High Top Sneakers. Featuring “fully destroyed” details like rips and scuffs, it retailed for $1,850. While you may dismiss these as gimmicks, for a serious sneakerhead, here are a few pairs essential for your wardrobe. LOUIS VUITTON…

LIKE ANY TRUE ARTIST, Alok Lodha, 56, doesn’t want to sell some of his jewellery pieces. These are pieces the fastidious second-generation jeweller—more a passionate gemstone collector really—works on for years and sometimes, even decades on end, to complete. Because he may not find the right intensity of the last two pink-red matching rubies (of the total 196 precious stones) to complete the five-string identically graded, antique necklace. Or because he may be fervidly scouting sources around the globe to lay his hands on natural Basra pearls with the perfect lustre and exact size for the bracelet that he has sketched. On other occasions, he will not think twice about cutting a 51-carat emerald into almost half its size to fashion a rare hexagonal shape. Then there are gemstones in…

At a time when retail participation in the market is increasing amidst an influx of young and first-time investors, the Securities and Exchange Board of India (Sebi), the capital markets regulator, is mulling enhanced disclosures for investors in the high-risk, high-reward derivatives segment. Sebi Chairperson Madhabi Puri Buch recently said that enhanced disclosure of information is in the works, clearly hinting that it would help investors take better-informed investment decisions.…

The writing is on the wall. Amid simultaneous rate hikes by central banks around the world, the World Bank has warned of a global recession next year. World Bank Group President David Malpass said global growth is slowing sharply, with further slowdown likely as more countries fall into recession and a string of financial crises show up in emerging markets and developing economies. Meanwhile, the Asian Development Bank (ADB) has trimmed its FY23 growth projection for India’s economy to 7 per cent from 7.5 per cent estimated in April, calling it a “modest downward revision”.…

Mahindra Susten joins the list of firms in the renewable energy business to raise capital. A part of the $19-billion eponymous group, it has sold a 30 per cent stake to Ontario Teachers’ Pension Plan Board for $300 million. The game for renewables hots up as big business groups move towards the next stage of expansion. Be it Adani, Mahindra or Hero, the investments are coming in from PE funds or strategic players. The next phase is expected to be hydrogen, where the big groups again have a play. Fascinating times as green is the buzzword and money pours in.…

AFTER YEARS OF deliberation, the Vedanta Group has chosen Gujarat over Maharashtra for its semiconductor plant, to be developed in a joint venture with Taiwan’s Foxconn. However, in this battle of the states to host Vedanta, Chairman Anil Agarwal has tried to settle Maharashtra’s ruffled feathers by intending to bring significant investments into the state during the development of the pan-India semiconductor ecosystem that he plans to set up. Chip thrills all the way!…

FRENCH BY BIRTH and Italian at heart, Jean-Christophe Babin, 63, is the Group CEO of Italian luxury house Bvlgari, in which French luxury conglomerate LVMH Moët Hennessy Louis Vuitton acquired a controlling stake in 2011. The brand, though primarily known for jewellery, has diversified into watches, fragrances, leather goods and hospitality. In an exclusive conversation with Business Today, Babin speaks about Bvlgari’s plans for India, working with Priyanka Chopra Jonas, and its focus on watches and e-commerce. Edited excerpts: How popular has the Bvlgari Mangalsutra been in India? It’s been very successful commercially, of course, but also in terms of image. I think the Indian clients have very much appreciated that a brand like Bvlgari would pay tribute and respect to your culture. Will we see more India-specific creations in…

GEETU UPPAL, A COMMUNICATIONS professional, had dreamt of owning a Prada bag and a pair of Chanel pumps for years. But the very thought of the death stares from the sales executives upon enquiring about the prices of those products deterred her from even entering the stores. And her fears weren’t unfounded either, for there’s a popular adage among people that “if you have to ask the price, then it’s too rich for you”. But recently I saw her toting her new Prada handbag at our last get-together. She chirpily told me about her new online purchase, and how she is now saving money for the Chanel pumps, which she should be able to purchase for her birthday in November. Generally speaking, anything that is beyond the reach of the…

IN THE OPULENT yet tastefully done-up Rajput Suite of the iconic Taj Mahal Palace in Mumbai, Puneet Chhatwal, 58, is all smiles. Business is looking up and—by his own admission—it has been “quite an experience” as MD & CEO of The Indian Hotels Company (IHCL). With properties (and brands) spread across the globe, Chhatwal has his hands full. The topic of luxury is close to his heart, and how to marry it with a robust business proposition is one of the things that keeps him busy. Edited excerpts from an interview: ▶▶▶ What does the concept of luxury mean to you? Luxury is something that is special—you feel it, cherish it and respect it, and it only keeps evolving with time. The formula that worked yesterday in luxury is not…

1952 Mohanjeet Grewal travels to the US for a Master’s in Political Science at the University of California, Los Angeles, followed by a PhD at Berkeley. She also has a stint as a journalist 1964 Launches her first store in Paris called “La Malle de l’Inde” after moving to the French capital. Today her store is called Mohanjeet 1970 Jane Fonda wears Mohanjeet for Vogue magazine. By this time, Grewal is a top designer in the fashion circuit 1974 A model wearing a ‘minisaree’ by Mohanjeet. This was an iconic creation of the designer 1996 Hollywood actress Cameron Diaz wearing a kimono made from a red and gold Banarasi saree designed by Mohanjeet 2021 The Indian Embassy in Paris felicitates Mohanjeet Grewal for her achievements in the field of fashion…

FROM INSTANT NOODLES and potato chips to shaving creams and body lotions, packaged consumer goods have brought unprecedented convenience to our daily lives over the past few decades. While the variety and choice of new products on offer have increased manifold, for the average consumer hardly anything has changed in their favourite products. But if you look closely enough, even for the humble pack of wafers or body lotion, everything from how its raw material is procured to how it is produced, packaged and delivered has undergone a sea change. The reason for that is the various digital-led processes that manufacturers are rapidly adopting across their myriad operations. While leading industry players have deployed resources for years to digitise their sales and distribution channels, this time around, the use of…

The luxury goods market is an aggregation of four segments—personal luxury, fine wines/champagne and spirits, luxury cars and experiential luxury, as per Euromonitor International THE GROWING SUPER-RICH INDIA COULD PRODUCE NEARLY 40 PER CENT MORE UHNIs BETWEEN 2021 AND 2026 *Estimate; Note: Individuals with net worth of $30 million or more are considered as UHNIs; Source: Knight Frank THE PERSONAL TOUCH THE SHARE OF PERSONAL LUXURY IN THE OVERALL MARKET IS EXPECTED TO RISE TO OVER 50 PER CENT IN THE COMING YEARS *Estimate; LHS: Size of personal luxury market; RHS: Share of personal luxury in overall luxury goods space; Source: Euromonitor International GOING OFF TRACK THE PREMIUM AND LUXURY CARS SEGMENT MAY CONTINUE TO WITNESS A SLOWDOWN *Estimate; LHS: Size of premium and luxury cars market; RHS: Share of…

“We [Bvlgari and I] connect organically over our love for India and the beauty it has to offer”Priyanka Chopra Jonas GLOBAL BRAND AMBASSADOR, BVLGARI HOLLYWOOD ICON ELIZABETH Taylor once said that the only Italian word she knew was ‘Bvlgari’, the famed Italian luxury house. Jean-Christophe Babin, the company’s Group CEO, is hoping a large number of Indians will say the same. “We have strong ambitions for India,” says Babin in a conversation with Business Today. He adds that India is small right now because of limited distribution, but that will change. “Five years down the line, India will have four directly-operated stores and around five-six indirect stores. So, around 10 points of sale that not only showcase watches but jewellery, which is our core business,” says Babin. Bvlgari opened its…

Sabyasachi Mukherjee FOUNDER AND CEO, SABYASACHIAditya Birla Fashion and Retail Ltd acquired a 51 per cent stake in designer brand Sabyasachi in January 2021. The aim is to make Sabyasachi a global luxury lifestyle brand THERE IS A new trend in the Indian fashion industry, and it has little to do with fabric, embroidery or bling. Instead, it is of corporate houses, primarily Aditya Birla Fashion and Retail Ltd (ABFRL) and Reliance Brands Ltd (RBL), betting big on Indian designers. Earlier this year, RBL bought a 51 per cent majority stake in couture brand Abu Jani Sandeep Khosla and all its supplementary offerings, including GULABO by Abu Sandeep, ASAL by Abu Sandeep and MARD by Abu Sandeep. Jani and Khosla are the newest additions to an impressive line-up for Reliance…

Uber India is the local arm of the global ride-hailing giant ‘A good leader steps up when the need arises’ What was the problem that you were grappling with? The onslaught of the pandemic and the strict restrictions that followed were very hard to grapple with. As a business that serves cities and communities, we had to navigate this once-in-a-lifetime storm of cities coming to a grinding halt, drivers unable to drive and earn a living, and each city battling a health and humanitarian crisis. Who did you approach for advice and why? As a business leader, I am surrounded by a team of super talented, passionate and often more experienced leaders. I always tap into their collective wisdom and experience—it is my secret ingredient. What was the advice you…