Innholdsfortegnelse for 10 November 2024 i Business Today

FROM ‘ELEPHANT’ TO ‘horse’—Reserve Bank of India (RBI) Governor Shaktikanta Das’ outlook on inflation seems to have seen a shift. What was ‘slow moving’ is now ‘agile’ and needs to be kept on a tight leash. What brought about this shift in analogy? According to retail data for September, retail inflation has seen a 5.5% year-on-year jump on the back of an increase in vegetable prices. “The RBI governor stressed that though the risk of inflation is diminishing in the medium term, multiple factors could impact it in the short term. This stance indicates that the RBI has turned cautious and continues to remain hawkish in the short term to ensure inflation is under check,” says Deepak Ramaraju, Senior Fund Manager of financial services company Shriram AMC. There are numerous…

“THE WORLD’S ENERGY future hinges on India’s energy future,” said US Energy Secretary Jennifer Granholm recently. Echoing her words, Maciej Kolaczkowski, Manager, Advanced Energy Solutions Industry of World Economic Forum (WEF) says India has taken a very pragmatic approach by balancing investments both in clean energy solutions and fossil-based power to meet its energy needs. Kolaczkowski, who, on a trip to India in Spetember-end, met domestic industry players in advanced energy solutions, says the country has set bold goals, focussing on clean hydrogen, energy storage, carbon capture, and green aviation fuel. “By 2030, the country plans to pour more than $35 billion each year into these energy projects (not counting solar or wind). India needs to invest $9-10 billion annually just for battery storage. At the same time, there are these…

PRIYA SINGH AND her husband Akaash, Delhi-based garments exporters, celebrated their 10th wedding anniversary in October. To mark the occasion, they bought the new Bvlgari Bvlgari Mangalsutra sautoir necklace and the B.zero 1 kada bracelet. The mangalsutra, in its second version after the wild success of the first, is priced at ₹13.60 lakh, while earlier this year, Bvlgari introduced the kada at about ₹12 lakh to target men. “India is one of the temples of jewellery as people worship gold and jewellery here,” says Bvlgari CEO Jean-Christophe Babin. Bvlgari is not the only global luxury brand to have India-specific products. It has almost become a norm for such brands to introduce a Diwali collection. For instance, Christian Louboutin has launched its limited-edition India-specific collection—The Diwali Edit—of shoes for men and…

A 44 mm rose gold casing complements the watch’s aesthetic and adds to its resonant quality BVLGARI OCTO ROMA CARILLON TOURBILLON ► Bvlgari, the Swiss watchmaker with a Roman soul, proudly presents its new masterpiece of sound, the Octo Roma Carillon Tourbillon. Whether they chime on two, three, or four gongs, repeat the minutes, or automatically ring the hours, the new Octo Roma watches play a new musical interval called tritone, created by Bvlgari in collaboration with the Italian-Swiss conductor Lorenzo Viotti. The watch comes in a 44 mm rose gold case, which also enhances the tonality and sound of the timepiece. The black semi-skeleton dial offers a view of the intricate manual-winding BVL 428 calibre at work crafted with 432 components, which chimes the hours, quarters, and minutes, striking…

RAFFLES JAIPUR ► A modern-day palace rooted in the city’s history, design, and traditions, Raffles Jaipur is an oasis of luxury. From its lavish two-level spa with hammams, mineral pools, and several treatment rooms to its rooftop infinity pool lit by giant mashals to the many chhatri-style domes spread across the property—every nook and corner is inspired by a Rajput queen’s palace. Admire the beautiful inlay work, thikri art, intricate carvings, and giant crystal chandeliers. Cosy up with a book and snifter of cognac in the stylish cigar lounge or enjoy a drink in the famous Writer’s Bar—Raffles Jaipur is a destination in itself. It has 50 rooms and suites across eight categories, each with an outdoor tub or private pool. PRICE Starts from ₹75,000 per night, plus taxes BOOK…

IN THE MONTHS leading up to the festive season last year, the real estate market in the National Capital Region (NCR) of Delhi lit up unexpectedly, emerging from a prolonged period of dour sentiments. With an eye-popping deal setting a benchmark in the region, the market, despite its history of fraudulent realtors deceiving homebuyers for nearly a decade, captured the attention of industry stakeholders and homebuyers alike. The Camellias, an opulent ultra-luxury apartment complex on Gurugram’s Golf Course Road, witnessed the sale of an 11,000-sq.-ft four-BHK apartment for ₹114 crore in October 2023, marking a significant milestone. That was the first such deal to surpass the ₹100-crore threshold typically associated with Lutyens Delhi bungalows. A few months later, in February 2024, another swanky apartment was acquired for over ₹100 crore…

Immerse yourself in a world of un-compromised elegance and innovation with our selection of luxury gadgets that help you relax by transforming everyday experiences into extraordinary moments. From the mesmerising sound precision of the Dereneville VPM turntable to the powerful, lifelike visuals of the LG OLED evo G4, these pieces are crafted to deliver peak performance. Explore the allure of handcrafted Kurogaki wood headphones, stunning 4K projectors, and more, each a testament to exceptional design and cutting-edge technology: DERENEVILLE VPM TURNTABLE BY AV DESIGN HAUS ► The Dereneville VPM turntable by AV Design Haus is a pinnacle of German engineering. This premier turntable is crafted for audiophiles who seek unparalleled sound quality. The turntable, which weighs more than 80kg, is meticulously designed with state-of-the-art technology to minimise vibrations and deliver…

What was the problem you were grappling with? I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’. In keeping with the needs of our target customers and stake-holders, we took a strategic call to reinvent ourselves with a new identity that would encapsulate the company’s aspirations. Whom did you approach for advice and why? I wanted to ensure that the new identity would beckon the future, but at the same time imbibe our legacy values. To do so, we decided to take a science-based approach and leverage the expertise of a professional brand consultant. We engaged with the gamut of our stakeholders through market research…

INDIA IS A MAJOR CONTRIBUTOR TO THE GLOBAL GEMS AND JEWELLERY INDUSTRY SOURCE RESEARCH AND MARKETS, CMIE, MCX, NUVAMA 800-900 TONNES Expected gold demand in 2024, up from 748 tonnes in 2023 ₹1.90 LAKH CRORE Value of gold India imported during April-August this year, up 27% YoY ₹92,715 CRORE Worth of gems and jewellery exported by India in FY25 till August, down 9.4% YoY 24 PER CENT Rise in gold prices in 2024. The yellow metal was at ₹77,771 per 10 gm on October 21…

AUTO MAJOR HYUNDAI Motor India made history on October 17, 2024, by successfully completing the country’s largest-ever initial public offering (IPO) worth ₹27,856 crore in the primary market, thanks to strong bidding from institutional investors on the final day of the IPO. The three-day public offering concluded with 2.37 times over-subscription. The IPO attracted bids for 236 million shares against 99.77 million shares on offer. Notably, 83.46% of the bids came from qualified institutional buyers, with their reserved quota being subscribed 6.97 times. In that, 58% of the bids—totalling ₹22,540 crore—came from overseas investors. However, some of that sheen wore off on listing day on October 22, as the stock fell 7% against its issue price, ending the day at ₹1,820 apiece on the BSE, down ₹140 from the issue…

A Antoine de Saint-Affrique took charge as Danone’s CEO in September 2021. Globally, the €27.6-billion company has three businesses—essential dairy and plant-based products, specialised nutrition, and waters. It is present in the specialised nutrition space in India with brands such as Protinex, Aptamil, and Dexolac. Danone recently launched a three-year programme to equip more than 5,000 dairy farmers in Punjab with sustainable methods to help increase milk yields. de Saint-Affrique, 59, speaks to Business Today’s Krishna Gopalan on a host of issues including the company’s sustainable growth plan, Renew Danone, the debate on plant-based products, and why India matters. Edited excerpts: Q: How does it feel to be back in Danone? A: I first worked in Danone before it was acquired by Unilever, where I then spent 15 years. In fact, this is…

A COUPLE OF decades ago, if you were a luxury shopper from India, chances were that you waited through the year for that annual trip to the US/UK or Europe to do your shopping. Yes, luxury goods were sold at shopping arcades of five-star properties, but they didn’t offer enough options. Cut to 2008, and while the world was still coming to terms with the global financial crisis, realty major DLF took the bold step of launching India’s first high-end luxury mall in Delhi. Called DLF Emporio, the mall offered bespoke retail spaces that the brands were desperately looking for to tap the growing market. The mall redefined the concept of luxury retail in India with several prestigious brands such as Louis Vuitton, Christian Dior, Salvatore Ferragamo, Gucci, and Fendi,…

FROM HOLLYWOOD’S SHINING stars to the world’s renowned fashion designers, ‘quiet luxury’ is becoming all the rage, not just for women but among men, too. It represents a return to elegance and subtlety, far removed from the once dominant display of ostentatious logos and grandiosity. This year, quiet luxury has been one of the biggest buzzwords: So often used in common parlance about discreetly tasteful high spending that it has been loudly satirised on social media. Google searches for the term grew by 337% in April 2024 alone. ‘New-age minimalism’ and ‘coded luxury’ are two of the most common definitions we’ve seen bandied around. But they paint just half the picture. Its recent history can be traced all the way back to the early decades of the last century, when…

THE LUXURY AUTOMOTIVE space is witnessing a quiet transformation. Ultra-rich customers seem to be making the switch from conspicuous to conscious consumption, and they see electric vehicles (EVs) as an easy means to reduce their carbon footprint. Unlike in the mass market segment, where the penetration of EVs hovers around 2%, EVs account for 6% of sales in the luxury cars segment. With this growing interest in EVs in the luxury segment, carmakers too are stepping up their offerings as they look to meet demand. “Indian customers, especially in the luxury segment, are increasingly adopting EVs because of increased awareness of sustainability, environmental consciousness, and cutting-edge technology,” says Balbir Singh Dhillon, Head of Audi India. This trend is particularly pronounced among millennial and GenZ customers who are first-time buyers of luxury…

SHIFT IN INCOME PYRAMID THE PROPORTION OF HOUSEHOLDS WITH HIGHER INCOME IS EXPECTED TO INCREASE BY 2031 SOURCE CBRE, MORGAN STANLEY LIVING THE HIGH LIFE LEASING OF RETAIL SPACE IN THE LUXURY CATEGORY HAS SEEN A MARKED UPTICK COMPARED TO THE PRE-COVID PERIOD SOURCE CBRE LUXURY ON WHEELS THE LUXURY CAR MARKET IN INDIA IS EXPECTED TO SEE AN ANNUAL-ISED GROWTH RATE OF 5.40% THROUGH 2031 SOURCE VERIFIED MARKET RESEARCH TIME TO SPLURGE THE PERSONAL LUXURY GOODS MARKET ACCOUNTS FOR NEARLY 25% OF THE TOTAL LUXURY GOODS MARKET, CURRENTLY VALUED AT $17 BILLION NOTE LUXURY GOODS MARKET INCLUDES PERSONAL LUXURY GOODS, JEWELLERY, HOME DÉCOR, CARS, BOATS, SPIRITS; PERSONAL LUXURY GOODS INCLUDE WATCHES, LEATHER, APPAREL, BEAUTY MARKET SOURCE BAIN AND COMPANY LIVING IT UP IN 2023, THE US DOMINATED THE GLOBAL…

THE PILOT PRIME MINISTER Internship Scheme (PMIS)—launched on October 3, 2024, with the aim of helping as many as 125,000 youth secure internship opportunities with leading Indian companies—has garnered strong response from companies; candidates have also shown a great deal of interest. As of October 24, 2024, over 280 private companies, such as Reliance Industries, Maruti Suzuki India, Jubilant FoodWorks, Oil and Natural Gas Corporation, ICICI Bank, and Titan, have posted as many as 127,000 internship opportunities. To ensure that students don’t have to relocate far from home in order to learn these skills, opportunities are spread across 25 sectors and 745 districts. There are internships available in more than 20 fields, including operations management, production and manufacturing, maintenance, and sales and marketing. “PMIS marks a significant step towards industry-led skilling.…

I INDIANS ARE FIRMLY hooked on to their mobile phones. From buying vegetables to studying online, from watching videos and making reels to filling up job applications, they use it for almost everything. It shows in the data. An average Indian cell phone user consumes more than 19 gigabytes (GB) of data per month, the highest in the world. Nearly 80% of the country’s population owns a mobile phone, which works out to a whopping 1.13 billion handsets. And data consumption is expected to jump manifold because of the increased adoption of data-intensive technologies like artificial intelligence (AI) and machine learning that require a lot of computational power. “The data localisation standards and the government’s boost to infrastructure development [have led] to the growing favourability of India among major global data…

THE OXFORD DICTIONARY defines luxury as “a thing that is expensive and pleasant but not essential”. But what does it mean to those who have been living in the lap of luxury? From entrepreneurs to heads of multi-million dollar businesses to erstwhile royalty, luxury means different things to different people. “Luxury to me is all about defining myself. Even before you speak, the first impression is made depending upon how you carry yourself, and that is very important to me. Yes, it should be comfortable, but to be honest, sometimes I can give up on the comfort if it is fashionable,” laughs philanthropist Sudha Reddy, wife of Hyderabad-based billionaire P.V. Krishna Reddy, Managing Director of the privately held Megha Engineering and Infrastructures Ltd. “Of course, the ultimate luxury is the…

DID YOU EVER imagine you could sleep in a double bed at 36,000 ft? Neither did I—until I experienced Singapore Airlines’ Suites earlier this year. Picture this: a private room in the sky, not just a seat, but a full-fledged bedroom with a luxurious mattress, plush pillows, and a high-thread-count comforter, all designed by Givenchy. But this isn’t even the top option out there. Etihad Airways’ ‘The Residence’ goes further, offering a Savoy-trained butler and a private bathroom with a hot-water shower. Sure, private jets are the ultimate luxury, but for most of us, these commercial options offer a taste of the high life. After years of flying and 32 flights in the past 24 months or so, I’ve developed a few strategies to turn the drudgery of international travel into something…

Equipoise in Stone ‘Balance’ Console by Rooshad Shroff The form of round river stones playfully stacked on top of each other forms the design language of Rooshad Shroff’s new collection, ‘Balance’. The designer, known for his stone inlay furniture—and who has carved marble lamps and created carnival-spirited window displays for Hermès showrooms—expanded upon the creative inspiration behind a 2021 marble side-table to create a line of furniture and accessories that were unveiled at an exhibition in Mumbai this October. The centrepiece of the show was an ovoid console with a 5 ft by 2 ft green onyx slab resting on an underlay of cast bronze, tantalisingly balanced on an asymmetrical stack of two marble orbs held by a cuboid base. The heavy top pivoted on the small ellipsoid creates a…

There are few foods in the world with as much of a mystique as caviar. For decades it was viewed as an extravagance that always felt a little out of reach, both in terms of taste and price. But that era is behind us. Today, caviar has shed its aura of unattainability and is undergoing a renaissance, popping up on fine-dining menus around the world with surprising regularity. If you think caviar is just fish eggs, you’re only partially right, because not all roe qualifies for this glorious title. The term caviar is reserved for the roe (eggs) of the sturgeon, an elusive cartilaginous fish now found all over the world (more on that later). Unlike other roe, which come in various sizes and colours, sturgeon caviar stands out for…