Mumbai: In a first of its kind collaboration, a French business school – ESC Rennes School of Business and India’s leading advertising agency JWT’s planning function have come together. The core of this partnership is to understand how international luxury brands can best leverage the opportunities of the Indian market. This unique collaboration brings together the French pedigree in luxury understanding with a first hand feel and insight into India’s evolving luxury consumer thereby identifying pathways that will drive and expand luxury consumption.
“It’s not everyday that a French business school and an India-based advertising agency get together. I believe this a pioneering study on luxury. It is a unique opportunity to share knowledge and perspective on the opportunities in the market,” says Professor Glyn Atwal, from ESC Rennes School of Business. His interest is piqued by the fact that the global luxury goods market has an estimated value of approximately $1 trillion and is forecast to double by 2010. India has been identified as an important source of this growth. Luxury brands from a diverse range of sectors from fashion, automotive to leisure are investing heavily to capture the share of the Indian luxury rupee.
“I am excited at this innovative collaborative opportunity with a prestigious international business school. For account planners our senior management has always been of the view that they spear head thought leadership through publishing in addition to their other responsibilities, says Shaziya Khan, Vice-President and Strategic Planning Director at JWT Mumbai.
“We can tap into each other resources - sharing our knowledge, experience and expertise. This is an exciting project that will generate important learnings for the Indian luxury industry” continues Khan. According to a Technopak study, the Indian luxury market has a potential of approximately $14.4 billion. However, despite the massive potential of the Indian luxury market, there has been very little research to understand how international brands can leverage this market opportunity. This study seeks to be first of many to bridge this understanding gap.
This study will focus on a trilogy of questions such as – What is the perception of luxury within an Indian context? What motivates luxury consumption? Is there a concept of ‘ Indian luxury’? Primary research co-funded by JWT and a grant from the ESC Rennes Management Research Fund will involve consumers as well the retail.
Preliminary findings of this research will be presented at the 16th Asia Brand Congress which is being hosted in Mumbai on September 26th - 27th at the Taj Lands End. The audience will comprise of Marketing Heads & CEOs from organizations across the globe. Delegates from 60 countries will attend the Asia Brand Congress.