Recession proof Indian weddings attract international brands2 min read . Updated: 20 Jul 2009, 01:13 PM IST
Recession proof Indian weddings attract international brands
New Delhi: In the times of global recession, international luxury brands are pinning their hopes on ‘The Big Fat Indian Wedding´ to come to their rescue.
The multi-billion “recession proof" business related to Indian weddings is a huge draw for brands like De Beers and Swarovski who are gearing up for the coming wedding season by partnering with Indian designers to stake their share in the pie.
At the Tarun Tahiliani Bridal Couture Exposition held in the city recently the designer spoke of the burgeoning market and said that he expected the coming wedding season to be grander than usual, with the recession blues gradually fading.
“The show is about creating an Indian identity for couture and for us couture is all about weddings, it has been so for centuries. I have partnered with marquee names like Jimmy Choo and Swarovski for the exposition and we are going to take it to New York soon," Tahiliani told the agency.
The Indian wedding season which begins in October and goes on till March, is especially lucrative for jewellery brands and the market has been entered by a number of international players like De Beers.
“The Indian market is important for us because globally the demand for diamonds during a wedding is usually restricted to the rings, but here there is demand for elaborate necklaces, bangles and even the guys wear diamonds as buttons on their sherwanis,“ said Binita Cooper, country head of Forever Mark, under De Beers International.
The lure of the business partly depends on the fact that it has proved “recession proof" and profitable even during the bleakest periods of the economic slowdown.
“We work with all the top designers in the country and we did not experience any significant downturn. And as far as this year is concerned we are expecting better business than ever," said Sanjay Sharma, country manager, Crystallized Swarovski Elements.
“The wedding season is important for every business in the luxury sector because it is the one occasion which entails no holds barred splurging, because no one wants to compromise on the grandeur of the occasion," said Sharma.
The opinion was mooted by Aparna Singh, a PR executive who is expecting to tie the knot in November and has been planning the ‘big day’ for months.
“It took me months to work out the logistics and the budget. I have decided to go for a smaller ceremony, but I will not cut down on the dress and the jewellery. I want to look my best," said Aparna.
Wedding exhibitions have emerged key players in the industry as they bring together everything from jewellery retailers to gift wrapping options to the brides-to be like Aparna who throng these one-stop-shops.
Tarun Tahiliani who debuted his Bridal Couture Exposition this year plans to turn it into an annual event, on the lines of ‘Bridal Asia´ and ‘Vivaah´.
“The market is huge and I am targeting a select clientele. It is an Indian with modern sensibilities who also is proud of his or her legacy. The designs combine traditional and modern and so does the event because I am partnering with the best of Indian and international names," said Tahiliani.