Not so long ago, while releasing a study, Assocham’s Secretary General D S Rawat had said, “The luxury market is poised to expand three fold in next three years and the number of millionaires expected to multiply three times in another five years. Increase in spending is anticipated across the country and beyond the walls of the metros, with increasing brand awareness amongst the youth and purchasing power of the upper class in Tier II and III cities in India where luxury cars, bikes and exotic holidays and destination weddings are no strangers.”
Made-to-measure for successThough made-to-measure is not very different from tailoring, the additional benefit offered by made-to-measure is in the independence of customization and the fitting of the final product which local tailors cannot match. Further neighbourhood tailors are often not aware of the latest cuts and styles but brands offering made-to-measure service provide options of latest international trends.
Men’s suit is one such category, which is witnessing global as well as Indian labels offer customised tailoring options. From domestic labels, global brands to designers all have begun tailoring suits as per customer’s exact size and style. Raymond’s Chairman’s Collection Bespoke Suiting, for insance, which has been launched at select Raymond Made-To-Measure outlets uses finest of fabrics from the best of yarns offering bespoke range having both quality and exclusivity.
International label, Kiton trains its tailors at their school for two years before they work as apprentices for the brand. The company selects rare and precious fabrics made from the finest thread of the sheep reared in-house, then creates cardboard templates for each section of the final suit and fabric is then cut by hand. The efforts is experienced by the wearer since handwork allows a fit that fits right, yet allows greater movement, especially around the shoulder and collar.
Betting on India’s luxury segmentAs per an Assocham study, India’s luxury market is projected to reach 14.7 billion dollars in 2015. The number of ultra high net worth households, with a minimum net worth of Rs 25 crores is expected to triple to 2.86 lakh in the next five years with a five-fold increase in their net worth to Rs 235 trillion. And the HNIs will be double in number by 2015 to over 4 lakh with a collective wealth of 2,645 billion dollars (Rs 1,62,56,170 crores).
These projections along with the increasing price parity of luxury products with other global cities like Singapore or Hong Kong, and customized products offerings indicate that the luxury market in India is evolving quickly. However, attracting consumers to luxury products is not easy anymore as consumers are no more in awe of high-end foreign labels and the styles offered by them. They seek a more personalised experience and are willing to shell out extra to get a product of their choice. Brands too are willing to put in extra efforts by making customised services available at their exclusive outlets.