Since the time of the Great Mauryan Empire to the mighty Mughals, luxury has always marked its presence in the form of rare silks, jewelry, and other exclusive items. From the time when the Indus valley civilization started, luxurious products came into being. Rare silks, jewelry, and other exclusive items were considered a matter of pride and prestige. The remnants are still found today.
Coming back to today’s era of information age, the luxury retail sector has seen a rapid transition in terms of growth and product variety. In the 21st century, the luxury retail market of India has proved to be very lucrative and the fast growth is outpacing other consumer goods categories. ASSOCHAM-KPMG report predicts the growth of luxury retail to 30% annually and is projected to reach $ 14 billion in 2016. FDI norms in India are welcoming single brand (100%) and multi-brand (51%). The rapid growth in infrastructure and increase in the number of HNIs has led to this explosive growth.
Stalwarts of luxury retail have entered the retail landscape to lure customers. Dior, Versace, Porsche, Ducati and other biggies are making their presence felt in high-streets, airports, and malls across pan India. The affluent are happily loosening their wallets, swiping their credit cards to own their favorite brands. Bikes, cars, watches, jewelry, leather shoes, apparels, and many more such things are in huge demand.
And with demand comes the need for supply. For that companies need to have a robust supply chain. Optimizing inventory can save luxury retailers from any kind of embarrassment. So when the word is out, the product should be in the store not in your warehouse.
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