Bussines Today

businesstoday.
in
October 16, 2022 ` 150
Jean-Christophe
BVLGARI’S Babin ( right )‚
Group CEO‚ Bvlgari‚
INDIAN with Global Brand
AFFAIR Ambassador
Priyanka
Chopra Jonas
INDIAN
FASHION
HOUSES 2.0
THE LUXURY ISSUE
A THING FOR
BLING
D R I V E N BY T H E STO C K M A R K E T A N D STA RT- U P
B O O M S ‚ B O T H T H E T R A D I T I O N A L W E A LT H Y
AND THE NOUVEAU RICHE ARE DRIVING THE
LUXURY MARKET TO NEWER HEIGHTS
FROM THE EDITOR http://www.businesstoday.in
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Vice Chairperson: Kalli Purie
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Group Photo Editor: Bandeep Singh
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Editor, Businesstoday.in: Anirban Roy
Managing Editors: Alokesh Bhattacharyya, Anand Adhikari
Executive Editor: Krishna Gopalan
R
CORRESPONDENTS
ich Indians are on a spending spree. What began last year as Senior Editors: Neetu Chandra Sharma, Nidhi Singal,
Smita Tripathi, Teena Jain Kaushal
revenge spending—as the pandemic gradually came under Senior Associate Editor: Ashish Rukhaiyar
Senior Assistant Editor: Binu Paul
control and lockdowns were lifted—has now turned into Assistant Editors: Arnab Dutta, Manish Pant
a strong trend with Indians splurging on sprawling Special Correspondents: Prerna Lidhoo, Vidya S.
Correspondent: Rajat Mishra
residences, lavish holidays, jewellery, watches, fine dining PRESENTER AND SENIOR EDITOR, BUSINESS TODAY TV:
Aabha Bakaya
and more. So much so, that Euromonitor International estimates the
RESEARCH
luxury goods market—which includes personal luxury, fine wines/ Assistant Editor: Rahul Oberoi
Principal Research Analyst: Prince Tyagi
champagne and spirits, luxury cars and experiential luxury—to bounce COPY DESK
back, after the setback caused by the pandemic, to over `50,000 crore by Senior Associate Editor: Abhik Sen
Senior Assistant Editor: Shishir Kumar Behera
2024 from around `46,000 crore in 2022. Senior Sub Editor: Pranay Prakash
PHOTOGRAPHY
The reasons for this are not far to seek. Stock markets have been on Principal Photographer: Rajwant Singh Rawat
the rise, and a new pack of young business owners has emerged, with the Photographer: Hardik Chhabra
Senior Photo Researcher: Varun Gupta
valuations of their enterprises soaring. Wealthy GenZ buyers are now ART
Deputy Creative Editor: Anirban Ghosh
making a beeline for high-end stores. They are keen to splurge, and spend Deputy Art Director: Rahul Sharma
the big bucks right now. There’s also a surge in the number of Indian Associate Art Director: Raj Verma
Chief Designer: Prabal Biswas
ultra high net-worth individuals (UHNIs)—those with net worth of $30 EVENTS
Senior Manager: Sourabh Dutta
million or more. According to estimates by Knight Frank, India’s UHNI
PRODUCTION
population has risen 11 per cent between 2020 and 2021, and is expected Chief of Production: Harish Aggarwal
Senior Production Coordinator: Narendra Singh
to grow by as much as 39 per cent between 2021 and 2026. These UHNIs Production Coordinator: Ayekpam David Meitei
are big spenders, and are powering the Indian luxury market. LIBRARY
Assistant Librarian: Satbir Singh
In this definitive special issue on luxury, helmed by Smita Tripathi,
Editorial Coordinator: Khushboo Thakur
we bring you all aspects of it. From the best restaurants, the finest BUSINESS TEAM (MAGAZINE)
holidays, the ultimate movie-watching experiences, the latest trends in National Head: Siddhartha Chatterjee
Assistant General Managers: Ankush Madan, Girish C,
luxury auto and real estate, to how the affluent are increasingly opting Priya Gaur (Govt Sales)
BUSINESS TEAM (BT TV)
to fly by private jets, this issue brings you a 360-degree view of all things Senior General Managers: Masuma Parekh, Nisha Sharma
luxury. And, of course, we get you the pick of the finest in watches and, SALES STRATEGY
General Manager: Sanjay Bhoir
yes, even sneakers! Do also read Sakshi Batra’s fascinating story on AD OPS
Deputy General Manager: Avinash Karkera
Mohanjeet Grewal, the original grande dame of Indian high fashion, and
Marketing: Vivek Malhotra, Group Chief Marketing Officer
check out Bandeep Singh’s stunning photo essay.
Newsstand Sales: Deepak Bhatt, Senior General Manager
As the Indian luxury market roars ahead, global giants are also (National Sales); Vipin Bagga, General Manager (Operations); Rajeev
Gandhi, Deputy General Manager (North),
planning big moves to get a slice of this lucrative pie. Storied Italian Yogesh Godhanlal Gautam, Deputy Regional Sales Manager (West),
S. Paramasivam, Deputy Regional Sales Manager (South),
jewellery giant Bvlgari—now a part of the LVMH group—recently Piyush Ranjan Das, Senior Sales Manager (East)
appointed Indian movie star Priyanka Chopra Jonas as its global brand
Vol. 31, No. 21, for the fortnight October 3, 2022 to October 16, 2022.
ambassador, and, with her inputs, has come up with its version of the Released on October 3, 2022.
mangalsutra. And, as Bvlgari’s Group CEO Jean-Christophe Babin Editorial Office: India Today Mediaplex, FC 8, Sector 16/A, Film City, Noida-201301;
Tel: 0120-4807100; Fax: 0120-4807150 Advertising Office (Gurgaon): A1-A2, Enkay Centre, Ground
tells us, the company is also in the process of upping the number of its Floor, V.N. Commercial Complex, Udyog Vihar, Phase 5, Gurgaon-122001;
Tel: 0124-4948400; Fax: 0124-4030919; Mumbai: 1201, 12th Floor, Tower 2 A, One Indiabulls Centre
jewellery stores in India. (Jupiter Mills), S.B. Marg, Lower Parel (West), Mumbai-400013; Tel: 022-66063355;
Fax: 022-66063226; Chennai: 5th Floor, Main Building No. 443, Guna Complex, Anna Salai,
The luxury package aside, I would also urge you to read Udayan Teynampet, Chennai-600018; Tel: 044-28478525; Fax: 044-24361942; Bangalore: 202-204 Richmond
Towers, 2nd Floor, 12, Richmond Road, Bangalore-560025; Tel: 080-22212448,
Mukherjee’s interview with Harsh Mariwala, Chairman of fast-moving 080-30374106; Fax: 080-22218335; Kolkata: 52, J.L. Road, 4th floor, Kolkata-700071;
Tel: 033-22825398, 033-22827726, 033-22821922; Fax: 033-22827254; Hyderabad: 6-3-885/7/B, Raj
consumer goods (FMCG) company Marico. Mariwala talks about Bhawan Road, Somajiguda, Hyderabad-500082; Tel: 040-23401657, 040-23400479; Ahmedabad:
2nd Floor, 2C, Surya Rath Building, Behind White House, Panchwati,
his entrepreneurial journey, succession planning, and taking on Off: C.G. Road, Ahmedabad-380006; Tel: 079-6560393, 079-6560929; Fax: 079-6565293; Kochi:
Karakkatt Road, Kochi-682016; Tel: 0484-2377057, 0484-2377058; Fax: 0484-370962
competitors like Gautam Adani. Speaking of FMCG, there’s also Arnab Subscriptions: For assistance contact Customer Care, India Today Group, C-9, Sector 10, Noida (U.P.)
- 201301; Tel: 0120-2479900 from Delhi & Faridabad; 0120-2479900
Dutta’s story on how the country’s biggest FMCG companies are now (Monday-Friday, 10 am-6 pm) from Rest of India; Toll free no: 1800 1800 100 (from BSNL/ MTNL lines);
Fax: 0120-4078080; E-mail: [email protected]
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Tel: 0120-4019500; Fax: 0120-4019664 © 1998 Living Media India Ltd.
and improve efficiencies. There’s lots to munch on in this issue. So, go All rights reserved throughout the world. Reproduction in any manner is prohibited.
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@TheSouravM
CONTENTS October 16 , 2022 Volume 31 Number 21
THE LUXURY ISSUE
A Thing for Bling

DRIVEN BY THE STOCK MARKET AND START-UP BOOMS, BOTH THE TRADITIONAL WEALTHY AND THE
NOUVEAU RICHE ARE DRIVING THE LUXURY MARKET TO NEWER HEIGHTS
,
Opening Essay 40; Bvlgari s Indian Affair 44; Indian Fashion Houses 2.0 54;
Luxe for Pets 64; Opulence Goes Online
, 68; The Most Exclusive Watches 74;
Luxury Hotels 80; Q&A with IHCL s Puneet Chhatwal 92; Five Bucket-list
Restaurants Around the World 94; Demand for Charter Flights Soars 98;
Exotic Holidays 104; Dream Wheels 108; Luxe Sneakers 114;
Luxury Homes 120; Ultimate Movie-watching Experiences 124; The Grande
Dame of Indian High Fashion 128; Photo Essay 134
14
THE BUZZ:
PHOTOGRAPHIK
In the Rough
India, the world’s top
exporter of cut and
polished diamonds,
may lose out amid
falling demand UPDATE 26 ANIMAL SPIRITS 36
In the Eye of the Storm Home and the World
16 With losses widening, BYJU’S, which has Having done well economically
THE BUZZ: POINT been facing criticism due to a delay in compared to the developed nations,
reporting its results, is shifting the focus India has to build on its strong base to
, to profitability from growth at any cost create a truly world-class society
It s a, Rich
Man s World
The rising number of
UHNIs is expected
to add bling to the
expanding luxury
segment in India
18
THE BUZZ:
BRIEFINGS
FMCG 144 THE INTERVIEW 150
Five Lakh Crore Marico is not just my
Biting into Tech ,
Smiles for SBI company
SBI has become the From sourcing to manufacturing to
third lender to cross supply chain to consumer insights, Harsh Mariwala says he doesn’t think
`5 lakh crore in m-cap faster digitalisation is transforming the of himself as the owner of Marico and
after HDFC Bank and way FMCG majors do business describes his entrepreneurial journey
ICICI Bank. And more...
TECH TONIC 155 THE BEST ADVICE 156

A Cut Above the Rest A good leader steps up when
22 ,
the need arises
The iPhone 14 Pro Max from Apple
THE BUZZ: doesn’t deviate too much from its Prabhjeet Singh, President of Uber India
SPOTLIGHT predecessor. Yet, it has enough smarts and South Asia, talks about overcoming
to keep you interested the challenges thrown up by Covid-19
Looking for Musk
Industrialist Gautam
Adani only trails An Feature
Elon Musk on the From time to time, you will see pages titled “Focus”, “An Impact Feature”, or “Advertorial” in Business Today.
Bloomberg Billionaires These are no different from an advertisement and the magazine’s editorial staff is not involved in their
Index. And more... creation in any way.
Business Today 16 October 2022

THE BUZZ
PHOTOGRAPHIK THE POINT BRIEFINGS SPOTLIGHT
PHOTOGRAPHIK
Photo by MACIEJ TOPOROWICZ / GETTY IMAGES
IN THE ROUGH
Text by RAHUL OBEROI INDIA, THE WORLD’S LEADING
EXPORTER OF CUT AND POLISHED
DIAMONDS, COULD LOSE ITS LUSTRE
AMID FALLING DEMAND AND RISING
SOURCE GEMS AND JEWELLERY EXPORT PRICES OF ROUGHS. A LOOK AT
PROMOTION COUNCIL, CRISIL Business Today THE 2021
26 December NUMBERS
15-20
PER CENT
$8.2
BILLION
61.34
PER CENT
$6.5
BILLION
Expected drop in the Value of cut and polished Share of cut and polished The value of rough
revenue of the Indian diamonds exported by diamonds in India’s diamonds India imported
diamond industry in India in Q1FY23, down 2.76 gems & jewellery exports in Q1FY23, up 4.57 per
FY23, as per CRISIL per cent from a year ago Today
Business ($13.37
26 billion)
December 2021 in Q1FY23 cent year-on-year
THE GROWING SUPER-RICH THE POINT
INDIA COULD PRODUCE NEARLY 40 PER CENT
MORE UHNIs BETWEEN 2021 AND 2026
20,000
18,000
(No. of UHNIs)
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
2016 2021 2026*
*Estimate; Note: Individuals with net worth of $30 million or more are
considered as UHNIs; Source: Knight Frank
THE PERSONAL TOUCH

THE SHARE OF PERSONAL LUXURY IN THE OVER-
ALL MARKET IS EXPECTED TO RISE TO OVER 50
PER CENT IN THE COMING YEARS
35,000 60
(In ` crore)
(In per cent)
30,000 50
25,000
40
20,000
30
15,000
10,000 20
5,000 10
0
2018 2019 2020 2021 2022 2023* 2024* 2025* 2026* 0
*Estimate; LHS: Size of personal luxury market; RHS: Share of personal
luxury in overall luxury goods space; Source: Euromonitor International
GOING OFF TRACK

THE PREMIUM AND LUXURY CARS SEGMENT MAY
CONTINUE TO WITNESS A SLOWDOWN
25,000 45
40
20,000 35
(In ` crore)
(In per cent)
30
15,000
25
10,000 20
15
5,000 10
IT’S A
5
0 0
2018 2019 2020 2021 2022 2023* 2024* 2025* 2026*
*Estimate; LHS: Size of premium and luxury cars market; RHS: Share of
luxury cars in overall luxury goods space; Source: Euromonitor International
$5.83 70-80 RICH

MAN’S
billion properties
CURRENT SIZE OF INDIA’S NUMBER OF LUXURY
LUXURY GOODS MARKET. HOUSES (`100
THE US HAS THE BIGGEST CRORE OR ABOVE)
WORLD
MARKET ($69.52 BILLION), SOLD IN THE PAST
FOLLOWED BY CHINA FOUR-FIVE YEARS,
($48.91 BILLION), JAPAN WHICH ARE MOSTLY
($26.40 BILLION), FRANCE CONCENTRATED IN
($14.56 BILLION) AND THE DELHI AND MUMBAI,
UK ($13.73 BILLION) AS PER JLL INDIA
The luxury goods market is an aggregation of four segments—personal luxury, fine wines/c
REGAINING LOST GLORY
INDIA’S LUXURY GOODS MARKET IS EXPECTED TO
RECOVER FROM THE PANDEMIC SETBACK AND
CROSS `50,000 CRORE BY 2024
60,000
(Market size in ` crore)

50,000
40,000
30,000
20,000
10,000
0
2018 2019 2020 2021 2022 2023* 2024* 2025* 2026*
*Estimate; Source: Euromonitor International
EXPERIENCE COUNTS
EXPERIENTIAL LUXURY—THAT INCLUDES LUXURY
HOTELS AND FOOD SERVICE—IS LIKELY TO CROSS
`10,000 CRORE IN THE NEXT THREE YEARS
12,000 20
18
10,000 16
14
(In per cent)

8,000
(In ` crore)
12
6,000 10
8
4,000 6
2,000 4
2
0 0
2018 2019 2020 2021 2022 2023* 2024* 2025* 2026*
*Estimate; LHS: Size of experiential luxury market;

RHS: Share of experiential luxury in overall luxury goods space;
Source: Euromonitor International
HOT WHEELS
SALES OF TOP LUXURY CAR BRANDS IN THE
COUNTRY IN 2021-22
450 (413)
400
(No. of units sold)
350
300
250
200
150 (63)
100 (26)
50 (17)
0
The rising number of Porsche AG Automobili Bentley Rolls-Royce
ultra high net-worth Lamborghini Motors
Source: FADA
individuals (UHNIs)—that grew
80 per cent between 2016
and 2021—is expected to add IN HIGH SPIRITS
bling to the expanding luxury THE SIZE OF THE FINE WINES AND LUXURY SPIRITS
MARKET MAY CROSS `1,200 CRORE BY 2024
segment in India. Data suggests
(Market size in ` crore)
1,600
there is scope for humongous 1,400
growth in the space. Here are 1,200
1,000
the key numbers: 800
600
By RAHUL OBEROI & PRINCE TYAGI 400
200
Graphics by RAJ VERMA 0
2018 2020 2022 2024* 2026*
champagne and spirits, luxury cars and experiential luxury, as per Euromonitor International *Estimate; Source: Euromonitor International
THE BUZZ BRIEFINGS
BEATING THE BLUES

AFTER SUFFERING FROM subdued de- procurement and production schedules
mand and a steep rise in commodity pric- in anticipation of higher sales in the com-
es for over a year, fast-moving consumer ing weeks. According to them, the uptick
goods makers are gearing up for bumper in demand is already visible in consumers’
sales during the festive season in Octo- buying patterns. That may finally bring
ber. From Hindustan Unilever and ITC to some relief to the companies’ stressed
Nestlé, Parle Products and Mondelēz, margins and lacklustre volume offtake.
leading companies are ramping up their —ARNAB DUTTA
DERIVATIVES One Satellite to Rule Them All

IN FOCUS The IIT Madras-
At a time when retail incubated imaging satellite
participation in the market is operator GalaxEye has
increasing amidst an influx inked a memorandum
of young and first-time of understanding with
investors, the Securities and California-based satellite
Exchange Board of India software provider Antaris
(Sebi), the capital markets to develop the world’s first
regulator, is mulling enhanced satellite containing both
disclosures for investors in Synthetic Aperture Radar
the high-risk, high-reward (SAR) and optical sensors.
derivatives segment. Sebi Satellite constellations
Chairperson Madhabi Puri deployed today capture
18 | Buch recently said that data at different times from
enhanced disclosure of infor- different locations, often
mation is in the works, clearly resulting in consumers
wasting a lot of time trying to interpret 2023, the datasets delivered by the
hinting that it would help in-
it. The new multi-sensor satellite will satellite will especially be of immense
vestors take better-informed
capture both SAR and optical data to value to environmental, insurance and
investment decisions. defence applications.
—ASHISH RUKHAIYAR
improve correlation and analytical
utility. Expected to be launched in late —MANISH PANT
`4.45
EVERYBODY
WANTS THE
LAKH CRORE
iPHONE
THE CAPEX WITH THE WORLD looking at
(CAPITAL
EXPENDITURE)
IN THE BLINK a resilient supply chain and
seriously working towards
LEVEL TARGETED OF AN EYE the China-Plus-One strategy,

India’s most prominent busi-
ness houses, too, are eyeing this
BY THE Users in India can get the recently-
opportunity to manufacture
GOVERNMENT launched iPhone 14 delivered at their
iPhones in India. The Tata group
doorsteps in just minutes on quick-
IN THE JULY- commerce platform Blinkit. In a tweet,
has been in talks with Apple’s
contract manufacturer Wistron
SEPTEMBER Albinder Dhindsa, Co-founder and for some time. And now Vedanta
QUARTER OF CEO of the Zomato-owned company, Group, which has entered into a
2022; THIS IS 60 said it has partnered with Apple reseller joint venture with Foxconn,
Unicorn Infosolutions to make this pos- also wants to manufacture
PER CENT OF THE iPhones locally. However, both
sible. The partnership marks the debut
ANNUAL TARGET for Apple products on a quick commerce will require a go-ahead from
OF `7.5 LAKH platform in India. Apple to start with.
CRORE IN FY23 —BINU PAUL —NIDHI SINGAL

THE BUZZ BRIEFINGS
,
FIVE LAKH CRORE MAHINDRA S
SMILES FOR SBI TEACHER
ON SEPTEMBER 14, State Bank of India (SBI) CONNECT
READY FOR crossed `5 lakh crore in market capitalisa-
tion to become the third lender to touch the Mahindra Susten joins
RECESSION? landmark after HDFC Bank and ICICI Bank.
Shares of the bank have gained 25 per cent to
the list of firms in the renew-
able energy business to raise
`574.1 on a year-to-date basis till September
The writing is on the wall. capital. A part of the $19-bil-
20. JM Financial believes SBI is a key benefi-
Amid simultaneous rate hikes by ciary of the uptick in systemic credit growth. lion eponymous group, it has
central banks around the world, “The bank has protected its asset/liability sold a 30 per cent stake to
the World Bank has warned of a market share over the last five years, with Ontario Teachers’ Pension
global recession next year. World increasing signs of stronger corporate credit Plan Board for $300 million.
Bank Group President David Mal- demand emerging,” it said. The game for renewables
pass said global growth is slowing —RAHUL OBEROI hots up as big business
sharply, with further slowdown groups move towards the
likely as more countries fall into next stage of expansion. Be
recession and a string of financial it Adani, Mahindra or Hero,
crises show up in emerging mar- the investments are coming
kets and developing economies. in from PE funds or strategic
Meanwhile, the Asian Develop- players. The next phase is
ment Bank (ADB) has trimmed its expected to be hydrogen,
FY23 growth projection for India’s where the big groups again
economy to 7 per cent from 7.5 per have a play. Fascinating
cent estimated in April, calling it a times as green is the buzz-
“modest downward revision”. word and money pours in.
—PRERNA LIDHOO —KRISHNA GOPALAN
20 |
,
`7
THE FIGURE CROSSED BY INDIA S NET DIRECT
TAX COLLECTIONS IN FY23 TILL SEPTEMBER 17,
lakh WHICH IS 23.33 PER CENT HIGHER THAN THE
crore CORRESPONDING PERIOD LAST YEAR
Cheaper Drugs on the Anvil

SEVERAL DRUGS ARE expected
to get cheaper after the recent
update in the National List of
Essential Medicines (NLEM)
2022. The Union health
FLEXI WORK
ministry added at least 34
drugs to the NLEM 2022 and
IN DEMAND
dropped 26 from the previous Sectors like e-commerce, retail,
list. The drugs in the NLEM manufacturing, BFSI and IT added
are scheduled drugs, which 233,000 new formal contract staff-
are under price control by the ers in July 2021-June 2022, as per a
central government. Hence, report by the Indian Staffing Federa-
the manufacturing companies
will have to reduce the prices of
tion. The demand has been higher af-
these drugs. The government ter the third Covid-19 wave, with the
added medicines to treat June quarter of 2022 seeing 66,000
endocrine disorders, diabetes, new flexi-workforce additions. The
respiratory diseases, cancer, general staffing industry (excluding
TB, HIV and Hepatitis C. IT) drove most of the growth.
—NEETU CHANDRA SHARMA —VIDYA S.

THE BUZZ SPOTLIGHT
Looking for Musk

GAUTAM ADANI’S ASTRONOMICAL rise con-
tinues. With the largest cement sector deal with
ACC and Ambuja closed, he is the first Asian
to become the second-richest person on the
planet. Adani, with a net worth of $150 billion
(as of September 21, 2022), is ahead of Ama- ,
zon Founder Jeff Bezos ($147 billion) and only
PURI S
PLAINSPEAK
trailing Tesla chief Elon Musk ($268 billion) per
Bloomberg Billionaires Index. Meanwhile, Adani
has picked his eldest son Karan Adani (right) to
lead ACC, while he helms Ambuja; but his stake AFTER MONTHS OF
in both the firms are pledged to the hilt. speculation over BPCL’s
disinvestment,
—ARNAB DUTTA
Hardeep Singh Puri,
Union Minister for Petro-
leum and Natural Gas,
ASPIRATIONAL BABA has said that the proposal
is off the table, as the
Yoga guru Baba Ramdev-backed Patanjali group on September country’s second-largest
16 announced that it will launch four new IPOs—Patanjali Ayurved, oil refining and fuel retail-
Patanjali Wellness, Patanjali Medicine and Patanjali Lifestyle—in ing firm had received only
the next five years. At present, only Patanjali Foods is listed on a limited number of bids.
The government, which
the exchanges. The company said it is “working to achieve a tar- controls a 52.98 per cent
get of `5 lakh-crore m-cap for these five firms”, and a turnover stake in BPCL, is expect-
of `1 lakh crore for the group in the next five-seven years.
KARAN ADANI PHOTO BY NANDAN DAVE; BABA RAMDEV PHOTO BY BANDEEP SINGH
ed to revive the process
—RAHUL OBEROI once the outlook for the
22 |
oil & gas sector improves.
—MANISH PANT
Goodbye GOAT
The world of tennis is a lot Leading the
poorer after Roger Federer,
41, bid adieu to the game. If
Charge
the fans are inconsolable, AFTER YEARS OF de-
brands are also staring at a liberation, the Vedanta
void as he has been the face Group has chosen Gujarat
over Maharashtra for its
CHANGE
of names like Rolex, Nike and
semiconductor plant, to
Mercedes-Benz, to name be developed in a joint
a few. In 2018, Uniqlo had
ELEMENT
venture with Taiwan’s
signed a $300-million deal to Foxconn. However, in
become his kit sponsor. Now, this battle of the states to
that will be a hard one to ace. host Vedanta, Chairman
Sebi chief Madhabi Puri Anil Agarwal has tried
—KRISHNA GOPALAN Buch wants the markets regu- to settle Maharashtra’s
ruffled feathers by intend-
lator to be “developmental and ing to bring significant
facilitative” in its approach.
ON THE PROWL
investments into the state
She has tasked select Sebi during the development
staffers to engage directly with of the pan-India semicon-
Actor Ajay Devgn is expanding his ductor ecosystem that he
market participants to get plans to set up. Chip thrills
NY Cinemas’ footprint in Gujarat their views to formulate better all the way!
with a new four-screen multiplex in policies for the market. “So, if
Ahmedabad. This comes in the —NIDHI SINGAL
backdrop of multiplex players
any of you have been receiving
realising the potential of small- calls from these individuals
er cities, especially after saying batao kya karna hai
Hindi-dubbed versions of (tell us what to do), it’s
south Indian films revealed because suddenly they
the untapped opportunity need to deliver…” she said
in India’s hinterlands. at a market seminar.
—VIDYA S. —ASHISH RUKHAIYAR

,
UPDATE BYJU S
PHOTO BY NILOTPAL BARUAH
IN THE
EYE OF THE
STORM
With losses,widening, edtech
major BYJU S is shifting its focus to
profitability from growth at any cost
BY BINU PAUL
26 |
BYJU’S Founder and CEO Byju Raveendran
X INVITING A STORM of criticism and even rebuke from the saying that it reflects their lacka-
government due to a delay in reporting its results, India’s daisical commitment to strong
most-valuable unlisted start-up, BYJU’S, finally declared its governance standards.
audited results for FY21 after an 18-month delay, on Septem- “The reason there is a gover-
ber 14, 2022. What followed was an eventful week of scrutiny nance gap is because companies
of its financials and corporate governance practices. define their own metrics, which
BYJU’S parent, Think & Learn Pvt. Ltd, saw its consoli- makes it difficult for stakehold-
dated losses widen by nearly 20 times to `4,588.75 crore in ers to determine how well the
FY21 from `231.69 crore in FY20. Revenues from operations company is doing. Financial met-
grew marginally to `2,280.26 crore in FY21 from `2,189 crore rics should help the stakeholders
in FY20. The firm attributed the subdued growth to a change do an apple-to-apple compari-
in the way it recognises revenue, as advised by its audit firm son. BYJU’S needs to show that it
Deloitte Haskins & Sells. Earlier, it used to recognise total is serious about corporate gover-
FOLLOWING
revenues of streaming services at the beginning of multi-year CHANGES
nance,” says Shriram Subrama-
subscriptions, which is now being booked over the period of TO HOW IT nian, Founder & MD of InGovern
consumption. Also, it now accounts for payment of instal- ACCOUNTS FOR Research Services.
ITS REVENUES,
ments for loans availed by its customers after they have been BYJU’S WAS NOT For now, all eyes are on its
made. As per the auditor’s note, these changes prevented the ABLE TO BOOK FY22 results, the deadline for
`1,156 CRORE
company from booking `1,156 crore (of deferred payment) as OF DEFERRED which is September 30. The
revenue in FY21. BYJU’S came under criticism following reve- PAYMENTS AS Bengaluru-based start-up had
REVENUES IN FY21
lations of its unusual accounting practices, with some experts recently teased its top line num-

bers, saying that it has accrued gross fresh fundraising at a time when investors a 20 per cent IPO discount.
revenues of `10,000 crore in FY22. start-ups across the world are deal- In a convertible round, a company
Though audited results are not out ing with subdued investor appetite. issues convertible notes for short-
yet, the figure is a massive jump from And BYJU’S broadcast to investors term loans, which convert into eq-
its FY21 numbers. But, a majority of has not been received well. As per uity during its next financial event.
its gross revenues may come from ac- sources BT spoke to, BYJU’S has held K. Ganesh, serial entrepreneur
quisitions—like Aakash Educational several rounds of talks with a number and promoter of start-ups such as big-
Services, Great Learning, Epic and of investors from the Middle-East, basket, Portea Medical, HomeLane
Toppr—that were closed in FY22. including Abu Dhabi Investment and Bluestone, says that any form of
“In FY21, not much of the reve- Authority and Qatar Investment funding is fine in this market, and
nues from acquisitions have come in. Authority, without much headway. BYJU’S has all the potential to ad-
I would estimate that they [BYJU’S] Sources also say that earlier this year, dress these issues. “Flat, down or con-
would do about `6,500-7,500 crore it turned down an offer from one of vertible round, all of it is fine. Most
next year [FY22] because some of the sovereign funds that offered to companies go through such swings
the revenue would get referred to invest at a lower valuation than what in valuations. Other than the last
FY23. About 40-50 per cent of it will it was valued at in its previous round. round’s investors who will see a tem-
be from acquisitions,” says an edtech It would be an uphill task for porary markdown, it bothers no one,
entrepreneur who wishes to remain BYJU’S to raise a straight round (at just as the recent public market melt-
anonymous. The company has made the same valuation) in the current down does not bother the company or
11 acquisitions worth over $2.5 billion market as private investors are look- damage its prospects,” he adds.
in CY21, of which the largest deal—of ing for greater downside protection. He goes on to say that BYJU’S is a
tutorial chain Aakash—had run into “If the company wants a mark-up on great achievement not just for edtech
a controversy. The reason was the de- valuation in this market, it will have but also for the Indian start-up sec-
ferment of the payment of the final to take a structured round. Investors tor and its scale, execution, impact,
tranche of `1,983 crore to Aakash’s would ask for a 2-3x liquidation pref- funding and valuation have been as-
investor Blackstone to September erence, or a guaranteed IRR. These tounding. However, there are areas it | 27
23, 2022, from June 2022. Putting an are structures where the headline needs to improve on so that the brand
end to speculations of further delay, valuation is meaningless,” says a VC and growth do not get adversely im-
BYJU’S cleared the dues on the day investor who wishes to remain anon- pacted. He further says that given
of the deadline. Though Founder and ymous. Moreover, at a recent media BYJU’S current scale and size, qual-
CEO Byju Raveendran had main- interaction, Raveendran said that ity of investors, and past track record
tained that the company has enough the company would do a flat round, of execution, it will again come out
money and the delay was merely pro- and then a converter round to give on top after addressing these issues.
cedural, industry observers had cited BYJU’S, which saw its valuation
the tight cash situation at the com- rise to $22 billion in March 2022 from
pany as the reason. “They sure have $8 billion in January 2020, seems to
cash in the bank, but you also have to
UNDER PRESSURE be taking a moment to breathe and
ensure a healthy runway these days. BYJU’S loss has widened by reorient itself. As per Raveendran’s
Also, the pending amount was not nearly 20 times in FY21 recent email to staff, the company is
insignificant,” says an investor who 8,000 shifting its growth-at-all-cost strat-
wishes to remain anonymous. egy to focus more on profitability,
`7,027.47
`2,873.34
Compounding the cash crunch is 6,000 something that a lot of start-ups are
`2,280.26
`2,188.99
a missing $250-million investment, now beginning to work on.

4,000
part of the $800-million funding “Going forward in FY23 and
IN ` CRORE
round it had announced in March beyond, we will combine growth

TOTAL
2,000
LOSS
this year. While Raveendran had in- with efficiency to ensure sustain-
fused $400 million in the round, a 0 ability. The overall idea is to allo-
REVENUE
TOTAL
EXPENSES
OPERATING
commitment of $250 million from cate resources effectively in order

-`231.69
- `4,588.75
Sumeru Ventures and Oxshott Capi- -2,000 to maximise impact,” he wrote to

tal has not materialised yet. BYJU’S employees. Is this a sign of the calm
had earlier said that the delay is due -4,000 after a storm, or the beginning of a
to “macroeconomic reasons”, but as voyage into more choppy waters?
per sources, there is no visibility yet -6,000 With BYJU’S, one can never tell.
on when the amount might turn up. FY20 FY21
That brings the focus back to SOURCE FINANCIAL STATEMENT @binu_t_paul

UPDATE AVIATION
The Maharaja’s
growth will be dispersed and hence
there is a need to find individual
sweet spots,” says Jagannarayan
Padmanabhan, Director & Practice
Blueprint Leader for Transport & Logistics at

CRISIL Infrastructure Advisory. So, it
makes sense for the carrier to signifi-
Air India has set its sights on capturing 30 per cent cantly enhance capacity, he adds.
But to make the most of the new
market share by 2027 under its Vihaan.AI revamp
planes, the airline may need to reori-
BY MANISH PANT ent its strategy. “On the international
segment, the traffic on Air India,
including its subsidiary Air India
Express, continues to be skewed
towards the Middle-East... As more
direct flights are launched and traffic
picks up, this needs correction,” says
Satyendra Pandey, Managing Partner
at aviation advisory AT-TV.
The carrier will induct five Boeing
777-200LRs between December 2022
and March 2023 to deploy them on
routes from major Indian metros to
San Francisco and New York. Then,
four Airbus 321 aircraft are expected
to join the fleet in Q1CY2023, while
the 21 A320 planes will be inducted
in the second half of the year. These
will be deployed on domestic sectors
and short-haul international routes.
Besides, the airline is said to be consid-
ering buying 300 narrow-body jets.
Another industry expert, who
wished to remain anonymous, says
X EVER SINCE Campbell Wilson took charge as with the industry being marked by
CEO & MD in the last week of July, there seems to cyclical crests and troughs, it makes
be a lot of action at Air India. Within a month of sense for Air India to start wrest-
several aircraft returning to its fleet, the airline has ing market share at the start of the
inked lease agreements for 30 new planes. current wave. “The Tatas have the
That’s not all. Air India has announced ‘Vihaan. opportunity to play in the full verti-
AI’, a five-year road map to transform into a cally integrated value chain. No other
“world-class global Indian carrier with an Indian airline currently has it.”
heart”. Wilson says its fleet expansion “will involve This would mean greater opera-
a combination of both narrow-bodied- and wide- tional integration among the Tata
bodied aircraft to cater to varied network needs”. group-owned airlines. “We could also
As part of the programme, the airline is looking see greater collaboration between the
at capturing 30 per cent market share by 2027. But WITH COMPETITION
other group companies Vistara and
industry experts estimate that with both the mar- SET TO INTENSIFY AirAsia India,” says Padmanabhan.
ket and competitive intensity set to increase with DUE TO THE LAUNCH But it will take more than a simple
OF NEW AIRLINES,
the launch of new airlines, Air India needs to target AIR INDIA NEEDS reorganisation for Air India to shed
higher than the trend-line market growth rate. TO TARGET HIGHER multiple legacy issues acquired over
THAN THE TREND-
“There is a distinct shift happening in the In- LINE MARKET seven decades under government
dian skies with emphasis on regional connectivity. GROWTH RATE ownership.
TO ACHIEVE ITS
As a full-service carrier, penetrating this cost- TARGETS
conscious market would be a challenge. Also, the @manishpant22

UPDATE MARKETS
ed June 30, 2022, as per data released

by the Reserve Bank of India (RBI). The
BANKING ON BANKS figure stood at 7.8 per cent in the pre-
ceding quarter ended March 31, 2022,
PSBs have beaten the benchmark index in recent months
and 3.1 per cent in the corresponding
140 quarter a year ago. On the other hand,
private sector banks’ credit growth
130
increased to 18 per cent in Q1FY23, com-
120 pared to 10.1 per cent in Q1FY22.
The latest financial results highlight
110 that the asset quality of most of the
state-owned lenders has improved on a
100 quarter-on-quarter (QoQ) basis as well
as on a year-on-year (YoY) basis. The
90
percentage of gross non-performing
80 assets (NPA) for State Bank of India, the
DEC 31, SEP 20, country’s largest lender by assets, stood
2021 2022 at 3.91 per cent in Q1FY23 compared to
NIFTY 50 NIFTY PSU BANK
5.32 per cent a year ago. It was 3.97 per
BASE=100; SOURCE: ACE EQUITY
cent in the preceding quarter ended
March 31, 2022. Likewise, the figure for
Bank of Baroda came to 6.26 per cent
for the quarter ended June 30, 2022,
Fat and Happy compared to 8.86 per cent as of June

30, 2021, and 6.61 per cent as of March
31, 2022. For the quarter ended June 30,
, lenders that are part of the bank index
Experts are confident that the PSBs ongoing reported a combined net profit of over
party will continue on Dalal Street, as their loan `15,300 crore, up 9.24 per cent YoY.
books and asset quality improve But what does the future look like?
Market watchers believe that the ongo-
BY RAHUL OBEROI ing party in the PSB space will continue
for some time.
“Operating performance of the
X THE UPTICK IN credit growth, normalisation of asset quality and PSBs got normalised in the last three
hopes of rising deposits amid higher interest rates have helped public quarters, resulting in renewed interest
sector banks (PSBs) continue in a happy space for the second year in of investors towards the stocks. We
a row on Dalal Street. The Nifty PSU Bank index has gained 28 per are also witnessing an uptick in credit
cent on a year-to-date (YTD) basis till September 20, compared to the growth, and thus, visibility of future
benchmark Nifty 50’s 3 per cent rise. In 2021, the banking index had earnings also improves,” says Ashutosh
surged 45 per cent, while the Nifty 50 jumped 24 per cent, according to Mishra, Head of Research, Institutional
data from ACE Equity. Equity, Ashika Group.
Bank of Baroda emerged as the top gainer in the bank index with a “Going ahead, PSU banks have a
73 per cent rise. Shares of the lender zoomed to `141.6 on September strong business case in the current
20, from `81.95 on December 31, 2021. Indian Bank (up 47 per cent) was environment due to their deposit mo-
the second-best performer, followed by State Bank of India (up 25 per bilisation capability, which is getting
cent) and Canara Bank (up 24 per cent). the spotlight in the current scenario.
“The recent recovery in credit growth, backed by strong CASA, is Strong credit growth also gives the
helpful for PSBs amid a rising interest rate environment, as assets get option to less efficient players to
re-priced faster than liabilities, which can boost return on assets and participate, and thus provides earning
net interest margin,” says Deepak Kumar Lalla, Managing Director & visibility,” he adds.
CEO of SBICAP Securities.
PSBs witnessed a credit growth of 11.5 per cent for the quarter end- @iamrahuloberoi

UPDATE POLICY
On the Move
sion support system (DSS) to enable an ef-
ficient logistics ecosystem in the country.
To attain these targets, it will create
a Unified Logistics Interface Platform
The recently launched National (ULIP) to integrate seven ministries—
Logistics Policy aims to better Ministry of Ports, Shipping and Water-
India’s logistics sector ways; Ministry of Civil Aviation; Ministry
of Road Transport and Highways; Min-
BY RAJAT MISHRA istry of Commerce and Industry; Minis-
try of Railways; Ministry of Finance; and
Ministry of Electronics and Information
X INDIA HAS A new logistics policy. On September 17, Technology—on one platform, to pro-
Prime Minister Narendra Modi unveiled the Nation- vide logistics operators with real-time
al Logistics Policy (NLP), which is aimed at promot- information about cargo movement in
ing the seamless movement of goods and enhancing the country. Apart from ULIP, in a bid to
the global competitiveness of Indian industry. facilitate an environment where the in-
The policy constitutes planning, coordination, dustry can directly take up operational
storing and movement of resources—like people, issues with government agencies, the gov-
raw materials, inventory, equipment, etc.—from ernment has envisioned a digital platform
one location to another, from production to con- called Ease of Logistics Services (E-Logs).
sumption, distribution, or other upstream produc- The road map to achieve these targets
tion points. The policy has also proposed some key also includes creating a comprehensive
targets to be achieved, like a reduction in the cost of Logistics Action Plan (LAP) compris-
logistics from the current 14-18 per cent of the coun- ing an integrated digital logistics system,
try’s GDP to the global best of around 8 per cent by standardisation of physical assets, bench-
32 | 2030. Countries such as the US, South Korea, Singa- PRIME MINISTER marking of service standards, human
pore, and some European nations boast of such a low NARENDRA MODI resource development, capacity build-
HAS UNVEILED
logistics cost-to-GDP ratio. Another target set by the THE NATIONAL ing, and development of various logistics
policy is to achieve a top 25 ranking by 2030, on the LOGISTICS parks, among others. “The logistics indus-
POLICY TO
Logistics Performance Index (LPI) curated by the MAKE INDIAN try in India is currently marred by multiple
World Bank. NLP intends to cut the logistics costs INDUSTRY challenges like transportation roadblocks,
GLOBALLY
in India by half, and thus achieve the set targets. The COMPETITIVE
shipping woes and a lack of technological
government has also envisioned a data-driven deci- infrastructure, which hinders its competi-
tion with developed economies due to the
unorganised structure, manual interface
PHOTO BY ANI
and fragmented nature of the sector,” says
Sanjay Bhatia, Co-founder and CEO of dig-
ital freight forwarding firm, Freightwalla.
He further adds that implementing
cutting-edge tech-based solutions, in-
troducing digitisation for the last-mile
manufacturing stakeholders, including
MSMEs, and establishing a robust net-
work of world-class infrastructure will
transform the shipping and logistics sec-
tor in the country.
Earlier the government had rolled out
the PM Gati Shakti master plan to give
a push to multimodal connectivity and
reduce logistics costs. And with the lo-
gistics policy recently introduced, things
should improve for the country’s logis-
tics sector.
@RajatMishra9518

COLUMN Animal Spirits
Home and the World

India has done well economically compared to the developed nations, but it has to
build on its strong domestic economic base to create a truly world-class society
S
BY UDAYAN MUKHERJEE
is that all this is leading to a social declines of late embody the deep fis-
divide and racial tensions on a scale sures in this bloc, exacerbated by the
the country has not seen, perhaps Ukraine conflict. This time, it is not
since the days of the civil war. From a problem of peripheral European
outside, the US has the distinct ap- nations needing a bailout; even the
pearance of a nation coming apart, mighty have stumbled. Germany,
and therefore it is not just another uncharacteristically, is talking
bear phase of the stock market that about power cuts this winter, as
is in question. The empire—and the Russia exposes its utter dependence
US despite its democracy, such as it on external energy. Inflation is
is these days, certainly qualifies as sweeping across countries, crimping
the equivalent of the most powerful consumer demand. Recession is
36 | SITTING HERE IN LONDON, it is modern-day empire—could well be inevitable. Political turmoil may not
impossible not to be struck by the in decline. be far behind.
stark difference in economic tidings There is less ambiguity about Not too long ago, these were
these days from the western world the other empire’s—and one can the shining beacons of the global
and India. While it has been in vogue safely call it that just on the evidence economy. They are still mighty, the
for some time to talk of the divergent of the chest-beating on display this US and Europe particularly, but one
fortunes of India and China—the month over the demise of a 96-year- cannot help feel that they are past
two countries inevitably inviting old queen—descent into terminal their peaks. Economically speaking,
comparison as the rising powers decline. I speak of the UK, of course, strictly, India smells of roses. Yes, in-
from Asia—less is said of the decay where a new Prime Minister is flation is still running high and GDP
in the developed world. Yet, China’s bumbling her way into somehow growth may slow down to 6 per cent,
woes, by no means insignificant, sorting out a cost-of-living crisis of a but in a world that is staring at a cri-
seem trivial compared to the un- proportion not witnessed here since sis, this is an enviable position to be
ravelling that is playing out in the World War II. White skin may pre- in. The Sensex has reflected this over
Western Hemisphere. dictably have prevailed over brown the past few months, in outperform-
To put it bluntly, the US, Europe at the hustings, but it may not be ing most large markets, and India
and the UK are in shambles. The enough to pull back the country from today finds mention in many more
US, which most of the economic self-inflicted economic disaster. global fora than is customary. The
world takes its cues from, is staring Food banks are opening up across country’s relative robustness has not
at a recession. But that is the least the nation and the British won’t gone unnoticed.
of its travails. After all, recessions have enough to keep the heating on Some amount of basking in this
are not exactly uncommon in any at home this winter. Supermarket is justifiable, but the slide into smug-
part of the world. But this time, shelves are routinely empty and the ness—with politicians already claim-
runaway inflation threatens to stall difficulty in finding workers to get ing this is India’s century—can be
economic progress for an unknown anything done in this Brexit-ravaged swift. Using the GDP or the Sensex,
length of time—for the first time in ecosystem makes susegad-loving Goa after all, as reliable yardsticks of hav-
many decades. Years of fiscal and look like a functional paradise. ing upstaged bigger global powers,
central bank profligacy has opened Finally, there is Europe. It is is fraught with peril. India still has a
up cracks that are no longer easy sad to see this beautiful continent long way to go on various parameters
to paper over. And the worst news slip into chaos. The Euro’s sharp before it can call itself a truly ‘devel-

ILLUSTRATION BY RAJ VERMA
| 37
Strictly speaking‚ economically‚ India smells of roses.

Yes‚ inflation is still running high and GDP growth may slow down
to 6 per cent‚ but in a world that is staring at a crisis‚ this is
an enviable position to be in
oped’ country. Commentators who offset by the stark decline in social cation, healthcare and general civic
celebrate the country’s improvement and communal cohesion that is vis- standards—the better.
on cherry-picked social param- ible in everyday life. It is all very good India is a work in progress.
eters—and finally it is the quality to talk about our remarkable strides Blessed as it is with a strong domes-
of life of most citizens that makes a in digital adoption, but the floods tic economic base thanks to demo-
country great, or not—have probably in Bengaluru and the (inevitably) graphics, it still has to build on that
never been to an Indian village. The looming pollution scare in Delhi in to create a truly world-class economy
recent ranking of India in the UN winter are a reminder that there are and society. It is easy to gloat at the
Human Development Index (HDI), miles to go before India can claim misfortunes of others and adopt an
132 out of 191 countries and down to have the infrastructure of a truly air of superiority, where what needs
over the last two years, is a timely great city. Jingoism aside, anyone doing is to knuckle down on fixing
reminder. A country with that low who has ever been to London, New our own flaws. Climbing the GDP
a human development rank cannot York or Singapore would be blind to charts may make India the toast of
be called a developed nation, no assert that India has the equivalent Davos, but till we succeed in mak-
matter what its GDP growth is. On of even one truly global capital, ing our society and economy more
the margin, some parameters may swank airports and the ‘spirit of inclusive, civil and humane, at heart,
be improving, but the pace is glacial. Mumbai’ notwithstanding. The less we will always know that we are not
And these small bits of progress are said of our soft infrastructure—edu- there, yet.

The
Luxe Life
Bolstered by the start-up boom and soaring stock markets,
GenZ is consuming luxury unapologetically
BY SMITA TRIPATHI
LUXURY OPENING ESSAY
targeted towards their age group
I
and gender,” says Anul Sareen, Proj-
ect Manager at Euromonitor In-
ternational, a market research pro-
vider. As per data from Euromonitor
International, the Indian luxury
goods market, which comprises per-
sonal luxury, fine wines and spirits,
luxury automobiles and experien-
tial luxury, was worth `56,764 crore
in 2019. It fell to `32,789 crore in
2020 and has now bounced back to
`46,098 crore in 2022. It is likely to
cross `50,000 crore in 2024.
So, what’s fuelling the market?
“Thanks to roaring stock markets
IT’S A BUSY Saturday afternoon at Jio World Drive, Mumbai’s lat- and the start-up boom, India is one
est shopping destination, where global luxury and bridge-to-luxury of the fastest-growing HNWI (high
brands share space with Indian lifestyle brands. Opened last year, the net-worth individuals) markets in
17.5-acre mall owned by Reliance Retail is the ideal destination for the the world. This is causing rapid ex-
over 60 global brands that Reliance Brands Limited (RBL) has a tie- pansion of the ultra-luxe/luxury
up with, including Coach, Bally, Tumi, Michael Kors, Kate Spade, etc. segment. Both traditionally wealthy
Here we meet 23-year-old Advaith Rane, who has just started working and new millionaires with aspira-
42 | with a leading multinational firm, and is looking for a laptop bag. “My tional lifestyles are loosening their
bag’s probably more expensive than the laptop, but the company pro- purse strings,” says Piyush Nagda,
vides the laptop,” laughs Rane, as he pays `58,000 for a Coach laptop Director of Private Wealth at Mon-
bag. He is familiar with the brand as his parents gifted him a Coach arch Networth Capital. The popula-
wallet on his 18th birthday. He had done his research online and knew tion of HNWIs rose 10.5 per cent in
what he wanted. At the store, he just wanted to double check that the India to 308,000 in 2021, according
bag wasn’t too heavy as he often needed to carry it around. to Capgemini’s World Wealth Re-
At Delhi’s DLF Emporio mall, weekend footfalls have increased from port, which categorises HNWIs as
an average 12,000 during pre-Covid-19 times to nearly 18,000 now. The those with investable assets of $1
mall, considered the mecca for luxury retail in Delhi, houses brands million or more, excluding primary
such as Cartier, Dior, Bvlgari, Gucci, Versace, etc. Pushpa Bector, Exec- residence, collectibles, consum-
utive Director of DLF Retail, says international brands have seen sales ables and consumer durables.
increase by 60-70 per cent from pre-Covid-19 levels at the mall. “Once
Indians stopped travelling abroad during Covid-19, they discovered the MILLION-DOLLAR HOMES
luxury brands in India. And now, they are continuing to shop here even Meanwhile, the ultra-wealthy are
with international travel having opened up,” says Bector. going all out to buy million-dollar
In the mall, you can’t help but notice the number of millennials and homes. According to the Knight
GenZ. “Millennials are consuming luxury without feeling guilty unlike Frank India Wealth Report 2022, 29
the previous generation, which had to save for luxury,” says Bector. Un- per cent wealth of the Indian ultra-
like Gen X, which was first introduced to luxury two decades ago when wealthy (those having a net worth
Louis Vuitton entered India in 2002, GenZ (born between 1995 and of $30 million and above) is allo-
2009) has grown up seeing luxury brands around them. Gucci, LV, Mi- cated towards purchase of principal
chael Kors, etc., are names that even many teenagers are familiar with. and second homes. As per an India
“GenZ and Gen Alpha (born between 2010 and 2024) are known to be Sotheby’s International Realty sur-
quite active on social media platforms and are also very outgoing and vey, 67 per cent HNIs plan to buy a
aspirational. With a firm belief in the statement ‘You Only Live Once’, luxury home in 2022. “The buyer
they are looking to experiment with personal luxury products that are is getting younger. Historically, we

have seen HNIs and UHNIs having
made their money over decades. But The Indian luxury goods
newbie entrepreneurs are creating
capital as of last fortnight. When market is likely to cross
you create that kind of capital with
such swift pace, coupled with the `50,000 crore in 2024 from
fact that it can go into only one asset
class from a tax-saving perspective, `32,789 crore in 2020
it leads to a demand that I would
like to believe will be sustainable,”
says Ashwin Chadha, President at Fashion, accessories and beauty continue to be the most popular
India Sotheby’s International Re- online luxury shopping categories in India, according to Tata CLiQ
alty, which recently sold a sea-fac- Luxury. Apart from women, men are also investing in luxury products
ing apartment in Mumbai for `41 in categories such as fashion, grooming, gadgets, footwear, and so on.
crore to Zishaan Hayath, Founder For instance, on Tata CLiQ Luxury, 60 per cent of shoppers are men.
of Toppr, and a holiday home in Goa “Almost 40 per cent of our revenues come from the Tier II, III and IV
for `80 crore to Pinky Reddy, wife markets. While female customers are frequent shoppers on our plat-
of GVK Group Vice Chairman G.V. form, we have noticed that male customers spend on average a higher
Sanjay Reddy. amount. Around 70 per cent of our customers are aged between 25 and
45 years,” says Gitanjali Saxena, Business Head at Tata CLiQ Luxury.
JUST A CLICK AWAY
“E-commerce is here to stay. It will ZOOMING AHEAD
only grow further,” says Amrish The other popular luxury product is the automobile. The market for
Kumar, Managing Director of Reli- premium and luxury cars (with vehicles that retail over $75,000) is | 43
ance Ritu Kumar. Nearly 20 per cent around `14,584 crore in 2022, as compared to `13,757 crore last year,
of Ritu Kumar’s sales come from e- as per Euromonitor International. This is lower than the pre-Covid-19
commerce and, significantly, from market size of over `20,000 crore in 2019. Naveen Soni, President at
Tier II cities. Adds Amit Pande, Lexus India, the luxury brand from Toyota, says that the number of
Brand Head of The Collective and units of luxury cars sold pre-Covid-19 were 40,000, which halved to
International Brands, a multi-brand 20,000 in 2020. Currently, it is around 34,000-35,000. “It has been a
Indian retailer launched in 2008 by sharp V-shaped recovery,” he says, adding that he expects the year to
Aditya Birla Fashion and Retail Ltd, end at 40,000. “The mindset has changed. Earlier, the typical Indian
“Post-Covid-19, people are finding mindset was for saving. People now believe you have only one life, live
it a lot more acceptable to do a digi- it up.” Soni says the buyer is also getting younger as a lot of first-time
tal transaction. So, we have a lot of buyers are purchasing luxury cars since their basic financial needs have
new customers shopping online.” been taken care of with legacy money. Soni says currently only 1 per cent
Nearly 25 per cent of its sales come of the total car sales are luxury, so there is much headroom to grow.
from e-commerce, and almost 45- Jatin Ahuja, Founder and CEO of Big Boy Toyz, a company special-
50 per cent of that comes from non- ising in pre-owned luxury cars, says that there has been an increase
store towns. The Collective has 14 in the number of women buyers. “The increase in the percentage of
stores in 12 cities and another four female buyers has been incredibly noticeable. In the upcoming years,
stores are in the pipeline. Tier II it is possible to anticipate that the used car segment and network ex-
cities are important and it recently pansion in non-metro markets will maintain this trend,” he says, add-
opened stores in Lucknow and ing that demand is growing in markets like Ahmedabad, Ludhiana,
Ludhiana. Pande says nearly 30 per Chandigarh, Kolkata, Indore, Bhopal, Kochi, Vizag, Vijayawada, Mo-
cent of The Collective’s clients are hali, Goa and Pune, among others.
in their 20s. “Our customers tend With younger Indians happy to spend on luxury, the market can
to be a little more fashion-oriented. only keep growing.
Our products are younger and more
fashionable.” @smitabw

LUXURY BVLGARI
A
Sparkling
Affair
F R O M E X PA N D I N G I T S F O OT P R I N T TO
INDIANISING ITS OFFERINGS‚ THE
I TA L I A N M A I S O N I S W O O I N G T H E I N D I A N
LUXURY CONSUMER
BY SMITA TRIPATHI

“We [Bvlgari and I] connect organically over our
love for India and the beauty it has to offer”
Priyanka Chopra Jonas
GLOBAL BRAND AMBASSADOR, BVLGARI
LUXURY BVLGARI
Timeless Luxury
THE BVLGARI BVLGARI’S
STORE in Via Dei FIRST fragrance,
Condotti 10 opens. Eau Parfumée,
Today a symbol of Cologne au
the company’s heri- Thé Vert, is
tage and temple of launched. This
the brand, it is the marks the first THE FIRST
reference point for step of the eyewear and
the most important company’s leather goods
Bvlgari stores diversification collections
around the world are launched
1905 1993 1998
1884 1930-1950 1995

SOTIRIO BULGARI, BVLGARI BECOMES the BVLGARI
the Founder, opens his preferred fashion house POUR Hom-
first store in Rome of select Italian and me, the first
international clientele; fragrance
stores are opened in for men, is
New York, Geneva, launched. Bv-
Monte Carlo and Paris, lgari S.p.A. is
marking the beginning listed on the
of the Group’s interna- Milan Stock
tional expansion Exchange
H
OLLYWOOD ICON ELIZABETH Taylor once said that the only Ital-
ian word she knew was ‘Bvlgari’, the famed Italian luxury house.
Jean-Christophe Babin, the company’s Group CEO, is hoping a
large number of Indians will say the same. “We have strong am-
bitions for India,” says Babin in a conversation with Business To-
day. He adds that India is small right now because of limited dis-
tribution, but that will change. “Five years down the line, India
will have four directly-operated stores and around five-six indi-
rect stores. So, around 10 points of sale that not only showcase
watches but jewellery, which is our core business,” says Babin.
Bvlgari opened its flagship store in New Delhi’s DLF Emporio
mall in 2014. In 2023, it will open its second store—in Mumbai.
It has also partnered with luxury watch retailer Ethos, which re-
tails Bvlgari watches in its outlets, to display jewellery as well. The
first such shop-in-shop opened in Hyderabad this July. “Globally,
high-end watches and jewellery are often retailed from the same
stores. It wasn’t happening in India, but we are excited about the

BVLGARI MICHAEL BVLGARI
ANNOUNCES BURKE (pic- APPOINTS
the creation tured) becomes Priyanka Cho-
of Bvlgari Louis Vuitton’s pra Jonas as a
Hotels & Re- MD. Jean-Chris- global brand
sorts, a joint tophe Babin, CEO ambassador;
venture with of LVMH group it launches
the hotels entity TAG Heuer, the Bvlgari
division of is appointed the Mangalsutra
Marriott Inter- new Group CEO in India later
national of Bvlgari that year
2001 2013 2021
2000 2011 2014

BVLGARI ENTERS into BVLGARI OPENS its flag-
BVLGARI ship store in New Delhi
ACQUIRES a strategic alliance with
Gérald Genta LVMH, whereby the Bvlgari
S.A. and Daniel family transfers its stake in
Roth S.A., Bvlgari S.p.A. to LVMH
Swiss leaders in
high-end watch
making
collaboration. We will see very ag- Take, for instance, branded jewel- enue of `173.6 crore with 95 per cent
gressive growth over the next couple lery from Titan’s Zoya that closed YoY growth in Q1 of FY23. “It has
of years,” says Yashovardhan Saboo, FY22 at `140 crore in revenue—way been a record year for us in India and
Founder and Chairman of Ethos. over its target of `100 crore. While we haven’t yet explored the full po-
Bvlgari had entered India in 2004 the wedding market remains the tential of the country,” says Babin.
when the luxury market was na- biggest draw, jewellery is becoming
scent. But it shut shop in 2011, after more contemporary in design.
L
French luxury conglomerate LVMH Bvlgari has benefitted from that. AST AUGUST, Bvlgari appoint-
Moët Hennessy Louis Vuitton ac- “We are growing very strongly. The ed Priyanka Chopra Jonas as
quired a controlling stake in it. Three boutique will surpass all past re- its global brand ambassador.
years later, Bvlgari was back, by way cords this year in New Delhi,” says “India is top of our mind and that is
of a subsidiary. However, the luxury Babin. Bvlgari’s retail partners— why we are working with Priyanka,”
jewellery market was still emerging. Ethos, Johnson Watch Co. and Ka- says Babin. He admits that it’s not
Branded jewellery was niche since poor Watch Co.—have also done just her popularity in India but also
most Indians preferred purchas- well, as per Babin. Ethos, India’s the Middle-East and the US, im-
ing jewellery from family jewellers. largest chain of luxury watch bou- portant markets for Bvlgari, which
But things have changed since then. tiques with 50 stores, reported rev- makes her an ideal brand ambassa-

LUXURY BVLGARI
dor. Not only will she be used for ad-

vertising but also for store appear-
ances as more stores open in India.
“I have always admired and been
fascinated by Bvlgari’s magnificent
works of art… From the rare co-
lourful gemstones used in Bvlgari’s
timeless jewellery creations to the
scented flowers which become the
main ingredients of its luxurious
‘WE NEED TO
fragrances, we connect so organi-
cally over our love for India and the
INTEGRATE LOCAL
beauty it has to offer,” Chopra Jonas
said in a statement.
CREATIVITY’
Bvlgari’s love affair with India Taking inspiration from the country’s culture and
truly started in last year’s wedding tradition, Jean-Christophe Babin, Group CEO,
season when it launched its version Bvlgari, hopes to create products that resonate
of the traditional mangalsutra—a with Indians
piece of jewellery worn by married
Hindu women from different com- BY SMITA TRIPATHI
munities. Set in 18-carat yellow gold,
the Bvlgari Mangalsutra features FRENCH BY BIRTH and Italian fff
five circles—reminiscent of the at heart, Jean-Christophe Babin, Will we see more India-specif-
brand’s signature circular motif— 63, is the Group CEO of Italian ic creations in the future?
48 | studded with pavé diamonds and luxury house Bvlgari, in which If we want to be successful
round black onyx inserts, whose in- French luxury conglomerate in India the way we have been
clusion is integral to the traditional LVMH Moët Hennessy Louis successful in many countries, we
design. Priced at `3.82 lakh, the Bvl- Vuitton acquired a controlling probably need to integrate more
gari Mangalsutra has been a success stake in 2011. The brand, though creativity specific to the country.
with a three-month waiting period. primarily known for jewellery, When we went to China, we add-
“In India, western jewellery has has diversified into watches, ed jade in our precious stones,
not been as successful as in other fragrances, leather goods and which we didn’t use in the rest of
countries probably because Indian hospitality. In an exclusive con- the world. It helped to resonate
culture is so deep-rooted that lux- versation with Business Today, with the Chinese for whom jade
ury brands have to adapt somehow Babin speaks about Bvlgari’s is very important. In the US, we
to some local traditions,” explains plans for India, working with introduced a lot of yellow gold
Babin. He says going ahead, 10 per Priyanka Chopra Jonas, and its while our offerings are tradition-
cent of its jewellery will be India- focus on watches and e-com- ally in rose gold. We are an Italian
inspired and the remaining will be merce. Edited excerpts: firm, so we’ll never have an In-
part of its global assortment. “The dian assortment only, but we will
Mangalsutra is the first step into fff have a twist of Indian tradition
that Indianisation of Bvlgari, work- How popular has the Bvlgari in our Italian assortment, a twist
ing with Priyanka to combine the Mangalsutra been in India? of US preferences, and a twist
Bvlgari Bvlgari icon [name of a col- It’s been very successful of Chinese preferences in our
lection from Bvlgari] together with commercially, of course, gemstones assortment.
the mangalsutra spirit, to create but also in terms of image. I
the first ‘branded’ mangalsutra, at think the Indian clients have fff
least from a western luxury brand,” very much appreciated that a How has it been working with
says Babin. Chopra Jonas has been brand like Bvlgari would Priyanka Chopra Jonas?
credited with being a collaborator pay tribute and respect to I know Priyanka for a long
in conceiving the design. your culture. time. I partnered with her in
“Conceptualising and selling

‘WE’VE TO BRING ROME
TO OUR STORES IN INDIA
IN TERMS OF DESIGN’
with Priyanka primar- on the ladies’ side through

ily promoting jewellery. Serpenti. Eighty per cent
Jewellery frames all other of all new innovation is
categories. If Serpenti is in men’s watches. But 70
a successful watch, it’s per cent of all novelties
because Serpenti is a jewel. [new launches] are in
Diva is a successful watch ladies’ watches... We are
because it’s a successful very strong in jewellery
jewellery line. We have to watches, which are typi-
bring Rome to our stores cally feminine. Our Octo
in India in terms of design Finissimo [for men] has
and style; we have to bring also won awards. Till now
jewellery to India. Because it was only in titanium.
without Rome, without We have launched it in
jewellery, it’s not Bvlgari. rose gold, which will be
more attractive in China,
fff and yellow gold, which
JEWELLERY FIRST Jean-Christophe Babin, Group CEO, Are we likely to see a Bvl- will be more attractive in
Bvlgari, says that Indians’ perception of it being primarily
a watch brand will be corrected by opening more gari resort in India? India. The chronograph is
jewellery stores Right now, we haven’t very important in India.
identified any project in | 49
early 2000 along with luxury brand, we really India. The one close to In- fff
Shah Rukh Khan at my respect diversity. All our dia is in the Maldives... we How important is e-
previous brand [Babin brand ambassadors are will start building it next commerce for you?
worked with TAG Heuer women of substance who year. We are in Dubai. The penetration of e-
then]. When we started have extraordinary ac- And yes, I hope that one commerce in our business
collaborating, she was an complishments. day we have the chance to is very heterogeneous
emerging young talent. open a resort in India. But according to the country.
Nineteen years later fff like in the Maldives and The Chinese and Ameri-
she is a well-established Are you focussing more Dubai, we need to find an cans are prone to buying
strong talent, well on jewellery or on extraordinary location. online. Latin people are
beyond India. She is watches? more reluctant.
very global. Everyone We are primarily jewel- fff There are some catego-
knows she loves design, lers... when I say Bvlgari Under your leader- ries that are easier to sell
and beautiful objects. India, my expected take- ship, there has been in e-commerce such as fra-
So, when she endorses out is jewellery. However, an increased focus on grances and leather goods.
high jewellery, she is very today it is not exactly that watches. Will the focus Others, which require
credible. For us, Priyanka because we have only one be more on women’s or a rather omnichannel
is a major ambassador jewellery store in Delhi, men’s watches? experience, [are] typically
the same way Anne Ha- and until recently all the We are equally commit- jewellery and watches.
thaway or Zendaya are. other stores were watch ted to developing men’s You need to feel it. [For]
I don’t know any other stores. So, for Indians, and women’s watches. watches and jewellery,
luxury brand with such a the first thing that comes During the Geneva Watch the penetration is lower,
roster expressing inclu- to mind is probably Days, we launched more but it is also true for our
sion, diversity, and dif- watches. This will be cor- novelties on the mascu- competitors.
ferent age groups. I think rected with more stores line side with the Octo
more than any other showcasing jewellery and Finissimo than we have @smitabw

1
the Mangalsutra has been a game by Greek silversmith Sotirio Bul- something extraordinary so that
50 | changer for Bvlgari in India. With gari, the brand quickly established like the other countries we operate
Priyanka Chopra promoting it, they itself as a maker of exquisite jewel- in, we become the No. 1 here. In In-
have ensured it will be a success lery. “Jewellery is really the core dia it is difficult because the Oberoi
with the Indian diaspora as well,” DNA of the brand, together with and the Taj have set such high stan-
says Abhay Gupta, Founder and Rome,” says Babin. The letter ‘V’ in- dards that are among the best in the
CEO of Luxury Connect, an advi- stead of ‘U’ in Bvlgari is a nod to its world,” says Babin.
sory firm for luxury brands. Adds Roman heritage as ‘V’ was used in Under Babin’s leadership—he
Pushpa Bector, Executive Director the Roman language in place of ‘U’. took over as CEO from Michael
of DLF Retail: “Brands like Bvlgari Over the ensuing decades, some Burke in 2013 when Burke moved on
are here to stay. They are innovat- of the most famous celebrities and as Louis Vuitton’s Managing Direc-
ing and the Bvlgari Mangalsutra has royalty from around the world came tor—there has been an increased
created quite a buzz.” to the brand. In the 1950s and ’60s, focus on watches. Bvlgari’s watch-
With the Mangalsutra, Bvlgari when film studios were using Rome es are renowned for their crafts-
has re-established itself as a jewel- as the backdrop for many movies, manship where it has successfully
lery brand in India. Since jewellery celebrities such as Ingrid Bergman, replicated its jewellery expertise.
is available in only one store and Audrey Hepburn, Grace Kelly and A prime example is the Serpenti,
watches in 12 multi-brand stores, others shopped at Bvlgari and the made with a Tubogas bracelet that
more Indians are familiar with Bvl- creations they purchased often curves around the wrist. The watch,
gari watches than with the jewellery. showed up on the big screen. made for women, has a serpent-
“To be successful, we know we have Bvlgari then branched into shaped head that serves as the dial.
to put jewellery first,” says Babin. women’s watches and, later, men’s While it started making watches for
watches, too. It then diversified into men in the mid-1970s, it’s only with
leather goods, fragrances and even the launch of the Octo collection a
T
HE ROMAN HOUSE of Bvlgari hospitality, owning seven resorts decade ago that it began to be no-
has always been about de- across the globe with five more in ticed for its men’s watches.
sign, quality and exceptional the pipeline. So, will we see a Bvlgari “Everything we do will be more
beauty when it comes to jewellery. resort in India? “India is a very com- feminine than masculine. Being a
Since its founding in 1884 in Rome petitive market. We need to find jeweller, the foremost priority is to

LUXURY BVLGARI
1
THE LUXE FEEL
Bvlgari opened its first store
in India at DLF Emporio mall in
New Delhi in 2014. It is sched-
uled to open its second store
in Mumbai next year
2
ODE TO INDIA
Bvlgari launched its
interpretation of the traditional
2 mangalsutra in India in 2021 to
woo the Indian market
appeal to women and then if addi- women’s timepieces in a few years. watches home, if required.”
tionally we can be relevant to men, As the world recovers from the While LVMH does not provide | 51
we are happy to be so,” says Babin, pandemic, Babin says e-commerce details of revenues per brand, the
who was previously the CEO for 13 has become important. “We took company recorded revenue of €36.7
years at TAG Heuer, another LVMH advantage of Covid-19 to increase billion in the first half of 2022, up 28
brand. In watches, 75 per cent of the our e-commerce presence from six per cent YoY. In the first quarter of
business comes from ladies’ watch- countries to 19. So, today most ma- 2022, the Watches & Jewelry busi-
es and the balance from men’s. jor markets are covered with e-com- ness group recorded organic rev-
At the recently held Geneva merce,” he says. While India doesn’t enue growth of 16 per cent YoY. As
Watch Days, Bvlgari launched a have an e-commerce site yet, it is in per a company report, “At Bvlgari,
series of new, sparkling watches the works. “In India, you have mul- the Serpenti and B.zero1 Classic
under both the Octo—known for tiple big cities and you cannot pre- lines were important growth driv-
its ultra-thin timepieces—and the tend to have stores everywhere. In ers, while new records were set by
Serpenti collections. It launched China, there are 100 big cities and the recently launched High Jewelry
the Octo Finissimo Chronograph we are only in 24. In India you prob- and High Watchmaking collection
GMT in rose gold (popular with the ably have 60 big cities and we will be Eden: The Garden of Wonders and its
Chinese), and the Octo Finissimo in 10, so obviously you need e-com- watch lines, including the new Octo
Automatic in both rose and yellow merce to complement the accessi- Finissimo Ultra watch.”
gold. Babin expects the yellow gold bility to the brand,” he adds. Babin The affair between Hollywood
watch to do well in India. The Ser- says that while fragrances and stars Richard Burton and Eliza-
penti was launched in black ceramic leather goods sell on e-commerce beth Taylor resulted in him buying
and with diamonds and black spinel sites, for watches and jewellery one her several pieces from Bvlgari.
as well. While currently at Ethos, needs omnichannel distribution. He quipped: “I introduced Liz to
the Bvlgari watches for women sell Agrees Saboo: “For luxury pur- beer and she introduced me to Bv-
more than men’s watches (approxi- chases, customers can browse the lgari.” The Italian maison is look-
mately 60:40), Saboo says there is products online and then we en- ing at having a similar love affair
an increasing demand for the Octo courage them to visit the boutique with India.
collection and he will not be sur- for a touch and feel before purchas-
prised if men’s watches surpass ing. For regular clients, we send the @smitabw

LUXURY CORPORATE COUTURE
Indian
Fashion 2.0
W I T H T H E A D I T Y A B I R L A G R O U P
A N D R E L I A N C E I N V E S T I N G
H E A V I L Y I N A N U M B E R
O F F A S H I O N H O U S E S, T H E
C O R P O R A T I S A T I O N O F T H E
I N D I A N F A S H I O N I N D U S T R Y I S
I N F U L L S W I N G
BY SMITA TRIPATHI
PHOTO BY BANDEEP SINGH
Sabyasachi Mukherjee
FOUNDER AND CEO, SABYASACHI
Aditya Birla Fashion and Retail Ltd acquired a

51 per cent stake in designer brand Sabyasachi in
January 2021. The aim is to make Sabyasachi
a global luxury lifestyle brand
56 |
T
THERE IS A new trend in the Indian fashion industry,
and it has little to do with fabric, embroidery or bling.
Instead, it is of corporate houses, primarily Aditya
Birla Fashion and Retail Ltd (ABFRL) and Reliance
Brands Ltd (RBL), betting big on Indian designers.
Earlier this year, RBL bought a 51 per cent majority
stake in couture brand Abu Jani Sandeep Khosla and
all its supplementary offerings, including GULABO
by Abu Sandeep, ASAL by Abu Sandeep and MARD
by Abu Sandeep. Jani and Khosla are the newest
additions to an impressive line-up for Reliance that
features strategic partnerships with designers Satya
Paul, Raghavendra Rathore, Ritu Kumar, Anamika
Khanna, Manish Malhotra, Rahul Mishra and Abra-
ham & Thakore. Six of these partnerships took place
in the past one year. RBL acquired Satya Paul in 2018
and its first strategic partnership was with Raghaven-
dra Rathore in 2019.
But the trend was started by ABFRL—part of the
Aditya Birla Group, which had revenues of `2,875 “Access to capital and the
crore in the quarter ended June 30—when in 2019 it ability to take decisions that
acquired a 51 per cent stake in designers Shantanu &
Nikhil’s company Finesse International Design Pvt. give long-term benefits are key
Ltd. It followed up with a 51 per cent stake in designer advantages. Plus, RRVL has a lot
Sabyasachi Mukherjee’s fashion house in January last
year. With designer Tarun Tahiliani, it established a
of brands, so dovetailing with
new company in February of last year and launched a what it is doing, we get better
contemporary men’s ethnic wear brand called Tasva, rates and better access”
with the goal of selling `500 crore worth of men’s
ethnic clothes and accessories in five years. ABFRL Amrish Kumar
owns an 80 per cent stake in the new entity and Ta- MANAGING DIRECTOR,
run Tahiliani holds the balance. It also bought a 33.5 RELIANCE RITU KUMAR

per cent stake in the firm—Indivinity Clothing Pvt.
Ltd —that houses Tahiliani’s fashion house, with the
option of increasing it to 51 per cent.
The latest designer in ABFRL’s kitty is brand
Masaba. The company bought a 51 per cent stake in
House of Masaba Lifestyle Private Limited, the entity
that houses apparel, non-apparel, beauty and personal “With Reliance, we hope to go
care, and accessories businesses under brand ‘Masaba’
owned by designer Masaba Gupta. The brand is target- more corporate and system-
ing to achieve annual revenues of around `500 crore atic. It’s basically corporatisa-
in the next five years. The new offering will include
everything from garments and accessories to lifestyle
tion of Indian fashion that’s
products, with the intention of leveraging the design- going to happen now. This
er’s relationship with the new generation of young, will help us with the technol-
digitally influenced consumers. The partnership is
focussed on building a scaleable domestic brand for
ogy and sustainability”
the new generation of digital-first customers. Manish Malhotra
That is one of the prime reasons for legacy brands MANAGING DIRECTOR AND
joining forces with leading retail companies. CHAIRMAN, MM STYLES PVT. LTD

T
HE DYNAMICS OF India’s fashion business are
shifting and social media is assisting young con-
sumers not only in metros but also Tier II cities “Indian fashion
in discovering new brands. Designers are realising
that couture is no longer enough; they need to expand
is fabulous with
their customer base by offering more accessible price its understand-
points, extensive distribution, and a wider range of ing of craftsman-
products, something they cannot do on their own. And
that’s where the funding and expertise of the corpo-
ship, positioning,
rate houses comes in. marketing, etc.,
“While Indian fashion is fabulous with its under-
standing of craftsmanship, positioning, marketing,
but it lacks a sci-
etc., what it lacks is a scientific approach to supply entific approach
chain, the kind of sourcing and manufacturing strat- to supply chain,
egy we need to have, etc.—things that are important to
scale up,” says Shantanu Mehra, CEO and Co-founder
sourcing and
of Shantanu & Nikhil. The joint venture with ABFRL manufacturing
resulted in them launching their bridge-to-luxury strategy, etc.”
brand S&N, which opened its first store in Delhi in
April 2020. Over the past year, it has opened nine more
stores in Delhi-NCR, Mumbai, Bengaluru, Ahmedabad Shantanu Mehra (right),
58 | CEO AND CO-FOUNDER,
and Raipur. SHANTANU & NIKHIL
The plan is to open another four S&N outlets this (FINESSE INTERNATIONAL
year and then 10 more next year. Besides that, the DESIGN PVT. LTD)
designer duo have six Shantanu & Nikhil stores selling
couture. Currently, 30 per cent of their revenue
comes from S&N, which going forward will go up
to 50 per cent. “It has scale written all over it,” says
Shantanu. The pandemic taught them that they could
go direct-to-consumers as well through e-commerce.
“We set up a vertical which was more digital. The
technology and supply chain support that we got from
ABFRL helped us fasten the process,” says Shantanu.
But why are ABFRL and RBL interested in Indian
designers? It’s because for years they have had brands $20 billion, of which 70 per cent is unorganised.
specialising in western wear. ABFRL owns and markets Sahni says that the retail conglomerates have
brands such as Louis Philippe, Van Heusen and Allen two choices: they can either create their own brand,
Solly. And RBL, which is part of Reliance Industries which may take long, or enter into a partnership with
Limited (RIL), has partnered with more than 60 global an existing brand. “Unlike the men’s western wear
brands including Burberry, Coach, Jimmy Choo, Diesel, market, there are various Indian ethnic wear design-
and Michael Kors, among others. “Men’s western wear ers who have a great brand and are talented,” he says.
has been their focus for the last 35 years since when the Moreover, these brands are not very expensive, so it
ready-made garment industry started, but now they makes sense to enter into a partnership with them or
need a foot in the Indian ethnic wear market,” says acquire them. “Most design houses are not very large.
Harminder Sahni, Founder and Managing Director of Most are below `100 crore so it made sense for the cor-
Wazir Advisors, who has advised several design houses porates to buy them. It was an inexpensive option to
on such deals. According to Mumbai-based brokerage get into the Indian ethnic and women’s wear market,”
Edelweiss, the ethnic wear market in India is pegged at explains Sahni.

heights. With Reliance, we hope to go more corpo-
rate and systematic. It’s basically corporatisation
of Indian fashion that’s going to happen now. This
will help us with the technology and sustainability,”
says Malhotra, who started out as a movie costume
designer three decades ago with Swarg (1990), and
founded his label in 2005. Malhotra has designed
costumes for several hundred films, and also has jew-
ellery and make-up lines. Post the collaboration with
RBL, Malhotra has launched Diffuse, a bridge-to-
luxury label. “While initially the plan was to bridge
the gap between youth and couture, we decided to
make a separate line altogether to make the offerings
consciously-priced and available,” he says.
Another designer who is happy to have entered
into a partnership with RBL is Rahul Mishra, the first
Indian designer to showcase at Paris Haute Couture
week. RBL has entered into a 60:40 joint venture with
Rahul Mishra to create a new ready-to-wear brand.
The plan is to have a worldwide footprint with dedi-
cated flagship stores at fashion capitals around the
world in the next five years. While Mishra started his | 59
career with ready-to-wear with his collections being
shown at the Paris Fashion Week for several years,
and it formed 50 per cent of his business till 2020 (the
balance being couture), post the pandemic the brand
has become synonymous with couture with both
Hollywood and Bollywood celebrities donning it.
“Couture gave us a major jump in revenue since prices
are higher. Between 2020 and 2021 the company grew
100 per cent and last year, too, growth was around
70 per cent,” says Mishra, adding that he focussed
on couture because supply chains were disrupted as
were interactions with wholesale buyers.
Globally, too, there are just a handful of compa- However, now with the JV with RBL, he is all set
nies that control all the top luxury labels. French to re-enter the ready-to-wear market and create a
conglomerate LVMH Moët Hennessy Louis Vuitton new brand for both Indian and global markets. “If
is home to brands such as Bvlgari, Tiffany, Dior, etc., you have to dream of establishing a global brand out
while the Kering Group manages brands such as of India, it has to be ready-to-wear. RBL will help us
Gucci and Alexander McQueen. achieve scale. I could be supplying across the globe
but nothing beats having a flagship store. We are
looking at an omnichannel presence in cities like
I
N OCTOBER LAST year, RBL invested in designer London and Paris. RBL enables that,” says Mishra.
Manish Malhotra’s company MM Styles for a He gives the example of Gucci, saying that it was a
40 per cent minority stake. “We’re bringing $100-million brand while it was with the family but
additional changes and innovations on the platter. with the Kering Group it has grown to be a $12-billion
With beauty, jewellery, virtual store, NFT already on brand. “That kind of growth comes through corporat-
the horizon, I plan on taking these ventures to newer isation.” He adds that RBL is helping create structure

and putting systems in place. “I have a business brain,

too. But it is good to have a top B-school graduate tak-
PHOTOS BY BANDEEP SINGH

ing care of that while I focus purely on design,”
he laughs.
The new JV brand (name still to be decided) will
grow both vertically and horizontally in the fields of
accessories, footwear, home, beauty, and jewellery for
a worldwide audience.
The ABFRL-Tarun Tahiliani partnership led to
the first Tasva store opening in Bengaluru in Decem-
ber 2021. It currently operates nine stores across five
cities including Mumbai, Delhi, Hyderabad, Benga-
luru as well as Indore. It has massive expansion plans
and there are likely to be 75 Tasva stores across the
country by March 2023. Tahiliani says Tasva is a
long-time dream of his that has become possible
because of ABFRL.
S
AHNI SAYS THAT with their ethnic ready-to-
wear offerings, designers and retail conglom-
60 | erates are trying to attract the next 10-15 per
cent of the population that has the money but is not
looking for couture. “Market expansion will happen
because the next layer of the market is far larger in
terms of numbers and they also have money.”
In October last year, Reliance Retail Ventures
Ltd (RRVL) acquired a 52 per cent stake in fashion “If you have to
designer Ritu Kumar’s Ritika Pvt. Ltd that owns Ritu dream of estab-
Kumar, Label Ritu Kumar, RI Ritu Kumar, aarké,
and Ritu Kumar Home and Living. Amrish Kumar,
lishing a global
designer Ritu Kumar’s son and Managing Director brand out of
of Reliance Ritu Kumar (the way the company is
referred to post the acquisition), says that RRVL
India, it has to be
brings with it a whole lot of skill sets and operational ready-to-wear.
knowhow that are very beneficial. RBL will help us
“Access to capital and the ability to take the kind
of decisions that give you long-term benefits is one
achieve scale...
key advantage. Plus, they have a lot of brands, so We are looking at
dovetailing with what they are doing, we get better an omnichannel
rates and better access.” Kumar says that while
aarké, their latest brand meant to reach a larger con- presence in cities
sumer base, contributes to revenue in single digits, like London and
they expect it to grow exponentially. Currently, the
Ritu Kumar brand is the largest and contributes
Paris”
around 35-37 per cent to the total revenue followed Rahul Mishra
by Label, which is about 30 per cent, and then bridal FOUNDER AND CREATIVE
brand RI at about 18-20 per cent. DIRECTOR, RAHUL MISHRA
ABFRL, which intends to craft a portfolio that DESIGNS PVT. LTD

With designer Tarun Tahiliani, ABFRL established a new
company in February of last year and launched a contemporary
men’s ethnic wear brand called Tasva, with the goal of
selling `500-crore worth of men’s ethnic clothes and
accessories in five years
Tarun Tahiliani
CREATIVE DIRECTOR, INDIVINITY CLOTHING PVT. LTD
addresses the entire gamut of ethnic wear segments

including value, premium and luxury, acquired a 51
per cent stake in designer brand Sabyasachi in Janu-
ary last year. The aim is to make Sabyasachi a global
luxury lifestyle brand that includes everything from
clothes and perfume to cosmetics and home furnish-
ings. Currently, the brand straddles categories such
as apparel, accessories and jewellery, and has a strong
franchise in India, the US, the UK and the Middle-
East. It recently concluded a one-month exhibition | 61
and sale of a special jewellery collection at Bergdorf
Goodman in New York. It has previously tied up
with global brands such as Christian Louboutin and
Thomas Goode.
Sahni says that Indian designers will benefit greatly
with the tie-ups and, going forward, their companies’
valuations will go up manifold. “No one has sold off
their business 100 per cent. Everyone has sold 33-51
per cent. The remaining part is going to be hugely valu-
able in 7-10 years.”
According to him, if a brand has sold 51 per cent
stake for `100 crore today, 10 years down the line the
balance 49 per cent could be worth `2,000 crore, if all
the plans of the corporate and the designer come true.
He believes that at some point the corporates will ac-
quire the design companies fully, but the time period
may vary from 10-20 years. “By the end of that period,
there is an option for either party to acquire fully or
sell fully,” he says. “While these are brands started by
designers, eventually brands don’t need individual
designers. The brand is the name itself,” he adds.
As corporates continue to invest in design houses
and create bridge-to luxury and ready-to-wear lines,
more and more Indians will be seen dressed in de-
signer wear.
@smitabw
LUXURY PET ACCESSORIES
My Dog
Wears Gucci
With luxury houses upping the fashion game for your pets, man’s
best friend just got a whole lot more chic
BY SMITA TRIPATHI
D
iana Chopra Jonas with 158,000 followers on Instagram is
often seen in her fashionable best. Her wardrobe includes
accessories from Tiffany’s. She is joined by Diamond Baby, who
seems to have an affinity for Chanel. Diamond Baby and her
friends have 79,000 followers on Instagram. Wondering who
these fashion icons are? Diana is Priyanka Chopra Jonas’ pet,
a Chihuahua, and Diamond Baby is Paris Hilton’s. While pets
of celebrities have often lived extravagant, glitzy lives, your
‘furry friend’ too can live the high life with some dashing pet
accessories from luxury fashion houses. Take a look:
VERSACE’S PET BED
WHERE TO BUY versace.com
PRICE ON REQUEST
‘It’s a dog’s life’ takes on a whole new meaning

when your furry friend is sleeping on a glamorous
cushy bed in Versace’s distinctive black and gold
Barocco print. The hexagonal large-size bed made of
cotton and polyester features the textural logo motif
inside and Barocco print on the exterior. And if you
and your pet take a fancy to Versace, do check out
the collar and leash with the iconic Versace Medusa
emblem, studded along the leather collar.
| 65
DOG COATS
FROM
GUCCI
WHERE TO BUY gucci.com
INDICATIVE PRICE STARTS
FROM $810
Gucci thinks your pet de-

serves to live the high life. The
iconic Italian luxury brand
released its pet collection
in June, and the stylish line
includes clothing, accessories
and home goods for your pet,
featuring Gucci’s classic de-
signs. Pick up a canvas pet coat
for $810 or a hexagon-shaped
ceramic pet bowl for $1,750.
You can also order a custom-
ised bed for $7,500 for your
furry friend. The collection is
not available in India but can
be ordered from its interna-
tional site. Or, you could pick
up a gift for your best friend on
your travels abroad.

PET CARRIER
FROM LOUIS
VUITTON
WHERE TO BUY louisvuitton.com
PRICE AROUND $3,499 some fresh air. It comes with shoulder
straps and a customisable name tag.
Whether you are travelling with your pet And if you are going for the carrier, you
or wish to provide some reprieve for when their must complement it with the natural
little legs get tired, a fashionable pet carrier is cowhide, monogrammed canvas dog
a must. The Louis Vuitton classic dog carrier is collar and leash. The collar also has a
styled in monogram canvas and comes with a soft miniature luggage tag that can be hot-
66 | ventilation net that lets your pet peek out and get stamped with the pet’s initials.
PET COLLAR FROM

TIFFANY & CO.
WHERE TO BUY tiffany.com
PRICE $340
Brighten up your dog’s walks with a hue of

Tiffany blue. Made of premium-quality Italian
leather with stainless steel hardware, the leash is
an elegant accessory for you and your pet. Pair the
leash ($395) with a Tiffany-blue collar ($340)
and also collar charms—say a beautiful Tiffany
bone-collar charm made of palladium-plated
metal—to add glamour to your pet ($225). And
why should your pooch not have breakfast at Tif-
fany? Get him/her a gorgeous blue bowl made of
bone china ($190).

LUXURY PET ACCESSORIES
HERMÈS DOG
BOWL
WHERE TO BUY hermes.com
PRICE $1,200
There are no half measures when it

comes to French luxury brand Hermès.
Last year it launched a dog bowl made
from oak wood and assembled using a
barrel-making technique. It has two inner
stainless-steel bowls that can be separat-
ed thanks to its central magnets and can
also be removed from the wooden base.
The ‘paw-fect’ bowl is made in France.
Available for $1,200 on the Hermès web-
site, it does not ship to India. So, pick it up
on your next shopping spree abroad.
LUXURY E-COMMERCE
Online
Opulence
T R A N S C E N D I N G P H Y S I C A L A N D
P S Y C H O L O G I C A L B A R R I E R S, E - C O M M E R C E
H A S M A D E L U X U R Y P R O D U C T S
A C C E S S I B L E T O A L A R G E R
N U M B E R O F P E O P L E
BY NIDHI SINGAL
LOGGING INTO LUXURY
Although offline retail channels dominate
the luxury market, online channels are slowly
gaining traction
12
10.1
10
8
6.5
IN PER CENT
4 3.5
2
0
2016 2021 2025E
ONLINE MARKET AS A PERCENTAGE OF THE TOTAL INDIAN LUXURY

MARKET; E: ESTIMATE; SOURCE STATISTA
LUXURY E-COMMERCE
G
climb to $7.74 billion in FY23, and further touch $8.16
billion by FY27 on the back of increasing demand for
luxury goods. Incidentally, while the majority of this
revenue still comes from offline retail, the contribu-
tion from online channels has gone up from a mere 3.5
per cent in FY17 to 6.5 per cent in FY21, and is further
pegged to reach 10.1 per cent by FY25.
And it is the millennials and the GenZs, with their
higher incomes and exposure to luxury designers from
across the world, which is contributing to this trend.
With the gradual acceptance of buying luxury prod-
ucts, even a designer bag worth more than `50,000 just
touches the lower price bracket of the luxury market.
And consumers are readily buying products worth
GEETU UPPAL, A COMMUNICATIONS professional, had much more than that. “Luxury is growing and expect-
dreamt of owning a Prada bag and a pair of Chanel ed to grow further. In the past, it was an aspiration, but
pumps for years. But the very thought of the death today, you have Indian designers who are selling bags,
stares from the sales executives upon enquiring about etc., at a price that has significantly moved up,” says
the prices of those products deterred her from even Rajat Wahi, Partner-Consulting at Deloitte India.
entering the stores. And her fears weren’t unfounded Earlier, consumers preferred to shop for luxury
either, for there’s a popular adage among people that items when they were travelling abroad, as in many
70 | “if you have to ask the price, then it’s too rich for you”. cities such as Milan and Dubai, they could get a VAT
But recently I saw her toting her new Prada handbag refund. Contrary to availing tax refunds offshore, con-
at our last get-together. She chirpily told me about sumers pay 28 per cent GST on luxury items in India.
her new online purchase, and how she is now saving A void was created by the travel restrictions imposed
money for the Chanel pumps, which she should be during the pandemic and most people were not able to
able to purchase for her birthday in November. splurge on luxury shopping abroad. This hiatus in their
Generally speaking, anything that is beyond the shopping habits was filled by the luxury-focussed e-
reach of the masses can be classified as a luxury item. commerce platforms that offered deals and discounts
While everyone has their definition of what luxury is, to encourage a shift to online luxury shopping.
pricey luxury goods are something that everyone finds Tata CLiQ Luxury is one of the few platforms
desirable, and aspires to own. Piggybacking on these playing in the luxury e-commerce space for the past
aspirations are the leading e-commerce players of six years, and it claims to have registered remarkable
India, who have launched their luxury e-stores in the growth. “Since Covid-19, we have witnessed high
past few years. With products ranging from clutches to triple-digit growth,” says Gitanjali Saxena, Business
watches and shoes to men’s three-piece suits, among Head of Tata CLiQ Luxury. Focussed on offering a
other premium products, they have collections from curated selection of global and Indian luxury brands,
international fashion houses—from Jimmy Choo and Tata CliQ Luxury serves 1,000+ cities nationwide.
Michael Kors to Salvatore Ferragamo and Emporio Ar- Another platform is Darveys, which started its opera-
mani, and in some cases, even Indian fashion houses. tions as a members-only platform in 2014. As one of
Consumption of luxury products in India has been India’s first luxury-focussed e-commerce platforms, it
on an upward swing in the past few years, with reve- started out by offering products sourced directly from
nues from the luxury goods market expected to grow international designers and boutiques to its members.
by 1.63 per cent annually between 2022 and 2027. But with competition heating up in the segment,
From just $4.92 billion in FY16, the number went up the platform switched to an open-for-all format just
to $6.94 billion in FY19, per Statista. Then, it dipped before the pandemic. “A lot of people go to the store
to $4.58 billion in FY20 due to the effects of the pan- to see the products, try them out, and then place
demic, and bounced back to $5.19 billion and $7.52 bil- an order with us because we are offering the widest
lion in FY21 and FY22, respectively. It is expected to collection of 300 stores on the platform. A lot of the

ONLINE LUXURY P ORTALS
P R OV I D E A N A LT E R N AT I V E TO
THE EXPERIENCE OF SHOPPING
IN LUXURY BRAND STORES
items are priced exactly how they would be priced Right from walking into a gilded store to being greeted
in Europe,” explains Nakul Bajaj, Founder and CEO cheerfully and being pampered, to being offered a glass
of Darveys. A feat in Bajaj’s words, given that it has a of wine, and paying attention to your smallest desire
good success rate in repeat customers. “One in every and experiencing the product—none of that is replicat-
two people come back on Darveys, and that says a ed when shopping online. And while there is a wide gap,
lot,” he says, adding the average sale price on Darveys e-commerce players are working towards enhancing
is close to `22,500, and its average recurring revenue the online luxury shopping experience. For instance,
will be close to `100 crore by the end of this year. Tata CliQ Luxury introduced new experiences like the
select programme and a white-glove delivery service.
AN EVOLVING LANDSCAPE “Given that we have a highly engaged customer base
Another challenge that the online luxury portals of watch enthusiasts, we introduced assisted sales in | 71
address is to provide an alternative to the opulent the form of a round-the-clock chat designed to offer
experience of shopping in luxury brand stores that real-time advice to customers,” says Saxena. Moreover,
are limited to a few cities in India. There are not many consumers’ concerns regarding the authenticity of
high streets where luxury brands can put up their products while shopping online are comprehensibly
stores. Even the concept of having a store in five-star addressed by the easy exchange and return policy.
hotels is quite restrictive as consumers want to enter a In addition, some of the luxury e-commerce play-
mall type of setting where they can check out multiple ers even host sale events that enable consumers to
stores and brands before finalising a purchase. And discover and celebrate the luxe life by availing offers
while customers in metros can still walk into the stores on the most coveted global and Indian luxury brands
in their cities, the aspirations of non-metro shoppers across categories. Some of these flagship events are
are being met via online channels. “Apart from the timed to coincide with increased demand periods and
metros and Tier I cities, we are seeing healthy growth special occasions. For example, Tata CliQ Luxury’s
coming from Tier II-Tier IV cities and towns. We have a anniversary sale is held during the summer months
healthy mix of revenue, with almost 40 per cent of our when there is a fair demand for wedding purchases;
revenue coming from non-metro markets,” says Sax- and another sale is held during the festive and wedding
ena of Tata CliQ Luxury. Darveys’s revenues, too, are season. “These are some of our biggest sale events that
equally derived from its metro and non-metro markets. allow consumers to get access to an array of luxury
“Even smaller cities like Agra and Ludhiana account brands at very attractive offers,” says Saxena.
for a decent percentage of revenue compared to all the The luxury business in India is still in its infancy,
cities we get orders from,” adds Bajaj of Darveys. and there is a long way to go. Yet, over the past few
Not only that, Reliance group-owned Ajio with its years, e-commerce has achieved one thing that
Ajio Luxe play; Nykaa’s The Global Store; and Flipkart- offline stores never were able to do. And that is to
owned Myntra’s luxury offering in partnership with transcend the physical and psychological barrier of
Aditya Birla Fashion Retail are also present in the luxury shopping to make these products more acces-
luxury market in India. sible to more people.
Shopping for luxury is not just about the cost of a
product. It is also about the experience of buying it. @nidhisingal

74 |
LUXURY WATCHES
Wristy
Elegance
A look at some of the most exclusive watches launched this year
BY SMITA TRIPATHI

F
or watch collectors and
aficionados, it couldn’t be
a better time to splurge
on some classy watches.
Following the pandemic-
induced upheaval around PATEK PHILIPPE
the world, the global luxury watch 5270P-014
market—which is expected to grow to WHERE TO ENQUIRE www.patek.com
$33.07 billion by FY26 from $27.19 billion PRICE ON REQUEST
in FY21, per a report by The Business

Research Company—is ticking back Launched in 2011, the latest Reference 5270 is
to life again. As the young generation heir to several generations of the Patek Phillippe
calendar chronographs and reinterprets their design
embraces the passion of collecting in an iconic yet original style. No longer the conser-
watches, and actually wears them not vative high-end watchmaker—although the brand’s
with staid grey suits as was the tradition watches still have top-notch craftsmanship and a
earlier, but with polo T-shirts and design language to match its legacy—its clientele has
evolved dramatically over the years. And catering
sneakers, watchmakers are also letting
to this young and vibrant crowd is a playful emerald
go of their sombre image and launching green dial coupled with alligator straps. That being
trendy watches to keep up with the said, the fundamentals of the 5270—its heart, so
changing times. Here are a chosen few to say—are intact. As such, the watch retains the
that you may consider for your wrist. typical 950-platinum case of 41 mm, with a concave
bezel and slender and elongated stepped lugs. Love it
or hate it, this is a collector’s item that will make its
admirers green with envy.
| 75
JACOB & CO.

ASTRONOMIA
SOLAR BITCOIN
WHERE TO ENQUIRE www.jacobandco.com
PRICE $350,000
Cryptocurrency may have lost the halo

around it but storied watchmaker Jacob & Co.’s
latest Astronomia collection watch is inspired
by the astronomical valuations that Bitcoin
achieved a while ago. Replete with a yellow
sapphire sun, a one-carat diamond moon and
a golden Earth, the watch’s dial also carries a
miniature black rocket and a rotating Bitcoin
logo that reaches for the moon. The black
titanium watch’s movement is surrounded by
an engraving that reads “peer to peer,” “block-
chain” and “decentralised digital currency”.
Limited to only 25 pieces, the watch is meant
for true-blue crypto kings.
LUXURY WATCHES
OMEGA SPEEDMASTER
’57 CALIBRE 9906
WHERE TO BUY OMEGA SHOWROOMS
PRICE ON REQUEST
As the name suggests, the Speedmaster ’57 is emblematic

of the original Speedmaster design, which was released in
1957 for racing car drivers. It also became the first watch to be
worn on the moon. The Speedmaster ’57, first introduced in
2013, returns in 2022 with a master chronometer upgrade and a
slimmer profile. The new collection consists of eight new stain-
less steel models, all powered by OMEGA’s co-axial Master
Chronometer Calibre 9906. At just 12.99 mm, the new ’57 is
considerably slimmer than the Speedmaster Moonwatch 3861
at 13.58 mm. And, there is always a nod to the Speedmaster’s
space legacy—the bracelet on the steel version is inspired by the
Apollo 11 tribute launched in 2019.
76 |
CHOPARD HAPPY
SPORT MÉTIERS D’ART
WHERE TO ENQUIRE www.chopard.com
PRICE ON REQUEST
Chopard’s Happy Sport Métiers d’art line includes three ex-

quisite watches that pay tribute to the polar bear, the humming-
bird, and the sea turtle. The intricately handcrafted watches
are made of gold and feature mother-of-pearl marquetry with
precious- and semi-precious stones that create exquisite, tiny
ecosystems in their dials. Limited to only eight pieces each,
these timepieces are equipped with the Chopard Calibre 96.23-L
mechanism, with a 65-hour power reserve. The collection is a
testament to the love for nature of Chopard’s Artistic Director
and Co-president, Caroline Scheufele, and to the company’s
dedication to sustainable growth.

| 77
ROLEX OYSTER PERPETUAL DATEJUST 31

WHERE TO BUY ROLEX SHOWROOMS y PRICE ON REQUEST
The Rolex Datejust is the archetype of a classic watch. Launched in 1945, it was the first self-winding
waterproof chronometer wristwatch to display the date. The latest versions of the classic come with floral
motif dials. Its design comprises 24 flowers, each with a diamond at the centre. Three versions have been
launched—with a blue dial, an olive green dial and a silver dial. For the olive green and silver ones, the bezel is
set with 46 brilliant-cut diamonds. Truly a classic, reimagined.
LUXURY WATCHES
CARTIER’S MÉTIERS D’ART

CRASH TIGRÉE MÉTAMORPHOSES
WHERE TO ENQUIRE www.cartier.com
PRICE ON REQUEST
The Cartier Crash is remarkable in its peculiarity. Launched in 1967—as a

means to adapt the classic Cartier oval watch into something that would appeal to
the rebellious attitude of the swinging sixties—the Crash is bent and curved like
it has been melted under extreme heat. The latest Crash from Cartier has the most
ostentatious look in recent memory. The Cartier’s ‘Métiers d’art Crash Tigrée
Métamorphoses’ is an exquisite display of Cartier’s favourite things—animal
references and weirdly shaped cases—wrapped up in luxurious gold enamel that
melts into different shades of blue and green, with loads of diamonds. A limited
edition series of 50 pieces.
78 |
PANERAI
LUMINOR BiTEMPO
WHERE TO BUY PANERAI SHOWROOMS
PRICE ON REQUEST
Proud of its Italian heritage and experience of

crafting instruments for navy divers, Panerai has
launched the Luminor BiTempo, which through its
GMT feature, can track time in two different time
zones. The new watch is available in two different
colour schemes—blue and black. The self-winding
automatic watch is ensconced in a 44-mm brushed-
steel case with a transparent sapphire crystal back
that showcases the precise movement of its time-
keeping mechanics.

The Green
Room
Luxury hotels are increasingly offering sustainable
experiences to cater to environment-conscious customers
BY SMITA TRIPATHI
I
N MID-AUGUST, Siddharth Chakra- would disturb the biome, or the
varty—Sustainability Director colony of bacteria in the STP plant,
at Six Senses Fort Barwara—got I was informed,” says Chakravarty,
on a monthly call with the global adding that that is the level of detail
sustainability team of Six Senses that Six Senses goes into when it
Resorts. The topic of discussion comes to sustainability.
was a sunscreen that had been At Fort Barwara—the only Six
removed from all its properties Senses Spa and Resort in India that
globally because it was discovered opened late last year and made news
that when mixed with ocean water, as the venue of the Vicky Kaushal-
it impacted corals. “I am nowhere Katrina Kaif wedding—Chakravar-
close to an ocean, so why should I ty has stopped ordering commercial
discontinue that particular brand, cleaning supplies for housekeeping
I asked,” says Chakravarty. The Six as they use a lot of chemicals. “We
Senses Fort Barwara has an STP are making in-house bio enzymes
(sewage treatment plant) and all (non-pathogenic bacteria to digest
grey water is treated before being waste). These take around two
used for gardening. “The sunscreen months to ferment,” he says. The re-
The Leela Palace Jaipur. The

group has set aside `40 crore to
reduce its carbon footprint
sort creates its own toothpaste and
lip balms, and guests are taught
how to make them. “Sustainability
is a lifestyle change and one that
we need to encourage amongst our
guests,” says Chakravarty.
G
ONE ARE THE days when
luxury hospitality players
gave lip service to sustain-
ability, asking guests to
reuse their towels. “We decided
to take the road less travelled and
bring luxury and sustainability
together in a way that the guest
experiences luxury and contrib-
utes to a planet-positive world,”
says Anil Chadha, Divisional Chief
Executive, ITC Hotels. And so it
was that ITC Hotels became pio-
neers of the sustainability drive.
82 | Beginning at the design stage,
steps are taken at all ITC hotels (From left) The Oberoi Udaivilas in Udaipur sources up to 50 per cent of its
to ensure that energy, water and of the Udai Sagar Lake, Raffles Udaipur has ensured that the 21-acre island
solid waste efficiencies are maxi-
mised. From optimising the use of
natural light to meeting electrical 1
demand through wind and solar able consumption of freshwater adults commissioned by IHG
energy; conserving water through over the past five years by treating Hotels & Resorts revealed that
rainwater harvesting; treating all wastewater through on-site consumers are more mindful than
and recycling water; and attaining STPs and then using it for irriga- ever about travelling responsi-
near-zero waste generation status tion, flushing and cooling tower bly, with 82 per cent saying it is
by reducing, reusing and recycling requirements. ITC found that important to choose a hotel brand
the solid waste generated—every luxury hotels generated 250,000 that operates responsibly. The
effort is made to preserve the eco- kg of single-use-plastic a year— research found that consumers
system. While all ITC premium including 15 million water bottles; will spend, on average, 31 per cent
hotels are rated LEED Platinum— these have since been replaced more on accommodation that
a rating awarded by the US Green with Shunya, ITC’s in-house water does this. And while those are
Building Council—some, such as brand which is the result of water global figures, a survey among
ITC Windsor and ITC Gardenia in purification and glass bottling Indian travellers by Booking.
Bengaluru and ITC Chola in Chen- plants at all its luxury hotels. com revealed a similar sentiment.
nai, are zero-carbon properties. “We got rid of all plastic toiletries According to the 2022 Sustain-
“More than 57 per cent of our across hotels in 45 days. Our able Travel Research Report, 91
electrical energy is met through survey showed that most business per cent of Indian travellers say
renewable sources, offsetting travellers carried their own toilet- that they want to travel more
more than 50 million kg of CO2 ries,” says Chadha. sustainably over the coming 12
emissions annually,” says Chadha. Travellers today are also more months—a 76 per cent increase
ITC Hotels has reduced consider- conscious. A global study of 9,000 over the company’s data last year.

LUXURY HOSPITALITY
| 83
power requirements from recently commissioned solar plants within the hotel’s premises; set in the middle
around it and the lake surrounding it are not polluted
And 68 per cent cited that recent influencing the sustainabil-

news about climate change had ity movement,” says Dilip Puri,
influenced them to make more Founder and CEO of the Indian
sustainable travel choices. To School of Hospitality, and a vet-
that end, 64 per cent of Indian eran of the hospitality industry.
travellers say that the sustain- “New technolo- Anuraag Bhatnagar, COO of
ability efforts of accommodations The Leela Palaces, Hotels and Re-
and transport providers play a
gies are helping us sorts, agrees. “Sustainable luxury
strong role in their property and increase efficien- today is changing the paradigm
transport decisions, respectively. cies, which in turn as guests seek fulfilling experi-
In fact, 88 per cent of Indian will reduce costs. ences in harmony with nature and
travellers say they would be more Some of these are socio-cultural surroundings. Pur-
likely to choose a sustainable IoT-based and can poseful travel is becoming a trend
accommodation—irrespective be easily replicated and guests are choosing brands
of whether they were specifically based on their sustainability
across our hotels”
looking for one or not. initiatives and are, in fact, willing
“Customers are beginning to pay a premium,” he says. The
to demand it... And they want group has set aside `40 crore
Gaurav Pokhariyal
to know what you are doing to EXECUTIVE VICE to reduce its carbon footprint.
reduce it [your carbon footprint]. PRESIDENT, HUMAN Currently, its five owned hotels
Consumers are significantly RESOURCES, IHCL (it manages another seven) are

LUXURY HOSPITALITY
running on 36 per cent renewable

energy and will be 100 per cent
renewable by 2030. Leela already
has two LEED Platinum-certified
hotels and plans to have all the
hotels certified by mid-2023.
T
HE OBEROI GROUP, too, is
focussing on renewable
energy with several of its
hotels utilising power from
only renewable sources. For
instance, The Wildflower Hall
and The Oberoi Cecil, Shimla,
procure 100 per cent of their
power requirements from local
hydroelectric power stations,
while The Oberoi Bengaluru and
Trident Chennai get it from wind
power sources. Likewise, The
84 | Oberoi Gurugram and Trident
Gurugram source 100 per cent of (From left) Taj Exotica Resort and Spa, Andamans. Under its ESG project, Paathya,
their power requirements from hotel chain completely sustainable by 2030; Six Senses Fort Barwara has stopped
off-site solar power plants. Even housekeeping usage
luxury properties such as The
Oberoi Udaivilas and The Oberoi
Vanyavilas source up to 50 per group—India’s largest hospitality
cent of their power requirements company with a portfolio of 242
from recently commissioned solar hotels including 62 under develop-
plants within the hotels’ prem- ment—has a strategic collabora-
ises. Several hotels have efficient tion with IFC TechEmerge, where
systems for the management of “We decided to new technologies funded by IFC
water resources and quite a few take the road less are being piloted across its hotels.
have installed rainwater harvest- travelled and “These new technologies are
ing systems and STPs. bring luxury and helping us increase efficiencies,
Technology, too, plays an which in turn will reduce costs.
sustainability
important role. At Leela, for Some of these are IoT-based and
instance, sustainability goals are
together in a way can be easily replicated across our
on the general manager’s (GM) that the guest ex- hotels,” says Gaurav Pokhariyal,
scorecard. “We work with Schnie- periences luxury Executive Vice President (Human
der on an app-based tool called and contributes to Resources), IHCL.
Resource Advisor that helps us a planet-positive IHCL had earlier this year in-
track our decarbonisation efforts. world” troduced its ESG project, Paathya,
So, each GM knows how his/her as part of which it set a number of
hotel is doing,” says Bhatnagar. Anil Chadha short- and long-term sustainability
Similarly, Indian Hotels Company DIVISIONAL CHIEF goals with the intention of making
(IHCL), better known as the Taj EXECUTIVE, ITC HOTELS the hotel chain completely sustain-

with Tata Power to provide solar
energy for our Mumbai hotels for
a period of 25 years, which will get
approximately 60 per cent energy
from green sources, reducing
nearly 23 million kg of CO2 emis-
sions on an annual basis,” explains
Pokhariyal.
Of course, sustainability
comes at a cost. “Up to 2030, there
will be an annual investment in
green initiatives, which is a major
part of our capital expenses going
forward,” he says.
Puri of the Indian School of
Hospitality believes that guests
are willing to pay extra for
sustainable measures. “There is
a cost attached to sustainability
but then you charge the customer
more. While there is more of an
investment in the initial stages, | 85
the Taj group has set a number of sustainability goals with the target of making the hotels will benefit more from
procuring commercial cleaning supplies and they make in-house bio enzymes for it. They can charge a premium
for their sustainable initiatives.
Consumers are demanding it,
consumers will pay for it.”
able by 2030. In addition to going Sustainability is big globally.
single-use-plastic free, adopting IHG Hotels & Resorts—which
sustainable water management owns brands such as InterCon-
practices and renewable energy tinental, Crowne Plaza, Holiday
sources, IHCL’s sustainability Inn, etc.—launched its ‘Journey to
journey will also involve a 100 per “As guests seek Tomorrow’ programme last year.
cent adoption of UNESCO’s cul- fulfilling experi- “We call it a journey as we haven’t
tural heritage projects in the geog- ences in harmony got all the answers yet, but we see
raphies it is present in, according with nature and this as an important framework to
to Pokhariyal. It has also weaved bring together all who stay, work
socio-cultural sur-
into its operations sustainable and partner with us to shape the
practices—through new offerings
roundings... they future of responsible travel,” says
and changes in existing processes. are choosing brands Sudeep Jain, MD (South West
IHCL has entered into agree- based on their Asia), IHG Hotels & Resorts. The
ments with various players for sustainability initia- plan includes a target of 100 per
sourcing green energy. “This tives and are willing cent of all newly-built hotels to op-
source of energy is not just green to pay a premium” erate at very low- or zero-carbon
but also costs lesser [than conven- emissions by 2030. “To address
tional energy], making it an addi- Anuraag Bhatnagar this challenge, we are adding
tional incentive for our properties. COO, THE LEELA PALACE key efficiency measures into our
For example, we have joined hands HOTELS AND RESORTS newly-built brand standards, and

LUXURY HOSPITALITY
86 |
The ITC Grand Bharat in Manesar, Haryana. Beginning at the design stage, steps are taken at all ITC Hotels to
ensure that energy, water and solid waste efficiencies are maximised
are integrating revised energy effi- STP and all sewage water is ity. For instance, Ananda in the
ciency targets and design features recycled for irrigating its 17 acres Himalayas recently set up a not-
into the construction standards of gardens, with no waste water for-profit institute in Rishikesh
of those hotels already in the pipe- going into the lake. To not impact to provide free spa training to
line. In parallel, we have begun an the flora and fauna in the lake, underprivileged girls. Aashica
extensive study into how our cur- home to several migratory birds, a Khanna, Vice President of IHHR
rent design and construction prac- battery-operated boat brings the that runs the wellness resort,
tices can be modified to minimise guests from the mainland to the says: “Sustainability has to be
emissions for both operational and property. It runs on a fixed path addressed from various angles
embodied carbon,” says Jain. where disturbance is least. “We whether it is waste, community,
At Raffles Udaipur, the first are a zero-waste property,” says eco-sensitivity, conscious con-
Raffles hotel in India that opened Ritesh Mudgal, Resort Manager of sumption, etc. It’s an overall eco-
last year, sustainability is also Raffles Udaipur. To cut down on system that you need to create.”
about maintaining the environ- plastic, the hotel has shortlisted With luxury travellers de-
ment around the property. Set vendors who provide grains and manding and willing to pay for it,
on a 21-acre island in the middle spices in jute and cloth bags. “The sustainability is no longer just a
of Udai Sagar Lake, it becomes idea is to avoid plastic coming on catchphrase, but fundamental for
imperative that steps are taken to the island,” he says. luxury hospitality players.
to ensure that the lake is not Giving back to the community
polluted. The property has an is a key aspect of sustainabil- @smitabw

LUXURY Q&A
‘Every little
thing we do
should exude
luxury’
Puneet Chhatwal, MD & CEO of The Indian
Hotels Company Limited, explains what
luxury means for the Taj group of hotels,
the importance of heritage, and why one can
never quantify something like luxury
BY KRISHNA GOPALAN
AND SMITA TRIPATHI
92 | PHOTO BY MILIND SHELTE
IN THE OPULENT yet tastefully done-up Rajput Suite of to be resilient, stylish and always be a step ahead of what
the iconic Taj Mahal Palace in Mumbai, Puneet Chhat- other brands normally stand for. Only then will it manage
wal, 58, is all smiles. Business is looking up and—by to stand the test of time.
his own admission—it has been “quite an experience”
as MD & CEO of The Indian Hotels Company (IHCL). fff
With properties (and brands) spread across the globe, Tell us how it works for your brands...
Chhatwal has his hands full. The topic of luxury is In every category, we should be perceived as premium, and
close to his heart, and how to marry it with a robust that encompasses everything including Qmin, our signa-
business proposition is one of the things that keeps ture food delivery [service]. Of course, it is important to
him busy. Edited excerpts from an interview: be profitable as well. If you are a premium offering, people
will pay for it... Look at Ginger, which is lean luxury, or
fff Vivanta—within upscale, it is the most premium. There is
What does the concept of luxury mean to you? the Taj and within that, we should be among the top 10-20
Luxury is something that is special—you feel it, cherish luxury brands across the world. Our approach is that every
it and respect it, and it only keeps evolving with time. The little thing we do should exude luxury.
formula that worked yesterday in luxury is not a successful Take the Lake Palace in Udaipur or the Umaid Bhawan
recipe for tomorrow. Luxury brands are timeless. There in Jodhpur or The Pierre in New York overlooking Central
are a few things that make them unique. For instance, they Park. They were and continue to be leaders. Again, look at
don’t follow fads in the short term. They have a holistic the Taj Bengal in Kolkata or the Taj Krishna in Hyder-
perspective about everything... One cannot adopt a cookie- abad—we are simply blessed with the most iconic assets.
cutter approach to luxury. We have undergone an important exercise over the last
Luxury has evolved in a good way. With time, the pricing five years. During this time, 17 assets have been upgraded
goes up and its consumption is crisis-resistant. It is hard to to the Taj. It was a very good decision to take. In luxury,
define luxury but one needs to understand the various at- one needs to continuously re-invent and re-invest to stay
tributes that come to be associated with it. When it comes relevant while standing out. The competitive advantage
to luxury, trust is earned over time, and one has to sustain comes from your ability to define a premium and the cost of
that trust and continuously reinforce it. A luxury brand has delivery... We are blessed with our forefathers having given

us such a huge advantage. like to bring up the concept I have had many a While latent demand
My job is [to ensure] they of heritage here. There is pleasant surprise during does play a role, there is
don’t get diluted. Be flex- no substitute for it, [and it my stint here. Pilibhit also the Taj brand name. I
ible, but not at the cost of has] a very strong quotient House in Haridwar is one just bumped into someone
the brand. and does not always need such example, where we recently and he said he
It is critical to mention luxury. Heritage is ir- today charge `40,000 a was on his way to Anand
how the group culture replaceable and it could be night, or Anand Kashi by Kashi in Rishikesh… When
plays an important role a monument in any part of the Ganges in Rishikesh, I said Varanasi, he said that
here and that is going the world—be it London, where the tariff is over was next on his list. It is a
beyond the call of duty. Berlin or Paris—and it is `20,000 per night. What case of people picking up a
During the lockdown, I good we have organisa- we have noticed is the destination where there is
remember Sanjeev Kapoor tions preserving it. clear emergence of new a Taj property. That’s also
(the well-known chef trends. People are driving luxury since they don’t go
and my classmate from fff to different places. This anywhere and everywhere.
hotel management school) Does luxury make good speaks not only to our
calling me to say we must business sense? unique offerings and fff
do our bit by giving out Yes it does, and it ought service excellence, but Obviously, location is
food to those in need of it. to work financially. In ac- also to the prominence of important...
Luckily, we had the funds. counting terms, it means spiritual tourism in India. Yes, that becomes the focal
But the lockdown was pro- the break-even point may I have memories as point and we also become a
longed and we were run- go higher, but beyond that a child of going to ash- preferred choice for various
ning out of money. That’s per unit profitability also rams... or having a bath in state governments. We are
when we got money from takes off. Your ability to the Ganges. What stands about to sign deals for two
group companies such as charge is higher accom- out was [that there was] hotels each in Lakshad-
TCS, as also Tata Sons, panied by a lower cost of never a hotel in any of weep and Diu. Today, Diu is
apart from folks in the service and that gap can these locations. exactly what Fort Aguada
Hindi film industry. That become disproportionate. [in Goa] was in the 1970s.
to me is luxury since these You have to get to that cer- fff We have the courage and | 93
people knew the money tain number of units sold. Is success driven by belief to invest in a new
would be put to good use. With a strong brand like spotting latent demand? location and get the best
It started off with 250 the Taj, there is awareness I think it is. But if you out of the first-mover
meals a day, going all the and it allows you to charge try and replace it in the advantage. Plus, we have
way to 40,000 meals. All that premium. Obviously, same market, it will not the bandwidth and it shows
this was only on account there is time taken for work. In that sense, there in the kind of success in
of trust in the brand. The that process to come to is a clear first-mover Goa, Kerala and Rajasthan.
pandemic reminded all fruition. As a new entrant, advantage. Sometimes We are looking to scale
of us of the value of life you need to target a higher you take a decision based our presence in the North
and we contributed in market share and with a on a lot of research or a East now, and are aiming
a small way first from well-established brand, sound understanding of to have 25 hotels across the
Mumbai and then from you have the opportunity the market and things can seven states. We can do one
other cities—there were to do things differently. To still go wrong. There are Vivanta and two Ginger
seven-eight cities in all. cite an instance, we opened instances when you go properties... and with time,
That is the power of the our Taj Lakefront property with your gut or instinct possibly one or at best, two
brand plus the emotional in Bhopal. Here, we not and that could work. Taj properties.
connect that it has with only took away market Then, of course, there We can do it either with
the customer. share but also opened a are instances where it is a a partner or a local person
new market. combination of both. or a combination of both.
fff The ability to charge At Pilibhit House, even You must be flexible and
Is luxury restricted in also depends on market at the stage of putting the main success factor in
terms of its user base? forces. If demand is up, we together the drawings, the hotel industry has not
When you say luxury, can charge more. Or if you we knew it would work. changed and that is loca-
it generally appears to are speaking of palaces, Our estimate was that we tion, location, location! You
be restricted to certain the ability is high since the could charge `15,000- will never get the footfalls
sections of the society. guest goes there for the 20,000 per night but we otherwise.
That is not entirely true. experience and not just for have got to double that
It is like going to a good the room. You can’t quan- number... That is luxury @krishnagopalan,
school or college. I would tify luxury ever. the way I see it. @smitabw

LUXURY RESTAURANTS
The World
on Your Plate
Here’s a list of global restaurants worthy of being on your bucket list
BY SMITA TRIPATHI

T
here are plenty of good
restaurants in the world.
But what if you’re looking
for a truly exceptional ULTRAVIOLET
fine-dining experience BY PAUL PAIRET
where the food, service,
atmosphere and location are all
SHANGHAI, CHINA
exceptional? We went through the PRICE $1,270 PER PERSON
Michelin guide and the World’s 50 Best

Restaurants’ list and shortlisted these Rarely will you find a fine-dining experience
that can also give you an adrenaline rush. But this
must-visit restaurants for you. Their
20-course meal combined with lights, sounds
status also means that a table needs and smells at a secret location does just that. The
to be reserved almost three months three-star Michelin restaurant is created by French
in advance, and a no-show generally Chef Paul Pairet, who takes 10 customers on an
results in a heavy fine. Two of them interactive culinary adventure that is beyond their
wildest expectations. The journey starts at Pairet’s
are in Copenhagen, so maybe a Danish second establishment, Mr & Mrs Bund, where
holiday is also called for. diners mingle over cocktails before being driven
across Shanghai to an unassuming secret spot in a
nondescript van. There, in a sizeable room with a
single table for 10 people, your name is lighted on
the seat in front of you. A room that first appears
empty, changes with time as sight, sound, and scent
combine to provide a surreal dining experience
while the dishes are served by a masterfully orches-
trated service team.
| 95
SUBLIMOTION
IBIZA, SPAIN
PRICE $2,000 PER PERSON
For years, Sublimotion has been named as

the most expensive restaurant in the world, at
nearly $2,000 per person. So, what do you get
at that price? A futuristic, exclusive experience
for just 12 diners with a 20-course tasting menu
spread over three hours, the restaurant offers
amazing gourmet cuisine with innovative tech-
nology and mesmerising stage performances.
“We aim to turn the table into a stage and
the diner into a star,” says two-star Michelin
Chef and Founder Paco Roncero. A team of
10 Michelin star chefs works with a team of
designers, engineers, stage directors, compos-
ers and illusionists to bring to you a memorable
gourmet experience. While enjoying your meal,
your other senses will be engaged by throbbing
laser light shows, virtual reality expeditions and
projection mapping.

LUXURY RESTAURANTS
MASA, NEW YORK

PRICE $595 PER PERSON
If you are in New York, a visit to this three-star

Michelin restaurant is a must, especially if you are
fond of Japanese food. As per the Michelin Guide:
“To taste what may be the continent’s best sushi,
experience the contemplative and very exclusive
ceremony of Chef Masa Takayama’s omakase… At-
tention to detail is unsurpassed and at times it may
seem like a bit much, but a reverential spirit is part
of your meal here.” Of course, you need to book
way in advance, and in case of a no-show or cancel-
lation within 48 hours, you lose $200 per person.
GERANIUM
COPENHAGEN
Awarded the World’s Best Restaurant in 2022, Geranium is

located on the 8th floor of the National Football Stadium in Co-
penhagen, and its full-length windows afford a panoramic view of
the park. “The surprise, meat-free tasting menu sees many small,
detailed dishes brought to the table in succession; each highly cre-
ative and original, with many layers of flavour,” says the Michelin
Guide about this three-Michelin star restaurant. The focus is solely
on local seafood and vegetables from organic and biodynamic
farms in Denmark and Scandinavia. The tasting menu takes place
over a minimum of three hours with around 20 courses split evenly
between appetisers, savoury dishes and sweets.

| 97
NOMA, COPENHAGEN
This three-Michelin star restaurant is one of the most coveted restaurants on the planet. Noma and its found-
er, Chef René Redzepi, are known for creating new Nordic cuisines and inspiring an entire generation of chefs the
world over. After having won the World’s Best Restaurant award for several years in a row, it is no longer eligible
for the award. The restaurant offers three menus at different times of the year—seafood from January to June,
vegetable-focussed dishes during the summer, and game (think reindeer) in the winter. “The test kitchen is one of
the most advanced in the world and offers a tasting menu of creative, complex dishes with vivid natural flavours.
Professional, informal service puts guests at ease. Book well in advance,” says the Michelin Guide.

LUXURY AVIATION
The
High
Life
The trend of revenge travel
combined with health concerns has
resulted in an increasing number
of Indians opting to fly in the lap of
luxury, and demand is soaring
BY MANISH PANT
Concerns over privacy
and safety have spurred
enquiries for charter flights
from a much broader
segment of society
LUXURY AVIATION
E
A CONVENIENT MATTER
So, what do charter flights offer?
Almost everything you can ask
for, from a chauffeur-driven
limousine to shuttle you to the
airport to departing as per your
requirements; no serpentine
queues to greet you at the airport,
and forget about the luggage
limit. You can wander freely
onboard, conduct a hen party, in-
flight meetings, or celebrate any
EARLIER THIS YEAR, high net-worth other special occasion, along with
individual (HNI) Anurag Mahesh- savouring many exotic dishes on
wari (name changed), 43, decided the menu; everything is tailor-
to return to his hometown Kolkata made per your taste!
from New Delhi. After booking The lavish bespoke menu
their stuff with a road freighter, the includes exotic stuff such as
Maheshwaris decided to travel by Beluga caviar or Japanese sushi.
air. But there was a catch. Regula- For instance, while Club One Air
tions for the transport of their pet has a sous chef to prepare delica-
100 | Alsatian on a commercial flight cies, JetSetGo offers specialised
were cumbersome. To their horror, meals after consulting with the
they realised that the family pet passenger’s dietician. The latter
would have to travel in a kennel in also offers accessories from 100
the aircraft’s cramped cargo hold. thread-count Egyptian bedsheets
It was then that Maheshwari de-
cided to charter a private aircraft. 2
In another part of the country,
Bengaluru-based businessman
Aarush Dalavayi (name changed),
47, was worried about not being
able to make it to a wedding in the
family of a key client in Goa. By the
time he would get free on the day
of the wedding, all flights to Goa
would have left. It was then that he
hired a private jet to not just attend
the event but also return in time
for his engagements the next day.
So, it’s not just the Ambanis,
Adanis or CEOs of MNCs who are
living the high life, literally. Ma-
heshwari and Dalavayi are among
the new breed of passengers who
are embracing charter flight
services, which have traditionally
been associated with the uber rich.
1

3
and special Greek linen to per- on average. You are also required
sonalised crockery, cushions and to pay for the return leg of the
sleepwear. Moreover, the aircraft journey. The final fare is calculated
are put through a multi-stage based on the aircraft type, dis-
sanitisation check for the passen- tance covered, the time taken and | 101
ger’s safety. The on-ground con- landing and parking charges. For
cierge also offers any assistance example, the cost of a Delhi-Goa-
required by passengers in finding Delhi and Mumbai-Delhi-Mumbai
conveyance or hotel bookings. round trip currently works out to
From all your business needs `18-25 lakh and `17-24 lakh, respec-
to leisure requirements, charter tively, while international charters
services take care of everything on routes like Delhi-Dubai-Delhi
with an extra layer of luxury. and Mumbai-Male-Mumbai could
1 However, all these come at a cost. cost between `35-50 lakh and `38-
Unlike industrialists like Ratan 54 lakh, respectively, for a same-day
A fear of using regular flights Tata (Dassault Falcon 2000), round trip.
following the pandemic led Mukesh Ambani (Boeing Business
a new class of passengers to
book air charters Jet) and Adar Poonwalla (Airbus
A320), it may not be feasible for RISING DEMAND
many others to own or maintain a So, what is spurring this trend? The
2
private jet. Especially when their reason lies in the changes brought
The bespoke menu served prices range from $4.95 million to on by Covid-19. “When the first
aboard several charter $170 million for aircraft like the wave struck, a lot of people had
flights includes exotic dishes Embraer Phenom 100 and the Boe- their families stuck in different
prepared by a sous chef
ing 767-33A ER, respectively. cities. They had this fear of using
And this is where chartering passenger flights because there
3 an aircraft makes sense. For in- wasn’t much clarity. So, they hired
stance, Blade India, a JV between charters,” informs Kanika Tekri-
A comfortable seat is often
accompanied by the finest Blade US and Hunch Ventures— wal, CEO of JetSetGo, India’s first
pillows, bedsheets and linen that specialises in helicopter char- charter service aggregator.
from international brands ters—charges `1 lakh per hour Once the virus began to recede

LUXURY AVIATION
LEAVING ON A JET PLANE

POPULAR AIRCRAFT STICKER PRICE/HOUR
Hawker (Fixed-wing aircraft) Legacy (Fixed-wing aircraft)
`3.5-3.75 lakh `4.5-5 lakh

Falcon (Fixed-wing aircraft) Bell 412 (Helicopter)
`4-4.5 lakh `2.5-3 lakh

Source: Industry
Global 6000 (Fixed-wing aircraft)

Several first-time charter passengers
`6.5-7 lakh have discovered the ready availability

and flexibility offered by private jets
and international destinations ties, and anyone who can afford to

opened up, people started visit- fly in a private aircraft. The way
ing nearby destinations such as business owners travel now after
Dubai and the Maldives—mark- Covid-19 is giving wings to the
102 | ing the start of the ‘revenge travel’ growth of charter flights. “Earlier,
season. Even as scheduled airlines they used to travel alone or with
have resumed all operations, the an official delegation. But now
phobia of travelling on a commer- you often find them travelling
cial flight compels a lot of people with their families on business
to look for alternatives. “The trips,” says Rajan Mehra, CEO of
trend of revenge travel is here. Club One Air.
We have also seen an increase in However, the new clientele is
demand from people who want dominated by a higher percentage
to charter a craft to control their of business executives, who were
time,” says Amit Dutta, MD of earlier flying first class. “The new
Blade India, adding: “Today class of passengers has also dis-
we are seeing requests coming covered the ready availability and
from a much broader segment of
“The absence of flexibility offered by jets,” says
society. Such passengers may not business class Group Captain Rajesh Bali, MD
be chartering an aircraft every seats on regular of Business Aircraft Operators
month but they are open to the commercial Association (BAOA). JetSetGo’s
concept of checking out the cost flights may have Tekriwal segregates it further:
of a charter.” Companies BT spoke also led to pas- “Of the new charter flyers, around
to for the story reported up to sengers mindful 70 per cent would not use them
100 per cent increase in queries again, and the balance 30 per cent
of their privacy
for international trips after are those who could afford them
first-time travellers realised the
to charter before Covid-19, but were not
convenience of using private jets aircraft” using them.” So, the market size
for international travel. has increased. Club One Air, the
These passengers are a mix of Kanika Tekriwal country’s largest charter service
corporate clients, HNIs, celebri- CEO, JETSETGO provider, claims to have retained

up to 50 per cent of the passengers will allow multiple owners to not
added during the pandemic. only share the cost of purchasing
Tekriwal also attributes this rise an aircraft, but also the freedom
to shrinking business class seats to use it. Club One had tried to
in a market dominated by low-cost introduce the concept in 2006, | 103
carriers. “The absence of business but it didn’t take off then due to
class seats on regular commercial taxation and regulatory hurdles.
flights may have also led to pas- But things are different now.
sengers mindful of their privacy “Fractional ownership is going to
to charter aircraft,” she says. give a huge boost to business avia-
The UDAN-Regional Con- tion as it will allow people outside
nectivity Scheme, which was of India Inc. to consider owning an
launched in 2017 to connect aircraft,” says Bali.
remote areas, is also benefitting As per aviation regulator
charter operations as regional air- DGCA, the 95 non-scheduled op-
ports have improved substantially, erator permit holders in India had
allowing charter flights to travel “Earlier, they a fleet of 330 charter aircraft as
to the country’s interiors. “Small- [businessper- of April 2022. With consolidation
er towns of India are throwing up sons] used to happening, Group Captain Bali
consumers like never before,” says travel alone or predicts “the number of opera-
Club One Air’s Mehra. with an official tors may come down further”.
delegation. But However, “the number of private
aircraft is bound to increase”.
YOUR FLYING MACHINE now you often “It was okay to travel by a Rolls-
Very soon, you won’t have to be find them travel- Royce or be seen with a $100,000
a Tata or an Ambani to own a ling with their Birkin bag, but it was not okay to
private jet. Enthused by the grow- families on busi- travel by a private jet. But that per-
ing market for charters, Group ness trips” ception is slowly changing,” is how
Captain Bali is working with Tekriwal sums up the situation.
BAOA members to offer fractional Rajan Mehra
ownership of private aircraft. This CEO, CLUB ONE AIR @manishpant22

That Rich
Holiday
Here are some of the most lavish vacation experiences
to bookmark for your post-pandemic adventures
BY SMITA TRIPATHI
THE WHITE DESERT

WHERE TO BOOK white-desert.com
PRICE $62,500 per person
Explore Antarctica, considered as the last continent, in small groups via

private jet from Cape Town, South Africa. Winner of 5 World Travel Awards,
White Desert operates three camps in Antarctica. These camps accommodate
only 12 guests per trip. Under the care of specialist guides, you have access to
a range of polar activities such as crystal cave walks, ice-climbing, hiking and
abseiling from a nearby mountain. White Desert’s camps are sold on a per trip
basis, with the shortest trip being around five days. This includes private jet
charter to Antarctica from Cape Town, fully hosted accommodation, meals,
drinks and activities on ice as well as a five-hour round trip flight within Ant-
arctica to see the 28,000-strong Emperor Penguin colony.

PRIVATE
ISLAND
WHERE TO BOOK www.chevalblanc.
com/en/maison/randheli
PRICE $30,000 a night
Nothing spells luxury like a

vacation on a private island. And when
that island is in the Maldives, you can
be assured of white sands, blue skies,
magical sunsets and the breathtaking
turquoise water. The Cheval Blanc
Randheli Private Island is the epitome
of opulent privacy, with a huge four-
bedroom villa tucked away on its own
dedicated island. The private island is
the pinnacle of luxurious, contempo-
rary island life. It has exclusive ameni-
ties including its own spa, a sizeable
outdoor pool, immaculate beaches, | 105
and exotic plants, as well as, of course,
a committed team of personnel to at-
tend to your every need.
LUXURY EXOTIC HOLIDAYS
SAILING ON THE
HIGH SEAS
WHERE TO BOOK Through a travel agent or online
PRICE Between $80,000 and $150,000 per week
Yes, of course, you can go on a luxury cruise. But do

you know what’s an even more luxurious way to sail the
high seas—a private yacht. It offers you greater flexibil-
ity in making an itinerary and access to more secluded
ports of call. And, most of all, it promises privacy, exclu-
sivity and personalised service. Your yacht, your rules—
so dance under the stars, chill in the jacuzzi, or explore
tracks that are off the beaten path. Travel with family
and friends, or by yourself—whatever takes your fancy.
Rest assured, all your needs will be taken care of. The
Mediterranean is hugely popular, led by destinations like
Croatia, Greece, Turkey, Italy and Spain. The Caribbean
is also a long-time favourite.
106 |
AROUND THE
WORLD
WHERE TO BOOK fourseasons.com/privatejet
PRICE $130,000
You can’t beat private jets as the epitome of luxury

travel. Especially when you are flying around the world
in one. Four Seasons Private Jet Experience, which has
been providing a variety of private jet holidays over time, is
bringing the first journey of its kind in December this year.
A 13-day itinerary filled with wildlife experiences, ancient
historical treasures and natural wonders, the tour takes you
from Athens to Giza to the Serengeti to Mauritius, Rwanda
and Johannesburg.
FLYING FIRST
WHERE TO BOOK www.singaporeair.com
PRICE $10,000
(New York-Singapore in February 2023)
Flying first class is definitely a memora-

ble experience, and more so with Singapore
Airlines. On its Airbus A380s, the carrier
offers ‘Suites’ where you get a full bed com-
plete with a reclining, swivelling seat. If you
are travelling with a loved one, the divider
between cabins can be removed to make a
double bed. A sliding door gives you privacy.
There is an en-suite wardrobe, and you dine
on your personal dining table in proper bone
china from Wedgewood. Pre-book your meal
from an international panel of chefs. And as
if that’s not enough, there are well-appointed
lavatories to complete your suite experience.

Lamborghini
launched Huracán
Tecnica (`4.04
crore) in India four
months after its
global launch
LUXURY AUTOMOBILES
The
YOLO
Wave
Luxury carmakers are singing the ‘you
only live once’ tune to lure younger
buyers, and it seems to be working
BY PRERNA LIDHOO
LUXURY AUTOMOBILES
Y
YOU ONLY LIVE ONCE. Aka YOLO. In 2012, this new
‘word’ was shortlisted by Oxford American Diction-
ary in its English Word of the Year list, after it became
part of millennial lingo following Canadian rapper
Drake’s track The Motto. Even as millennials swing
110 | and ‘live’ by YOLO, another community has taken
The Porsche
Taycan Turbo S;
a particular liking to the word—global luxury car- prices start at
makers such as Mercedes-Benz, Audi, Lexus, Lambo- `2.34 crore
rghini and others. The word has become synonymous in India
with their engagement strategy for a whole new set of
shoppers—the millennials and the GenZ. Even India,
which is considered to have a predominantly savings-
based mindset, has taken to YOLO with gusto, which
experts argue has only risen post the Covid-19 pan-
demic. Net effect: the market for super luxury cars to Knight Frank data. The number is expected to rise
(above `2.5 crore) in India is set to more than double 39 per cent between 2021 and 2026.
this calendar year to 600-650 vehicles. According to Martin Schwenk, Managing Director
“There has been a definite mindset change in In- and CEO of Mercedes-Benz India, with every new car,
dia where traditionally one-third money was kept the average age of customers is decreasing, right from
aside as savings. The YOLO effect is at play here. the entry-level A-Class to the top-end S-Class. “The
They want to save for a rainy day but they don’t want S-Class’s average customer age is now 38 years com-
to save for the next generation,” says Naveen Soni, pared to 50 even a few years ago. This trend is emerg-
President of Lexus India, adding that people are now ing in metros as well as in Tier II markets. Our young
buying luxury cars as their first car because their upwardly mobile customers are increasingly consum-
social and financial needs are met by the previous ing luxury products, and a Mercedes-Benz suits their
generation. The luxury vehicle division of the Japa- lifestyle and personality. Successful enterprises, a
nese automaker Toyota said that by July 2022, it had buoyant stock market, a positive business environ-
crossed the sales of the whole of last year. That, Soni ment, combined with an aspirational lifestyle have
says, is credited to the growing number of ultra high been driving luxury car growth in India,” he says. In-
net-worth individuals (UHNIs) in the country, which dia’s largest luxury carmaker retailed a record 7,573
grew 11 per cent in 2021 to 13,637 from the year earlier, units in the January-June 2022 period, growing by 56
the fastest pace in the Asia-Pacific region, according per cent YoY as compared to 4,857 units a year ago.

DREAMS ON WHEELS
A positive business environment and an aspirational
lifestyle have been driving luxury car sales in India
FY21 SALES FY22 SALES
ROLLS-ROYCE AUDI AG
21 17 409 1,088
BENTLEY JAGUAR LAND
MOTORS ROVER INDIA
13 26 1,706 1,923
AUTOMOBILI BMW INDIA
LAMBORGHINI
5,856 8,320
28 63
MERCEDES-BENZ
PORSCHE AG GROUP
251 413 7,260 10,874

Figures are retail sales in units; Source: FADA
TAILORED FOR ME luxury carmakers in differentiating themselves. Mer-

Schwenk says that with a younger audience coming cedes-Benz today has the largest collection of connect-
to the fore, customisation is the key driving factor for ed luxury vehicles—67,000 of them—in the country.
luxury buyers. “Customisation reflects their person- Italian carmaker Lamborghini, too, has seen a
ality in terms of colour, accents, combination. For ex- growing demand for customisation combined with
ample, the new Mercedes-Maybach 680S takes indi- cutting-edge technology. “While the Indian market
vidualisation to the next level with designer wooden is very small and niche, the buyer segment is very
backrest trim to different types of upholstery, alloy evolved. People spend up to 25 per cent of the car val-
wheels, and certain features like rear-axle steering, ue in personalisation. They want to create a car that
urban guard protection, steering wheel, Burmester reflects their lifestyle. From unique colours, stitching
sound systems, among others. In terms of colour and patterns on the leather, young buyers are going
combinations, there are 10 options for a special two- in for all sorts of customisations,” says Sharad Agar-
tone paint to make each Maybach distinct,” he adds. wal, Head of Lamborghini India. “Some people want
“Another brilliant example of tech-driven personali- their initials embossed in the interiors. They want to
sation and sensory experience we recently debuted in change the colour of the leather. That’s why each and
India with the EQS is the MBUX Hyperscreen, which every Lamborghini is unique in its own way.”
has 800 personalisation parameters,” he says. With the age of the average luxury buyer coming
And technology, of course, plays a huge role for down, there has also been a shift in where that buyer

LUXURY AUTOMOBILES
The
Mercedes-
Maybach S600
Guard (`10.5 crore);
India’s largest luxury
112 | carmaker sold a
record 7,573 units customers can get their car customised from 55 exte-
in January-June rior colours, eight interior colours, and seven wooden
2022 inlays, enabling an array of personalisation options.
A BATTLING MARKET
comes from. “Five years ago, the typical buyer was a While some luxury carmakers are seeing record book-
third- or fourth-generation entrepreneur largely re- ings, the overall market has shrunk since pre-pandem-
stricted to metro cities. We thought we needed to have ic times. According to ICRA, the market contracted
a strategy that drives consistent growth in the mar- by almost 50 per cent from about 39,640 in CY2018
ket independent of what’s happening in the external to about 19,439 in CY2020. Last year, the industry
environment. We observed wealth is not restricted crossed around 30,000 units. Lexus’s Soni expects
to Tier I cities in India. Today, we have Lamborghini that the industry could cross its highest volume mark if
owners in more than 50 cities and many of them are the supply side pressures subside. “While the industry
first-generation entrepreneurs,” says Agarwal. had slipped post the pandemic, the good news is that
Balbir Singh Dhillon, Head of Audi India, agrees: there has been a strong rebound and there’s enough
“More young people, especially in the category of headroom to grow,” he says.
start-up owners and young professionals, are keen on While luxury car sales in India are a piffling 1 per
experiencing luxury at an early age. They have both cent of the total market, in Japan the penetration is 5
the desire and means for it. From the Audi A4, which per cent, in the US it’s 15 per cent, and in China, it’s 17
is our entry-level sedan, right up to the RS e-tron GT, per cent. Automakers say that one of the biggest fac-
which is our top-end electric car that costs upwards tors that’s keeping them from growing is India’s tax
of `2 crore, we have seen a rise in first-generation structure. Luxury vehicles currently attract the top
buyers over the last two years.” The kind of customi- GST slab of 28 per cent with an additional cess of 20
sation that Audi India has seen includes customised per cent on sedans and 22 per cent on SUVs, taking the
alloy wheels, seats, seat belts, inlays, exterior colours, total tax incidence to up to 50 per cent. The way to insu-
cool box and so on. In the newly launched Audi A8 L, late yourself from global supply fluctuations and battle

The Lexus LX
2022 is expected
to be launched in
India in January next
year, at roughly
`2.32 crore
these challenges, Soni says, is to make the cars in In- threshold sales volume in India, allowing us to make
dia. Lexus’s largest-selling product in India, the ES, is strong projections for the future, which is a prerequi-
fully built in India. “The number of products sold in site for any fresh investments,” says Dhillon. He adds | 113
the mass market and number of products sold in the that all of Audi’s internationally available models are
luxury market are practically the same. Which means available for India. “Our EV supercars, the Audi RS
per car sales in the luxury car market has to be much e-tron GT and the e-tron GT were launched in India
lower and the cost of getting a part is much more. within a few months of their global launch. Likewise,
We’re trying to go from completely built units (CBUs) our RS (performance) models were launched in India
to completely knocked down (CKD) kits,” he says. within months of their global launch,” he says.
Schwenk says that Mercedes-Benz’s production For luxury carmakers, a big part of their long-term
facility plays a vital role in its CKD network and is the strategy is to bring new models faster to India. “There
backbone of its India success story. “Mercedes-Benz used to be typically a 6-18 month delay. If we’re say-
has been making in India since 1995 and with 13 CKD ing India is an important market, we need to look at
products, we have one of the largest portfolios of lo- it differently. When we launched the Urus in 2018,
cally produced luxury cars in India. Ninety per cent India was among the top five markets where it was
of our sales in India comprise products that we make rolled out. For Huracán, too, India became the first
here. Our localisation efforts have evolved over the market after its global unveil to launch the car,” says
past two decades. From internal combustion engines, Lamborghini’s Agarwal. Technica, too, was launched
we are now transitioning to manufacturing EVs and in India four months after its global launch. With ev-
have adopted digitisation widely across our shop ery launch, Lamborghini wants to demonstrate that
floors,” he adds. He says that along with local value India is an important market. Taxes, though, are a big
addition to world-class products, the carmaker has hiccup, he adds. “If there’s some rationalisation of
also developed India-specific products like the long taxes, there’ll be more growth because the size of the
wheelbase E-Class. India is also the first market after market today does not reflect the kind of wealth and
Germany to make the Mercedes-Maybach limousine. aspirations we have in this country.”
For Audi, too, currently, the A4, A6, Q5 and Q7 are That, of course, has been the story of luxury cars’
locally assembled in India. “As of now, we have enough biggest challenge in India all along.
capacity to cater to the current demand. To make any
more investments, we require to achieve a certain @PLidhoo

LUXURY SNEAKERS
Just for
Kicks
A pair of sneakers is functional and comfortable.
Here are some that could also turn heads
BY ABHIK SEN
S
hoes maketh the man’ goes an sole” it said of the collaboration with shoe
old saying. If you must make a designer Dominic Ciambrone. Luxury
statement, a pair of shoes seems brand Balenciaga, too, kicked up a storm
the perfect fit. And there are some online when it released the distressed
crazy things happening in ‘sneakerland’ version of its Paris High Top Sneakers.
lately. Take, for instance, a shoe filled with Featuring “fully destroyed” details like
actual beer! Heineken recently came out rips and scuffs, it retailed for $1,850. While
with a pair of limited-edition sneakers you may dismiss these as gimmicks, for a
called Heinekicks, which had Heineken serious sneakerhead, here are a few pairs
Silver beer filled in its soles. “Beer for your essential for your wardrobe.
LOUIS VUITTON AND NIKE

‘AIR FORCE 1’ BY VIRGIL ABLOH
WHERE TO ENQUIRE louisvuitton.com y INDICATIVE PRICE €2,000 ONWARDS
Virgil Abloh, the late men’s art director for the luxury fashion brand, had created 47 bespoke editions of the
Louis Vuitton and Nike ‘Air Force 1’s for his Louis Vuitton Spring-Summer 2022 collection presented in June 2021.
Of these, nine editions were released to stores at €2,500 for mid-tops and €2,000 for low-tops. Featuring Abloh’s
distinct style, the Italy-made shoes are crafted out of the finest leather and materials. Among the shoes available
in stores is the classic all-white sneaker embossed with the LV logo; two-tone editions in white with green, red or
blue detailing; a metallic gold sneaker; and a Damier edition. Go ahead and gift yourself a piece of history from this
posthumous collection.
LUXURY SNEAKERS
BALENCIAGA DEFENDER
WHERE TO BUY balenciaga.com
INDICATIVE PRICE $1,090 ONWARDS
Is it a tyre? Is it a shoe? This pair from Balenciaga is guaranteed to

make you—or those around you—do a double take. This showstopper
from designer Demna Gvasalia—known for his outlandish creations—is
possibly the most outrageous of them all. At first glance, it looks like the
top half of a sneaker fused to a tyre, and you might wonder whether wear-
ing them would be comfortable. But slip them on and you would feel as
if you’re floating—at least that’s what some users say. This pair does de-
serve a place in your wardrobe, though you should think twice before you
walk on potholed roads while wearing them, despite the tyre reference.
116 |
DIOR X AIR
JORDAN 1 LOW
WHERE TO ENQUIRE dior.com
Did you know that NBA great Michael Jordan is in some

way connected with a bulk of the most expensive sneakers
ever sold? Either these are kicks worn by the basketball star
or they belong to the iconic Air Jordan line. And when luxury
fashion house Dior collaborates for an Air Jordan line, get-
ting these made-in-Italy kicks is a no-brainer. These limited-
edition low-top sneakers, made from wolf grey and sail white
leather, feature the classic Jordan 1 design. But what sets this
pair apart from other Jordans are the grey Dior monogram
pattern within the Nike swoosh and the Air Dior wings on
the back of the heel. They’re difficult
to lay your hands on, but you might
just get lucky online.
| 117
PRADA DISTRICT
LEATHER SNEAKERS
WHERE TO ENQUIRE prada.com
Life is a sea of colours. But sometimes you want things in black and
white. That’s when you will feel the need for this high-top pair made
from calf leather. Its clean lines and classic styling make this lace-up
pair your go-to sneakers when you feel the need for something contem-
porary yet understated. Featuring a panelled design with contrasting
trim and a triangle logo, these ankle-length shoes with a monochrome
pattern and high levels of detailing complete the sporty, yet sophisti-
cated, look. This contemporary classic is a must for your wardrobe.

LUXURY SNEAKERS
ADIDAS X GUCCI GAZELLE

WHERE TO BUY gucci.com y INDICATIVE PRICE $850 ONWARDS
The Gazelle sneakers from Adidas have been around for more than five decades—from Bob
Marley to Kate Moss, it has graced the feet of many a celeb. This line presents Gucci’s take on these
all-time favourites. From the Gucci logo all over the shoes to the iconic three stripes of Adidas, this
pair combines the classic features of the sportswear giant with the signature styling of the fashion
brand. This is what sets this canvas pair apart from the regular edition of the Gazelle, while retaining
the same levels of comfort. Get a pair of the high-fashion version of these classics and you will stand
out in a sea of Gazelles.

LUXURY REAL ESTATE
A PALATI
Once a playground of the traditional super-rich, the country’s luxury real esta
Embassy
Grove. Today,
consumers are
more conscious of
the amenities and
facilities they require
when looking for a
home
Prestige
Hermitage I.
While the luxury
property market
continues to remain
limited, the dynamics
may change over the
next five years

IAL NEST
ate market has heated up with the entry of the nouveau riche BY ARNAB DUTTA
The lobby
of Prestige
Leela Residences.
After Covid-19, more
homebuyers are
going for 5,000-
6,000 sq. ft
homes
Embassy
Lake Terraces.
Luxury villas and
plots in commun-
ities where buyers can
design homes,
are in high
demand

LUXURY REAL ESTATE
I
are just a few instances of standalone properties grabbing attention due
to their sheer scale, a closer look at the property market indicates that in
spite of the pandemic and the economic uncertainties in recent times,
demand for luxury real estate is booming.
According to Reeza Sebastian Karimpanal, President, Residential,
Embassy Group, uber-luxury villas and plots in self-sustained com-
munities where buyers can design homes are in high demand. “Mod-
ern homebuyers have more access to information than ever before, are
well-read, well-travelled, and committed to the environment. With
this upsurge in awareness, consumers are more conscious of the ame-
nities and facilities they require when looking for a home that caters
to a global lifestyle,” says Karimpanal. She points out that earlier lux-
ury homebuyers were primarily the ultra high net-worth individuals
(UHNIs), high net-worth individuals (HNIs) and even non-resident
Indians (NRIs). “However, in 2022, we anticipate a rise in the number
of first-time homebuyers investing in luxury properties due to favour-
able interest rates and more disposable income,” she says.
IN EARLY JULY, when Bollywood star According to her, home loan interest rates—that remain below pre-
Ranveer Singh finalised his sea-fac- pandemic levels despite recent hikes—and the phenomenon of work
ing quadruplex apartment, the eye- from home have played a role in developing buyers’ affinity towards
popping deal grabbed the attention luxury homes. This has led realtors to offer homes that are more condu-
of the citizenry immediately. At cive to the ‘live-work-play’ lifestyle. Now, homebuyers are increasingly
122 | `119 crore, the ultra-luxury apart- seeking larger homes with flexible layouts, designated work areas, more
ment on Mumbai’s picturesque natural light and ventilation, outdoor spaces, and other features, such
Bandstand is spread across the 16th as lap pools that cater to their overall well-being. “NRI investments in
to 19th floor of a renovated building Indian real estate hit an all-time high of $13.1 billion in CY21 and may
that stands close to the iconic Man- rise to $14.9 billion in 2022. A substantial percentage of these NRIs
nat—home of Bollywood megastar make up India’s international UHNI population, and about 55 per cent
Shah Rukh Khan. While the 11,266- of those who own real estate in India will allocate their wealth towards
sq. ft property, with uninterrupted buying a second home here,” says Karimpanal. In India, residential
views of the Arabian Sea, is surely a properties priced above `8 crore are considered luxury, except for the
rarity in India’s residential property Mumbai market, where `12 crore and above is the benchmark.
market, the country’s elites are in- The demand for luxury homes and changing consumer prefer-
creasingly investing in luxury prop- ences post-Covid-19 have also been noticed by Swaroop Anish, Execu-
erties post-Covid-19. tive Director at Prestige Group. After Covid-19, more homebuyers are
In spite of the deal size, Singh’s is now going for 5,000-6,000 sq. ft-homes that usually fall in the luxury
not the only such transaction in the category, he says. The Bengaluru-based real estate major has already
past one year. In Kautilya Marg, at launched some of the key projects in the city like Prestige Leela Resi-
the heart of Delhi’s Diplomatic En- dence and the Kingfisher towers, where a 4-BHK apartment may cost
clave, a `137-crore bungalow easily over `30 crore. To cater to the growing demand for such properties, it
found a buyer, while the 25,000 sq. ft has launched projects in Mumbai, the largest market for luxury real
family home of iconic film director- estate. After successfully completing its Prestige City in Mulund, it is
cum-producer B.R. Chopra in Mum- now eyeing two key luxury projects in Pali Hill and Marine Lines.
bai’s Juhu fetched `183 crore in June. As per analysis by the real estate firm JLL India, the majority of
Much like Singh, his contemporary, locations in South Mumbai, such as Altamount Road, Cuffe Parade,
actor Rajkummar Rao, too, bagged a Nana Chowk, Nepean Sea Road, among others, are predominantly
3,456-sq. ft triplex apartment in the luxury markets, with bungalows or apartments priced upwards of
posh Juhu area at `44 crore from co- `12 crore. “The most preferred micro-market in the National Capital
actor Janhvi Kapoor. While these Region for high-end properties are South and Central Delhi, with tra-

coming into the luxury market.
DWELLING IN LUXURY Additionally, there is an influx of
start-up founders, who have sold
Delhi has seen the highest number of expensive
properties sold in the past 18 months their stakes recently and made big
bucks,” Goyal says.
Location Sub-market Area Price Property Recently, names such as Vijay
(sq. ft) (` crore) type Shekhar Sharma of Paytm and the
Mumbai Juhu 25,000 183 Bungalow Chaudhrys of Aakash Educational
Delhi Kautilya Marg, 13,950 137 Bungalow Services, who made fortunes by
Diplomatic selling their stakes, have purchased
Enclave homes in locations like Golf Links
Mumbai Bandra 11,266 119 Quadruplex and Vasant Vihar in Delhi. While
Delhi Vasant Vihar 18,000 100 Bungalow Sharma of Paytm spent `82 crore
for a Golf Links home, Chaudhrys’
Delhi Sunder Nagar 7,794 85 Bungalow
Vasant Vihar property is estimated
Delhi Shanti Niketan 9,000 84 Bungalow to have cost `100 crore. Zishaan
Delhi West End 10,800 82.5 Bungalow Hayath, Founder of Toppr, which
Delhi Vasant Vihar 11,250 70 Bungalow was acquired by edtech major
BYJU’S last year, has bought a
Hyderabad Jubilee Hills 23,796 48 Bungalow
4,000-sq. ft sea-facing apartment
Delhi Vasant Vihar 5,400 45 Bungalow in Bandra for `41 crore.
As per JLL’s analysis, markets
DATA FOR APRIL 2021-AUGUST 2022; SOURCE JLL INDIA, INDUSTRY
like Bengaluru, Chennai and Pune, | 123
which were missing from the luxu-
ry realty landscape even a few years
ditionally upmarket areas like Golf Links, Jor Bagh and Sunder Nagar ago, are now making their mark.
remaining high in demand, majorly due to limited availability and lush Even Hyderabad’s Banjara Hills
greens, along with the presence of the city’s VVIPs and political power and Jubilee Hills are witnessing
resting here. Localities in South Delhi, like West End, Vasant Vihar deals worth up to `48 crore. Data
and Shanti Niketan, too attract luxury buyers due to good social and shows, across the five markets—
physical infrastructure,” says Samantak Das, Chief Economist and Delhi-NCR, Mumbai, Bengaluru,
Head of Research and REIS, India, JLL. Golf Course Road in Guru- Pune and Chennai—at least 50 lux-
gram, for instance, attracts HNIs, MNC expats and corporate execu- ury projects are being developed,
tives, chiefly due to its proximity to the city’s central business district, with prices ranging between `8
along with world-class amenities being offered by the developers in crore and `49 crore. That is, howev-
the area. Bungalows in South Delhi and Central Delhi, with plot area er, just the beginning. According to
ranging between 5,400- and 10,800 sq. ft, are preferred, while for Prestige Group’s Anish, while the
apartments, it ranges between 5,000- and 8,000 sq. ft. luxury property market continues
to remain limited, over the next five
years the dynamics may change.
M
oreover, the recent rush for luxury homes has got “In my view, the `1-1.5 crore unit
significant impetus from start-up founders and stake- size market, which is the most lu-
holders as well, those who have made big bucks, says crative segment currently for us,
Das. As per Amit Goyal, Chief Executive Officer-India, will move up to `3 crore a unit. And
Sotheby’s International Realty, a US-based luxury real estate firm the `3-crore units segment will
that deals in such properties, influx of money from VCs resulting in become a `5-crore segment in the
a large number of millionaires and billionaires in the Indian start- next five years,” he says.
up landscape, has played a crucial role. “Of late, we are increasingly
noticing a lot of professionals, like lawyers, architects and doctors, @arndutt

LUXURY CINEMAS
Glitzkrie
Whether you want to watch a movie curled up in bed or in seven-star
comfort, here are a few options you can check out
124 |

eg C
inephiles who want a dash of luxe to go with their movie-
watching experience have a plethora of options to choose
from. Whether it’s about immersive cinema experiences at
rooftops or a bed lounge movie, this list has it covered. And
one experience is entirely different from the other. If one is looking
for a truly luxurious, comfortable movie experience, then this list is
what you need.
| 125
INOX INSIGNIA
WHERE TO BOOK INOX MOVIES APP AND
WEBSITE, PAYTM, BOOKMYSHOW
TICKET PRICE `1,000-1,500
INSIGNIA is INOX’s ultra-luxurious

movie-watching experience. From excel-
lent screening and sound systems to plush
leather recliner seats with micro-adjustable
neck rests and gourmet food with a butler
on call, Insignia is India’s first seven-star
movie-viewing experience. Whether it
is about check-ins, projection and sound,
ordering food or comfort, patrons are in for
the slickest of indulgences at INSIGNIA.
Currently, INOX operates INSIGNIA
screens in cities like Mumbai, Delhi, Benga-
luru, Kolkata, Chennai, Pune and Jaipur.

126 |
PVR
DIRECTOR’S
CUT
WHERE TO BOOK
PVR CINEMAS APP AND WEBSITE,
PAYTM, BOOKMYSHOW
TICKET PRICE: `1,000-1,600
A few years ago, India’s largest

cinema chain PVR launched Director’s
Cut, which exemplifies luxury movie
watching experience at its best. There
are only four such screens in India (all in
Delhi-NCR) with a total seating capac-
ity of 246. Such a theatre boasts of a spe-
cial D-Box to watch films, plush leather
recliner seats with a call button and
luxurious lounges. It also comes with a
dedicated concierge service, along with
Barco Series RGB 4K projection, Dolby
7.1 surround system and Next-Gen 3D
technology. Affluent customers appre-
ciate the best in-class services and the
unique experiences that Director’s Cut
has on offer.

LUXURY CINEMAS
CINÉPOLIS VIP
WHERE TO BOOK CINÉPOLIS
INDIA APP AND WEBSITE, PAYTM,
BOOKMYSHOW,
TICKET PRICE `500 ONWARDS
Cinépolis is a global leader in the

luxury cinema segment. In fact, it was
the first exhibition chain to launch the
luxury cinema segment, back in 1999
in Mexico. It operates luxury cinemas
through its sub-brand called Cinépolis
VIP, which offers patrons benefits such
as plush recliner seating, butler on
call, and a curated menu that includes
Italian, Mexican, American as well as
Indian cuisine. As part of the luxury
movie experience, along with premium
interiors, each VIP auditorium comes
equipped with cutting-edge projection
and sound technologies.
| 127
SUNSET CINEMA CLUB

WHERE TO BOOK SUNSETCINEMACLUB.IN
TICKET PRICE `400-2,000
Sunset Cinema Club is all about immersive cinema experiences that help one
break away from the conventional movie-watching experience of a theatre. It screens
both commercial and cult movies in settings such as drive-in cinemas, rooftops, micro-
breweries, venues by the beach, bars, hotels, amphitheatres, etc. In addition to its own
IPs, it organises shows for corporates and clubs, and does private screenings as well. It
works with venues—across Mumbai, Bengaluru, Delhi-NCR, Pune and Lucknow—to
add a new layer to the movie-watching experience, be it in terms of F&B, ambience or
just a resemblance to the storyline or characters of the film being screened.

LUXURY MOHANJEET
The
Quiet
Pioneer
Mohanjeet Grewal, who introduced Indian
high fashion to Paris in the 1960s and to the
world thereafter, is held in high regard among
fashion pundits. Yet, she is largely unknown in
her country of origin
BY SAKSHI BATRA
LUXURY MOHANJEET
An Extraordinary Journey
1964
Launches her first store in Paris
called “La Malle de l’Inde” after mov-
ing to the French capital. Today her
store is called Mohanjeet
1952
Mohanjeet Grewal travels to
the US for a Master’s in Politi-
cal Science at the University
of California, Los Angeles,
1970
Jane Fonda wears Mohanjeet for
followed by a PhD at Berke- Vogue magazine. By this time,
ley. She also has a stint as a Grewal is a top designer in the
journalist fashion circuit
I
WILL GO WHERE the sky meets the
earth, I used to tell my father, who
was a Director of Education at Pa-
tiala in Punjab. And he would say,
‘Go on, run then Minto’ and I have
been running, chasing my heart,
my dreams ever since, and there is
so much more I want to do,” says
Mohanjeet Grewal—who turned
92 recently—in her honeyed, qua-
vering voice, narrating her magical
journey from Lahore to Paris, the
fashion capital of the world.
Today, Indian fashion is known
for its cultural heritage, rich co-
lours, natural textiles, intricate
designs and elegance, and is often

1974
A model wearing a ‘mini-
2021
The Indian Embassy
saree’ by Mohanjeet. in Paris felicitates
This was an iconic Mohanjeet Grewal for
creation of the designer her achievements in the
field of fashion and her
store completing 50
years
2022
A model at a street
fashion show by Mo-
1996
Hollywood actress
hanjeet, celebrating
beauty everywhere,
with models from
Cameron Diaz wear- any age, size or co-
ing a kimono made lour, under Parisian
from a red and gold Platanes trees at the
Banarasi saree de- famous Boulevard de
signed by Mohanjeet Port-Royal, Paris
spotted on global runways. But It was in April of 1964 that Grewal became the first Indian designer
what is not widely known is that to set up a store on Rue de Bac, a fabled street on the left bank of Paris.
Grewal—or Mohanjeet as she is Called “La Malle de l’Inde”, or The Indian Trunk, she literally brought
known in fashion circles—has had in trunk-loads of Indian textiles into France with 3,000 francs loaned
a big part to play in introducing the by a friend; she borrowed another 7,000 francs from another friend to
grandeur of Indian fashion and fab- set up the shop. This store took the world’s fashion capital by storm “at
rics to the world. once” says Grewal, who can well be called the grande dame of Indian
“Mohanjeet has been critical in high fashion.
letting the world know about Indian We are meeting at her tastefully done-up home at Nizamuddin in
craftsmanship and creativity. Her Delhi, and her living room seems to reflect her personality. There are
work and personality are building books, magazines, art, and huge posters of Andy Warhol and Raphael.
stones for India’s textile power and On the walls are Grewal’s photographs from her younger days as also
crafts at large,” says Vaishali Sha- photos she has clicked, including those of Indira Gandhi and Jawahar-
dangule, who owns a Mumbai-based lal Nehru, who she interviewed many times while working as a scribe.
eponymous couture brand and has She clearly has a thing for Buddha statues, as 37 of them in varied sizes
also showcased Indian weaves at the adorn her living room, along with other bric-a-brac.
Paris Haute Couture Week. What is absent is a television set. Ask her about it and she says: “I

LUXURY MOHANJEET
never had one, either in Paris or here in India. I like to read the newspa-
per every day and I do listen to the radio but have never watched TV.”
Ask Grewal about what led her to fashion and being an Indian de-
signer in Paris, and she is quite candid. “I never knew fashion would
be my calling since I had never undertaken a formal course in design,
nor did I work with sketches. In fact, I was a journalist with no con-
nection at all with fashion,” she says in her charming way. There was
a trigger, though, but more on that later.
H
ERS HAS TRULY been a chequered journey. Grewal, born
in Lahore, moved with her family to Patiala a night before
Independence. At a time when very few women pursued
higher education in India, she went about her studies
with zeal, setting her sights to study at a university abroad.
Finally, she got lucky. In 1952, she travelled to the US after winning hemline above the knee in 1967 and
a scholarship to pursue a Master’s in Political Science at the Univer- later gold-rimmed dhotis styled as
sity of California, Los Angeles. She followed this up with a PhD at the wraparounds, which put her cre-
University of California, Berkeley. “I owe the urge for gaining higher ations on the pages of top French
knowledge to my father. He was so passionate about education, and fashion magazines. What put her in
this was the greatest gift he gave me,” she says. While still a student, the top league was the freewheel-
Mohanjeet worked as a guide with the UN; after finishing her stud- ing bohemian chic style, which
132 | ies, she worked as a journalist with the now-defunct New York Herald she introduced to Paris in the Six-
Tribune newspaper, and later The New York Times, before leaving for ties. It made her so popular that at
Vienna to work at the International Atomic Energy Agency. She then one point in time, she was running
moved to Paris to work for Unesco. seven stores in the fashion capital,
She recalls an incident while working for the UN agency. One day, with even the French designers
she was in the US, dressed in a saree, which she regularly used to wear imitating her style.
to the office. Someone looked at her attire and asked, ‘Are you from Her influence began infiltrating
Israel?’ It was then that she realised that no one outside of Unesco the wardrobes of prominent cli-
knew about India and what it has to offer. That was the trigger. “All I ents including actresses Catherine
wanted was to showcase and sell India’s craftsmanship to the world. Deneuve, Jane Fonda and Brigitte
I came back to rediscover India, and I was so excited by the vibrant Bardot, and even Princess Caro-
colours of Rajasthan, the brightness and spark all around, which was line of Monaco and the famous de-
in complete contrast to the blacks and the greys of the West. Even if signer, Yves Saint Laurent. Not just
one were to come with a mission to find something ugly in India, they her clothes, her clients loved being
would not be able to find it,” says an animated Mohanjeet. served cardamom and clove tea
The first few things she designed for the fashionable French were when they visited the store.
red coolie shirts and pocketed vests in menswear. Later, she went “Yonks back, I remember when I
on to sell white chikankari kurtas from Lucknow and khadi kurtas had done a show in Paris, I was walk-
in different colours. Then she created the bold mini-sari with the ing near Saint Honoré Street (a leg-
“Mohanjeet clearly ruled the Paris fashion scene in the Seventies

and the rag trade belonged to her. She is known for many innova-
tive ideas, and clearly did it before everyone else”
Rina Dhaka, FASHION DESIGNER

Models wearing
Mohanjeet’s
creations. What
put her in the top
league of designers
were her creations
in a freewheeling
bohemian chic style
endary Parisian address and a tem- Even when I was young, I would have different socks on each foot, vis-
ple to haute couture) and I saw this ible under cuffed salwars; [I] wore abstract geometric prints and even
beautiful shop of Mohanjeet who Sikh karas instead of glass bangles,” she says.
clearly ruled the Paris fashion scene Grewal believes that what she creates is ultra-luxurious and is in no
in the 1970s,” says well-known fash- way inferior to French creations. She worked with rare, authentic and
ion designer Rina Dhaka, adding exclusive fabrics, and showcased a variety that could hardly be found in
that the nonagenarian is “known for one small store in Paris and so she never had any discounts or sales.
many innovative ideas, and clearly Even at 92, Grewal’s eyes sparkle when someone asks her what she | 133
did it before everyone else”. wishes to do next—such is her passion for life and work. She still regu-
larly climbs stairs, avoiding the elevator. To this day, she works long
G
hours, many times into the early hours of the morning and, when in
REWAL SPREAD her Paris, is at her store every single day.
wings further and ex- Now she is planning a homecoming of sorts. After half a century of
panded her offerings successfully showcasing her work on the global landscape, Grewal plans
to Spain, Monaco and to open a store at her Delhi home. While she’s excited about it, there are
the US. She sold her designs to re- also other things in the Indian capital to keep her busy. For example,
tail chains such as Ann Taylor and there’s a trust she set up in Delhi some time ago that helps educate young
Bloomingdales, and went on to have Muslim girls. “I help her find such needy girls and the trust pays for their
a presence on the prominent Fifth education. While it is small now, Mohanjeet has big plans and miles to
Avenue in New York. She even had go before she sleeps,” says her friend and neighbour in Delhi, Tamanna
her fuchsia pink ghagra displayed Varma, a freelance investment consultant who helps run her trust.
on the opening pages of the US edi- The aura of her home is such that time seems to stand still as we listen
tion of Vogue magazine. However, to her speak with passion about her life, her story and her undying spirit
all of this was not without ups and to do more. This is despite the fact that we are sitting in the sweltering
downs. Grewal herself admits to Delhi heat during a power outage. But our two hours are up and it’s time
having made many mistakes as to leave. As we part ways with a beaming Grewal, one cannot but reflect
business, she says, is her Achilles on the fact that how, despite living in Paris for over 50 years and all that
heel; but her survival instincts have she has achieved in the city of lights, love and fashion, she is truly an
kept her going. Indian soul, who retains her Indian passport to this day. It seems quite
Her sense of fashion, Grewal ironic then that Mohanjeet Grewal, despite being a true ambassador of
says, resembles her life: unre- Indian fashion globally, is still relatively unheard of in the fashion cor-
strained and free. “I never followed ridors of India. Her Delhi store could remedy that.
any rules of fashion. I made sarees
that I wore with collared shirts. @sakshibatra18

LUXURY PHOTO ESSAY
The Essence
of Luxury
O P U L E N C E I S N O T G A W D Y. I T I S
S E N S U A L , S U B T L E , C L A S S Y. H E R E A R E
FIVE EMBODIMENTS OF TRUE LUXE
PHOTOS AND TEXT BY BANDEEP SINGH
L
IKE ANY TRUE ARTIST, Alok Lodha, 56, doesn’t want to sell some of his
jewellery pieces. These are pieces the fastidious second-generation
jeweller—more a passionate gemstone collector really—works on
for years and sometimes, even decades on end, to complete. Because
he may not find the right intensity of the last two pink-red matching
rubies (of the total 196 precious stones) to complete the five-string
identically graded, antique necklace. Or because he may be fervidly
scouting sources around the globe to lay his hands on natural Basra
pearls with the perfect lustre and exact size for the bracelet that he has sketched. On
other occasions, he will not think twice about cutting a 51-carat emerald into almost
half its size to fashion a rare hexagonal shape. Then there are gemstones in his col-
lection so exquisite, like the gargantuan 185-carat emerald, which have the poten-
tial to become national treasures, let alone priceless heirlooms. His flagship store in
Delhi’s old-money alcove, Sundar Nagar, primarily displays jewellery created around
gemstones of rare provenance and exquisite value. This ravishing necklace named
Greenesence—priced at `1.5 crore—is fashioned around a deep green Colombian
emerald weighing 35.09 carats. To cover a natural fissure in the middle of the stone,
a 3.23-carat solitaire has been set on top of it in a unique kissing technique fashioned
by round and oval cut diamonds weighing 43.67 carats. In painting terms, this would
mean a one of a kind Cezzane canvas, where the painter deliberately painted a peach
in the middle of his apples.
y MODEL SHREYASI GOPINATH y MAKE-UP ARTIST KHUSHI JANGID

LUXURY PHOTO ESSAY
T
HE CATALOGUE OF the rugs of the Brah-
maand (universe) Collection, by design prodigy
Ashiesh Shah, shows images of them strewn
across desert landscapes. The indigo orbs sur-
facing out of the khaki tones of the dunes in oth-
erworldly contrast—almost like holes on a flat
earth—look like portals opening into the deep
blue recesses of interstellar space. Made in col-
laboration with Jaipur Rugs, arguably India’s largest handmade
rug maker, the mandala-shaped rugs are an outcome of meticu-
lous craft, beginning from the picking, hand carding and spin-
ning of the wool into a very fine yarn and its subsequent weaving
with intricate finishing processes. The finished pieces, woven
using wool dyed with ombre hues of indigo, vibrate with a fu-
sion of influences—from Rajasthani architecture to miniature
paintings, zodiac wheels, Indian sacred geometry, Raza’s Bindu
paintings and neo tantric art—all of them osmosing into the lay-
ered and very Zen geometric patterns of the rugs. The designer
further involves weavers and artisans to reinterpret the designs
of the Brahmaand series by ‘weaving in’ their folk motifs and
geometrical shapes to create a unique range of rugs called the
‘Brahmaand Manchaha’ collection (pictured is a 5 ft x 8 ft oval
rug from the collection, priced at `9.24 lakh). The term means a
universe fashioned by the heart. Charged with the weavers’ lived
influences and self-guided asymmetrical improvisations, the
contemplative core of the design comes alive like the hum of a
mantra chant. More than just a fine rug, it is, for some, a personal
patch of the infinite.
y MODEL SHREYASI GOPINATH y DIGITAL IMAGING

AMARJEET SINGH NAGI
Business Today 4 September 2022
Business Today 4 September 2022
LUXURY PHOTO ESSAY
T
HE SPECIAL LINE of bespoke handmade shoes by the sul-
tan of couture, J.J. Valaya, walk his walk. Evolved from the
bloodline of the ornate mojris and juttis that accessorised
the Indian groom in the Nineties and at the turn of the cen-
tury, and their embroidered, velvet-fused leather lovechild,
the pump moccasin with mughal cut silhouettes in the last
decade—this range of meticulously crafted, hand embroi-
dered and hand stained leather shoes of the Alma Collection launched last
year, leave a footprint of understated opulence—much like Vallaya’s recent
oeuvre. The formal oxford shapes are disrupted by a risqué side placement
of the laces and the more sculpted than ornate upper is welted onto the sig-
nature leather soles of the shoes that cost `69,000 for a pair. The hitherto
singular motifs embroidered on the vamps of the shoes have opened up into
multiple aureate patterns—made with rich yet minimal patches of rich silk
thread work or gold zari embroidery. What steps out is as much a shoe for
a grand reception as it is for the nightclub. Both bandhgala suit and jeans
friendly, yet married to none, it makes an edgy personal style statement.
Sure to lower all eyes.
y MAKE-UP ARTIST KHUSHI JANGID

LUXURY PHOTO ESSAY
Coffee ‘cherries’ being picked in the higher reaches of a plantation in Araku Valley
A
BOUT 120 KM north of Vizag in Andhra ers in open and fair profit sharing of lucrative economic
Pradesh, along the rolling hill slopes models, guided by very efficient marketing and high
of Araku Valley in the Eastern Ghat value addition of products created with global standards.
are plantations of coffee that occupy What these grand words translate into on the ground is
the same space in the minds of coffee coffee that is grown as per specially earmarked ‘terroirs’,
drinkers as what Darjeeling does in special pockets of biodiversity plantations with nutri-
the minds of tea aficionados. The cof- ent and microbe-charged soil and climate combinations
fee grown in the region by the indigenous farmers of the that pack the ‘cherries’, coffee beans with dense natural
valley under the aegis of Hyderabad-based Naandi Foun- sugars that yield batches with distinct clarity, natural
dation is being acknowledged as among the finest in the fruity sweetness and rich complexity. Only the bright-
world. Its primary taste is that of a revolution. For the est red coffee ‘cherries’ are chosen for processing. The
past 15 years, a silent ecological upheaval is underway in graded beans are dried in moisture-controlled units with
the region in which the coffee bean is the spearhead of a distinct techniques of creating specialty coffees with-
transformational model of growth developed by Naandi, out the use of any chemicals or single-use plastics. These
termed Arakunomics by The Rockefeller Foundation. coffees range very high on global tasting parameters, and
This is centred on the deliberate development of native are auctioned to select buyers in micro lots that can range
forest biodiversity, and the practice of organic, biody- from `12,000 to `20,000 per kg and go up to `2 lakh per
namic, and regenerative agricultural techniques that is kg in international resale. The world is waking up to the
encouraged in the area by making the farmers stakehold- smell of coffee from the Araku Valley.

Restaurateur Aditi Dugar of
Mumbai-based Masque at
a coffee tasting session in
Araku Valley
F
OR THE SEEKERS of light that we all are, Gautam and Prateek
of Klove Studio illuminate a new path of lighting design. The
bulbous and often breathtakingly delicate blown glass shapes
assimilate into grand light installations that break the glass
ceiling of design and claim the wall space as art. Over the years
the materiality and form of the lights (that is, if the mega, tint-
ed-glass petalled chandeliers, complex feral foliage forms and
atavistic totemic shapes can be called lights) has far exceeded
their function to provide aesthetic luminance. They have instead become cy-
nosure glass artworks for several corporate buildings, celebrity homes, public
spaces and numerous art exhibitions. The Grasshopper light is unlike any
other light in Klove Studio. The tortuous linear wood and metal light arms,
inspired by the shape and kinesis of a grasshopper’s legs, fold back into sym-
metrical oblong hand-blown glass bulbs, all placed horizontally at different
levels to create a masterpiece of asymmetrical form. “It has a mid-century
influence, contemporary sensibility and a timeless appeal,” says architect
Vaishali Kamdar. Despite its massive shape and weight—at over 75 kg and a
price tag of `17.5 lakh—the piece charges the space with a dynamic minimal-
ism. It is a light in its own spotlight.
y MODEL SHREYASI GOPINATH y OUTFIT PUNEET KAPOOR LABEL y MAKE-UP

ARTIST VINEET RAWAT y HAIR GAYATRI RAJPUT
FMCG DIGITAL
BITING
INTO TECH
F R O M G A U G I N G Y O U R M O O D T O
I N N O V A T I N G A N E W P R O D U C T
A N D I M P R O V I N G S U P P L Y C H A I N
E F F I C I E N C I E S T O D E L I V E R I N G
T H E P R O D U C T T O Y O U R D O O R S T E P,
F A S T E R D I G I T A L I S A T I O N I S
T R A N S F O R M I N G T H E W A Y F M C G
M A J O R S D O B U S I N E S S
BY ARNAB DUTTA
ILLUSTRATION BY ANIRBAN GHOSH

F
company digitised its communication processes that
helped it keep the business running during the first
Covid-19 wave. Motivated by that, it has deployed the
programme to transform its supply chain, product de-
velopment and go-to-market strategy as well. “Based
on the principle of ‘customised off-the-shelf’ strategy,
we decided to customise our products based on spe-
cific consumer needs instead of trying to invent prod-
ucts on our own every time,” he says. Following this,
they have also moved to digitise their distribution
management system in partnership with Ivy Mobility,
a consumer goods tech-solutions provider.
Peres says that the next phase came in descriptive
analytics and creating a dashboard that helps them
identify potential micro-markets through analysis of
sales data. Additionally, it has adopted an app called
FROM INSTANT NOODLES and potato chips to shaving “Parinam” for its frontline salespeople to accurately
creams and body lotions, packaged consumer goods measure their sales performance. This has led to happi-
have brought unprecedented convenience to our daily er customers. Data analytics, coupled with an integrat-
lives over the past few decades. While the variety and ed business planning system, helps it forecast demand
choice of new products on offer have increased mani- at the shopper level with 95 per cent accuracy. “Since
146 | fold, for the average consumer hardly anything has we started, it has improved by three times,” he says.
changed in their favourite products. But if you look Kellogg is not alone. At the country’s top FMCG
closely enough, even for the humble pack of wafers firms—from Hindustan Unilever (HUL) and ITC to
or body lotion, everything from how its raw material Nestlé India, Dabur and Marico—digital transforma-
is procured to how it is produced, packaged and deliv- tion has been at the core of their success in recent times.
ered has undergone a sea change. Sanjiv Mehta, CEO and MD of HUL, concurs, adding
The reason for that is the various digital-led pro- that earlier FMCG companies used to procure raw ma-
cesses that manufacturers are rapidly adopting across terials at scale to keep the costs down. “But now, we
their myriad operations. While leading industry play- are... creating ecosystems involving consumers and op-
ers have deployed resources for years to digitise their erations, where data and tech are taking centre stage,”
sales and distribution channels, this time around, the he says. According to Mehta, digital transformation
use of digital tools has encompassed all key elements will be a key factor in building the “HUL of tomorrow”.
of their business—from sourcing of raw materials to To that end, HUL began with digitalising its go-to-
supply chain and inventory management to manufac- market strategy by developing a mobile app called “Shi-
turing lines, consumer insights and product develop- khar” for its retailers that had 100,000 kirana stores till
ment. The impact of this digital push—on the coun- early-2020 and currently has around 700,000 stores.
try’s `10.4-lakh crore fast-moving consumer goods So, even when salespeople do not visit the stores, re-
(FMCG) market—is prominently visible in the rapidly tailers can place their orders via the app. HUL has also
evolving ways in which FMCG players conduct critical implemented high levels of automation at its fulfilment
tasks such as gauging a customer’s moods, research- centres to cater to the retailers in real time. Further, it
ing a new product, improving supply chain efficien- has tied up with State Bank of India to ensure that retail-
cies or delivering the products to your doorstep. ers get paperless credits through the app. Not only that,
For instance, American food giant Kellogg’s local Mehta harks back to the time when most of the market
unit, which has been in India for nearly three decades, research was done physically. And then, R&D teams
initiated a digital transformation programme some would create prototypes, test them and conduct dry
three years ago. According to Prashant Peres, MD for runs based on those insights. But now, all of that is done
South Asia at Kellogg, in the first leg of its project, the through simulations, Mehta says, adding: “The entire

FMCG DIGITAL
ROLLING
WITH TECH
FMCG majors are betting
heavily on digital technologies
process of getting insights into contactless ordering by retailers
like AI and ML to transform
the consumers’ mind—from businesses and direct communication with
their changing behaviour and trade partners, especially during
emerging demands to placing the absence of a salesforce. The
the products on the shelf—is app also uses ML for hyper-per-
The pandemic has accelerated
taken from our intelligent the speed of digitalisation as
sonalisation of displayed prod-
ecosystem. This also helps in the share of online sales has ucts. Further, to improve sourc-
our decision-making, be it our surged to 5-8 per cent in FY22 ing, Banerjee says, the company’s
pricing strategy across SKUs from 1-2 per cent in FY20 Astra project allows for optimal
(stock keeping units), whether buying, better price recovery and
to invest in distribution chan- enhanced operational efficiency.
nels, or promotion and in From sourcing to “The AI-powered tech platform,
which media.” manufacturing to supply chain ITCMAARS provides person-
Salt-to-cigarettes major to consumer insights, digital alised, hyperlocal solutions for
ITC, too, is banking on digi- technology is the new mega- the farmers, while the physical
tal tools to stay ahead of the trend of the decade layer enables last-mile delivery of
curve. According to Shuva- products and services,” he adds.
dip Banerjee, Chief Digital At ITC’s AGM this year,
Marketing Officer at ITC, the Improving operational Chairman and MD Sanjiv Puri
company is rapidly adopt- efficiencies, cost optimisation had said that the company is in-
ing digital processes with a and gauging the consumer vesting in cutting-edge digital
trends early with the help of | 147
specific focus on consumers, technology are benefitting the tech to shape a new paradigm of
experience of its services, leading FMCG firms competitiveness, create innova-
supply chain management tive business models and tap new
and manufacturing. Under its opportunities. According to him,
‘smart consumer’ initiative, ITC is exploring new frontiers
This could be a great
it has taken a multi-pronged differentiator between across the entire value chain to
approach with tools like Sixth behemoths and smaller add significant impetus to digi-
Sense that includes a custom- players in the long run, as tal marketing, commerce, prod-
er data hub, moment market- companies with deep pockets ucts and operations initiatives.
ing, ITC e-store and e-com- are surging ahead Meanwhile, Banerjee claims
merce. Through Sixth Sense, that its digital drive has already
its teams track conversations borne fruit by improving pro-
on social media and trends on ductivity and optimising costs.
e-commerce platforms, and For instance, he adds, various
then analyse the data with artificial intelligence (AI) initiatives of digitalisation and implementation of In-
and natural language processing (NLP) prediction dustry 4.0 tech has enabled ITC Paperboards and the
tools. According to Banerjee, this has improved the specialty paper business to expand its margin by 230
chances of success of every new launch and also helps basis points over the past two years.
in targeted promotions. If ITC is bullish about transforming itself through
Banerjee explains that to improve consumer experi- digital tech, executives at ayurveda major Dabur In-
ence at its hotels, on its D2C platform and for its statio- dia are also not resting on their laurels. According to
nery business, ITC has launched three additional apps. Mohit Malhotra, CEO of Dabur India, the Ghaziabad-
First, the ITC Hotels App enables customers with easy based FMCG major has been infusing future-ready
access to room and F&B reservations, food delivery tech like AI/ML, robotics and automation to drive
and loyalty benefits, among others. Second, its Unnati greater efficiency across the organisation. It has cov-
app for trade partners has already onboarded 300,000 ered processes such as supply chain, manufacturing,
outlets, while its virtual salesman app Viru enables and sales & marketing to reduce costs. In addition,

FMCG DIGITAL
“Recognising the “We have partnered

need of enterprises with Google to
to have distinctive deploy its data-
digital capabilities, led marketing and
HUL is investing in programmatic
cutting-edge digital capabilities... and
tech to shape a reached audiences
new paradigm of interested in our
competitiveness, brands via high-
create innovative reach platforms
business models like YouTube, OTTs,
and tap new gaming and news
opportunities” apps”
SANJIV MEHTA MOHIT MALHOTRA

CEO AND MD, HINDUSTAN CEO, DABUR INDIA
UNILEVER
148 |
tech is being used for maintenance scheduling, down- campaigns for brands like Nasal Drops, Shwaasamrit
time analysis, and assets health management to en- and Broncorid across smart screens inside doctor clin-
sure smooth functioning, while the company has al- ics in Delhi-NCR,” he adds.
ready been using a digital procurement system for key
A
raw materials, services and capital goods for nearly
two decades now. “This not just saves valuable time CCORDING TO VRIJESH NAGATHAN, Chief
and money, but also creates the potential for micro- Information & Digital Technology Officer
analysis of every step of the e-procurement journey. of Marico Limited, the company has adopt-
We also engage tech extensively in the area of trace- ed a healthy mix of in-house and commer-
ability, besides tracking of shipping containers and cial off-the-shelf digital solutions depending on the
transport vehicles,” says Malhotra. Further, last year tech’s maturity, time-to-market, customisation and
it deployed a dynamic visualisation tool of its digital cost-benefit analysis. It has also planned significant in-
coverage and added new outlets with geo-tagging fa- vestments for the modernisation of its core tech stack
cilities to track and operate its field sales force with and migration to the cloud. “Currently, we are driving
real-time actionable data. a cloud-based data-lake migration along with planning
“We have also partnered with Google to deploy its for future data streams. This will provide a boost to the
data-led marketing and programmatic capabilities to AI/ML initiatives that we are undertaking,” Nagathan
target dedicated audience cohorts on digital. We have says. Digitisation of its logistics processes and creating
reached audiences interested in our brand categories an end-to-end payments process has helped it reduce
via high-reach platforms like YouTube, OTTs, gam- vendor payment cycle time by around 75 per cent. The
ing and news apps,” says Malhotra. Moreover, Dabur’s company has also implemented geofencing of its facili-
extensive collaboration with Amazon has led to sharp ties to enable auto-reporting of shipments through an
targeting of category shoppers via programmatic ads integrated system of SIM-based tracking. “In FY22, we
for its brands like Odonil and Dabur Chyawanprash. implemented a robotic automation-based order man-
“We worked together with Lemma Technologies, agement platform that has reduced order processing to
which helped us run real-time contextual advertising a fraction of a second, while simultaneously managing

“To keep our “Based on the
new product principle of
developments ‘customised off-
targeted and cost- the-shelf’ strategy,
prudent, we are we decided to
integrating our customise our
market expansion products based on
with tech. Measures specific consumer
like these have needs instead of
helped us launch trying to invent
customised products on our
products and also own every time”
kept costs in check”
PRASHANT PERES
SURESH NARAYANAN MD, SOUTH ASIA, KELLOGG
CHAIRMAN AND MD,
NESTLÉ INDIA
| 149
the complexity and variability in demand,” he says. wards their total sales has surged by 200-300 points
Nestlé India, the country’s largest packaged foods to 6-9 per cent. In comparison, the share of modern
company, is utilising digital tech to achieve the goal trade (in large-format departmental stores) remains
of rapidly expanding its portfolio and rural footprint at less than 6 per cent for the entire FMCG segment.
while keeping the costs of expansion in check. Ac- According to experts, while modern trade continues
cording to Chairman and MD Suresh Narayanan, to remain a growth prospect, its downside was ex-
the company’s drive to extend its presence—to some posed during the lockdowns. For instance, while at
200,000-odd villages, from 70,000 now with target- the end of 2019 the share of modern trade had surged
ed product placements—is strongly backed by digital to a record 10 per cent of the industry revenue, it
tools. It has also tied up with start-ups like Elastic- plunged to zero during the lockdowns. E-commerce,
Run, a rural B2B e-commerce platform, to help boost meanwhile, enjoyed a dream run, while also offering
its expansion, along with utilising the wholesale convenience to consumers.
route for quicker expansion. According to a report by analysts Abneesh Roy
To keep its new product developments targeted and Tushar Sundrani of Edelweiss Securities, FMCG
and cost prudent, Narayanan says, the company had companies are integrating their operations across
tied up with digital analytics start-up Midas that now suppliers, inventory management and distributor
helps it assimilate and take decisions based on data management. Earlier, they used to be separate, work-
collected from its retailers and consumers. Measures ing in silos. “Quantifying the impact of all these initia-
like these have helped it launch customised products tives and IT systems will be difficult for now. But what
for micro-markets while keeping costs in check. is certain is that it will help with a number of critical
The accelerated push for digitalisation among the levers, right from order generation to order servicing
country’s leading FMCG players is not without ratio- to maintaining lower inventory, helping reduce write-
nale. Data shows that since the pandemic, consumer offs and increase market returns,” they said. The digi-
behaviour has changed rapidly—leading to a steep tal push is here to stay for FMCG players.
rise in sales via online channels. From ITC to HUL
and Nestlé to Marico, the share of online channels to- @arndutt

INTERVIEW UDAYAN MUKHERJEE
‘Marico is not just

my company’
Harsh Mariwala, Chairman of Marico, says he doesn’t consider himself to be the
owner of the FMCG major and talks about his journey as an entrepreneur
PHOTOS BY MILIND SHELTE
150 |

M arico
Chairman
Harsh
Mariwala,
who comes
from a
business
family, set up the consumer products
business practically from scratch. Over
the past four decades, he has not only
the bottom. I had to travel to rural areas, appoint
distributors—even stay with the distributors in small
towns where there were no hotels.
Then, we appointed an ad agency and the first thing
I told them was that I wanted to spend one week with
them to understand how advertising is created. So, this
experience of learning everything from scratch has
really helped me in terms of understanding how things
work at the bottom. And then matters were compli-
cated by my large family, my father, three of my uncles,
followed by five of my cousins in the same company.
built Marico into one of the leading So, how you untangle yourself in a large family was a
FMCG companies in the country, big challenge for me. It took two to three years, [and] I
but has also transformed what was had to show a lot of patience. But, ultimately that also
essentially a family-managed business worked out. So, I have no regrets. Overall, I feel good
into a professionally managed one. that I was able to start from scratch and build a com-
Mariwala, who has seen the FMCG space pany of good repute, before passing it on to profession-
als. Marico has transitioned from an owner-managed
transform over the past few years, says
company to a strategic investor-led company.
Marico views every disruption as an | 151
opportunity. In a candid conversation Q: Nor should you have any regrets. I’ve been
with Business Today’s Global Business reading all of this in your wonderful biogra-
Editor Udayan Mukherjee, Mariwala phy, Harsh Realities, where you mention that
talks about the learnings from failure, you tried to get into business schools as a
succession planning and what the future young man but failed to get admission. This,
holds for the company. Edited excerpts: you say, was a blessing in disguise. Why?
A: You are absolutely right. I tried getting into business
schools in India. Then, I wanted to go abroad but my fa-
ther said no—he was wise enough to know that when I
came back and joined the family business later, I would
Q: Harsh, if you had to assess your own career be deeply frustrated. After all, in a typically family-
over the last four decades, would you be fully
satisfied? Had you been told as a young man
that this is how it will pan out, would you have
grabbed it with both hands? “I have created Marico from a
A: The short answer is yes, Udayan. But let me delve a perpetuity point of view, and
little deeper in terms of what I expected from myself not to sell it. I am preparing it
and how it all turned out. So, first of all, I am just a
graduate; I have not done anything beyond my
from a long-term point of view
B. Com. Yet, at the very outset, I was absolutely clear in terms of the role of the board
that I was not going to work for anybody else. I had and what kind of decisions it
to run my own business. So, from that point of view, will take over a period of time”
full marks; I never worked for anybody else. I joined
the family business at a very young age of 20 and built
this business of consumer products [Marico] virtually
from scratch. It was completely a family-managed managed business, there are no systems, no profes-
organisation. There were no professionals; there was sionals. Similarly, had I come in after doing an MBA, I
no one to teach me, and we were not in consumer would not have gone through the learning curve which
products to begin with, so I had to start virtually from I had to, simply because I was not qualified, [and did

notch FMCG business, I had to hire the best quality
talent—best in terms of qualifications, attitude and
also overall performance. I think that belief developed
in my formative years, of always investing in talent.
It played a crucial role in the success of Marico. I
always looked for individuals who were better than me
because I was not a functional expert. I had to recruit
the best-quality marketing professional… the best
quality sales professional in the hope that they would
bring their experience to the table and add value to the
company. Many entrepreneurs think they know it all,
and that is the biggest mistake they make. They do not
try to recruit somebody who is better than themselves.
Perhaps it is insecurity. But I had a different view: I
always needed to recruit someone better than what I
was in that particular functional area. And then I was
able to empower that individual and delegate to them,
without abdicating my responsibility.
Q: There’s an interesting anecdote in your

book where Uday Kotak says that there are
two kinds of companies in India: the king
and his subjects type—a family-run company
where the boss thinks he knows everything;
152 | and the other being the value-driven company,
where all decisions are taken keeping only the
firm’s interests in mind regardless of what the
owner thinks. He puts Marico in the second
category. But when you look at the ecosystem
today, candidly, do you see more of the first
category?
A: I would say if they are family managed in terms of
leadership, they are more in the first category—the
king and his subjects. The biggest problem I find
amongst entrepreneurs in India is that they think the
company belongs to them. If you’re running a company
that is a public limited company—you may be the
majority shareholder, the promoter, or the found-
er—that doesn’t entitle you to call yourself owner,
not have] a postgraduate, MBA qualification. So, I especially when you have diluted your ownership to
think, it worked out well in my favour. My father prob- many other shareholders. It’s not right to say that this
ably said no as he thought I would never come back to is my company. I never say Marico is mine; okay I may
India. Maybe, he thought, I would get married to some- have a majority holding and that’s fine. But, it is not my
one there and stay on. In those days we were obedient company and I have to look at all the stakeholders, even
to our fathers, and I couldn’t say no to him. Today if I the smallest of shareholders and have to always decide
say no to my children, they will just rebel and do things in the interest of the company and not in the interest of
their way. But those days were very different. promoters. Unfortunately, many promoters think their
interests come first, followed by the interests of the
Q: Yet, when you went about setting up Marico company, which is just not right.
from scratch, you sought out people with
the very academic pedigree you lacked. All of Q: The turf for FMCG has changed a lot today.
them came from the best business schools, When you were bringing the company up,
and had worked for the best companies. Why? you were up against giants like Hindustan
A: I was absolutely clear that if I were to run a top- Unilever or P&G but today there are smaller,

nimbler players like Nykaa, Mamae- ON D2C brands of ours would add up to about `500
arth, the Good Glamm Group, who crore of business. That is a great start.
The emergence
are chipping away at the edge and of D2C is a huge
plugging product gaps in the market. disruption. Some Q: Yes, and some of these will
Is this a very different kind of chal- of the entry inevitably stumble; and in your book,
lenge that Marico has to contend barriers that you speak a lot about failures and
with today? existed earlier like how important failures have been in
distribution and
A: Let me go deep into this subject. The infrastructure, your career.
FMCG business has always been seen as required big A: Absolutely. Unless you experiment, unless
one of the most defensive sectors, in the budgets. Now you fail, you’ll never learn because there are
sense that very little discontinuity impact- D2C brands limitations to market research. No amount
ed the sector. But today, the emergence of can do digital of market research is going to give you all the
marketing, not
D2C (direct to consumer) brands is a huge advertise on answers. There is just no shortcut to launch-
disruption for FMCG. Some of the entry mass media, or ing products and testing them with real con-
barriers which existed earlier, in terms of create a massive sumers. So, it’s vital for organisations to take
distribution, infrastructure creation— distribution that risk and study the consumer reaction,
you had to distribute your products into network; [and]
not only to the product but the brand name,
sell through
thousands and lakhs of outlets to achieve e-commerce the packaging, the pricing, and so on.
a certain scale. You had to advertise on platforms. Let me give you one example: about
mass media like television or print, and that eight or 10 years ago, we identified an op-
required big budgets. Now in the case of ON LEARNING portunity to get into baked snacks under
D2C brands, you can do digital marketing; FROM FAILURES the brand umbrella of Saffola. At that time,
you need not advertise on mass media at all; there were no baked snacks, but the biggest
you don’t need to create a massive distribu- We identified an mistake we made was in thinking that since
tion network; [and] you can sell through opportunity to get it was under the brand name Saffola, health | 153
into baked snacks
e-commerce platforms. So those old entry under the Saffola would have to be the salient plank and so
barriers have vanished. On top of that, there brand. Since it we gave preference to health over taste. We
are many funders who are eager to fund you, was under the failed to realise that it was an impulse prod-
and so we have seen brands like Mamaearth Saffola brand, we uct. If you’re sitting in the afternoon with
and others that have emerged in the last few thought health
would have to
a cup of tea, or with a drink in the evening,
years. For us, there are two ways of looking be the salient you want something that is tasty and not
at it: One is to view these entrants from a plank. So we just healthy. So, the consumer rejected the
threat perception—that is how they will gave preference product but there was a huge learning for us
impact my core business; another is to look to health over in that failure.
taste. We failed
at them through an opportunistic lens. After a few years we decided to go into
to realise that it
At Marico, we have chosen the second was an impulse Saffola oats. Halfway through, we realised
path—viewing this discontinuity from an product and that Indians like savoury breakfasts and not
opportunistic angle. We have acquired three the consumer sweet breakfasts. So we asked, can we do
brands which are D2C. The first was Beardo, rejected it, but what Maggie did to noodles, by offering a
there was a huge
in beard-related products; the second was learning. range of savoury oats? We profiled the con-
Just Herbs in personal care; and we have just sumer preference in each and every state,
acquired a foods company, True Elements. this time going overboard on taste.
ON TALENT
We also have two or three of our own D2C For example, in Tamil Nadu, we had a
brands. The key is not to have the same As I was not a Pongal Masala Oats and some other states
mindset in managing the FMCG business, functional expert, where they require a hotter version, we
as you do with the D2C business. So we have I had to hire the offered that instead. This time, the product
put all these three brands plus our own best talent… in was a huge success. We have an 80 per
brands at a different location, manned by a the hope that
they would bring
cent share in that market, which is now a
different team much younger, and they have their experience `300-crore category, just by learning from
been told to work nimbly like a small outfit. to the table and the failure of our baked snacks foray. So,
Now, the challenge is, can you scale them add value to the there is always a silver side to any failure
up? Beardo, for example, this year we expect company. in terms of learning, as long as you can anal-
to do `100 crore of business, and over the yse what exactly went wrong and apply it in
next two years, we expect that the D2C your next initiative.

Q: Would you place Kaya in your list of company does not belong to me and the organisational
mistakes? Could it have been handled better? interest comes first and then my personal interest. So
A: In short, the answer is yes, we could have done a though I was not ready to step down, I stepped down in
better job. Though it was picking up, all of a sudden the interests of the company. The needs of hierarchical
this pandemic came in. Over the last two years, we’ve society meant that my children would inherit my role,
had a terrible time in terms of closure of our clinics. but at that time my son was not ready, and also not that
April onwards, things have bounced back and we have keen to run an operating company. So, I took that step.
a new CEO in place, but we have made mistakes. This Looking back it has been a very good step, because it
is a very complex business compared to the FMCG freed me in terms of doing a lot of new things that I
never thought I would be able to do if I was running the
company hands on.
So, earlier Marico was a promoter-managed com-
“Unless you experiment,,
pany; now it is more of a strategic investor-driven com-
unless you fail, you ll pany, where we are the biggest investors. So, I don’t
operate the company on a day-to-day basis, but I have
never learn because there review meetings with the management and the team. I
are limitations to market may be spending two-three days a month on Marico.
research. No amount of As far as my son is concerned, he is already running
market research is going a very successful investment office, which has done
to give you all the answers. exceedingly well. He has found his calling in that par-
There is just no shortcut ticular area, so I don’t think he would like to step into
Marico’s shoes. But, if you ask me what would happen
to launching products over a period of time, I think I would like to step down
and testing them with real as Chairman, not immediately but over a period of
154 | consumers” time, and I’m grooming Rishabh to be the Chairman of
Marico. So, he would take care of the family’s interest
as a strategic investor.
business. It’s a combination of three different busi- Q: Finally, Harsh, there’s a very interesting
nesses—hospitality, retail and healthcare—and you chapter in your book called ‘Angels and
have to find the perfect balance between these three. Predators,’ where you talk about the time
We made some mistakes in the past, which set us back. when HUL wanted to buy out the young
But, to answer your question—could it have been done upstart Marico, and got very upset when
better? The answer is unequivocally yes, we should the offer was rebuffed. These days, the big
have done a much better job. predator on the block in practically any
industry is Adani, and he even happens to be
Q: The other significant thing that you did is to a competitor to Marico with Adani Wilmar. If
relinquish the CEO’s chair in favour of a pro- Adani came to you with an offer, would your
fessional, which is quite rare in family-owned answer be the same?
businesses. What prompted that and how do A: Absolutely the same! I am very clear that I have cre-
you see succession at Marico from here on? ated this company from a perpetuity point of view, and
Could your son Rishabh take over from Sau- not to sell it. Forget Adani, if I wanted to sell it, there
gata [Gupta, Marico’s MD & CEO] one day? would be other buyers, too; and there have been many
A: Good question, Udayan, because when I took that approaches made to me in the past, and I’ve always said
step in 2014, I had not thought that I will relinquish no. The question of selling out doesn’t arise. Two, I am
my responsibility at that point in time. At some stage, I preparing the company from a long-term point of view
had to but not quite then. But, my current CEO Saugata in terms of the role of the board and what kind of deci-
Gupta, who had been working with me for 10 years, sions the body will take over a period of time. If you
expressed his desire to be in my shoes. I discussed that look at the history of a Procter & Gamble or Unilever,
with my board at that time, and the board felt that it they started as family-owned companies, but survived
was a good idea as we needed new blood in Marico. over a very long period of time. I am viewing myself
They felt I should give him that opportunity and step from that point of view. We have a 60 per cent share-
down, and it would also pave the way for management holding as promoters, therefore are not vulnerable in
succession. The starting point was my belief that the terms of a hostile takeover.

THE GOOD LIFE TECH TONIC
A CUT ABOVE
THE REST ,
The iPhone 14 Pro Max from Apple doesn t deviate too much from its predecessor.
Yet, it has enough smarts to keep you interested
BY NIDHI SINGAL
REVIEW easy access to alerts. It can always-on display (AOD),

contract, expand, or even split which mirrors the lock screen
, into two. Say you minimise the at a much lower brightness.
If you re a cut above the rest, you don’t
follow fads. That’s what Apple seems Amazon Prime Music app. Now AOD turns off when the
to be hinting at with the latest iteration you’ll find it on the notch, which phone is in your pocket,
of its flagship iPhone, which has no displays the album art and a saving battery charge. Even
big-bang design change. Yet, for Apple sound wave; long-press the wave, otherwise, the battery lasts
fans, the iPhone 14 Pro Max has enough and the controls pop up. The through the day.
to keep them interested. Yes, the design notch displays alerts, directions The screen is easy to use
is almost identical to its predecessor’s, for Apple Maps and more. And in direct sunlight, especially
but the new colour palette is exciting. all this happens on the 120-Hz when shooting. To use the
There’s this Deep Purple shade that is a | 155
darling of many. My pick is the elegant
gold—a tone of beige that changes to a
subtle shade of gold in the light. f SPECS: 6.7-INCH OLED DISPLAY; 2,796 x 1,290P AT
The phone’s highlight is the 460 PPI, 120 HZ; A16 BIONIC CHIP; 128GB STORAGE;
redesigned pill-shaped notch—
48MP MAIN + 12MP ULTRA-WIDE + 12MP TELEPHOTO
called Dynamic Island—which takes
multitasking to a whole new level on this CAMERAS, 12MP FRONT CAMERA; iOS 16; 5G; 240 GM
5G handset that runs iOS 16. It enables
full capabilities of the 48MP

primary camera, shoot in
ProRAW mode. These images
capture fine details, yet
don’t look oversaturated.
And using action mode, you
can capture fluid gimbal-like
videos, and easily edit them
thanks to the A16 Bionic chip.
The iPhone 14 Pro Max
doesn’t look different from
its predecessor, and Apple is
just catching up with Android
APPLE iPHONE 14
in terms of some features.
PRO MAX But the tight integration of
` 1,39,900 onwards hardware and software on
The iPhone 14 Pro
Max checks all the
the new iPhone results in an
boxes for a flagship
in a design that is
experience fit for kings.
showing its age
Available on:
apple.com/in

The Best Advice I Ever Got
PRABHJEET SINGH PRESIDENT UBER INDIA AND SOUTH ASIA
Uber India is the local arm of the global ride-hailing giant
What was the problem that you were

grappling with?
The onslaught of the pandemic and the strict
restrictions that followed were very hard to
grapple with. As a business that serves cities and
communities, we had to navigate this once-in-a-
lifetime storm of cities coming to a grinding halt,
drivers unable to drive and earn a living, and each
city battling a health and humanitarian crisis.
Who did you approach for advice and why?

As a business leader, I am surrounded by a team
of super talented, passionate and often more
experienced leaders. I always tap into their
collective wisdom and experience—it is my
secret ingredient.
What was the advice you received?

The advice was to be a good leader and lead by
156 | example. One must first learn to trust oneself
and the process. In business, there will be
unique challenges thrown at you every day.
A good leader is someone who provides fresh
perspectives, helps develop key skills, and steps
up for his/her people and community when the
need arises.
How effective was it in resolving the

problem?
I am incredibly proud of how our team turned
PHOTO BY HARDIK CHHABRA
the crisis [pandemic] into an opportunity to

serve our cities and the communities. Taking a
people-first approach, we launched Uber Medics
for transporting healthcare workers. We also
launched Uber Essential for critical travel during
lockdowns and Uber Connect for package
deliveries. We extended benefits worth `100
crore to driver partners to help them weather
the impact of the pandemic. I strongly believe
that experience is the best teacher. This is all the
‘A good leader
more relevant in a world of extreme volatility.
—ALOKESH BHATTACHARYYA
steps up when Vol. 31, No. 21 for the fortnight

October 3, 2022 to October 16, 2022.
the need arises’

Released on October 3, 2022.
Total number of pages 158 (including cover)

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October 16, 2022 ` 150

THE LUXURY ISSUE

Have Money, Editor: Sourav Majumdar

Will Spend Managing Editor, Business Today TV: Siddharth Zarabi

For reprint rights and syndication enquiries, contact

THE LUXURY ISSUE

A Thing for Bling

TECH TONIC 155 THE BEST ADVICE 156

Business Today 16 October 2022

THE PERSONAL TOUCH

(In per cent)

GOING OFF TRACK

(In per cent)

$5.83 70-80 RICH

(Market size in ` crore)

*Estimate; Source: Euromonitor International

(In per cent)

*Estimate; LHS: Size of experiential luxury market;

BEATING THE BLUES

DERIVATIVES One Satellite to Rule Them All

LEVEL TARGETED OF AN EYE the China-Plus-One strategy,

Business Today 16 October 2022

Cheaper Drugs on the Anvil

Business Today 16 October 2022

Looking for Musk

Business Today 16 October 2022

PHOTO BY NILOTPAL BARUAH

BYJU’S Founder and CEO Byju Raveendran

Business Today 16 October 2022

a missing $250-million investment, now beginning to work on.

round it had announced in March beyond, we will combine growth

commitment of $250 million from cate resources effectively in order

Sumeru Ventures and Oxshott Capi- -2,000 to maximise impact,” he wrote to

Business Today 16 October 2022

Blueprint Leader for Transport & Logistics at

Business Today 16 October 2022

ed June 30, 2022, as per data released

Fat and Happy compared to 8.86 per cent as of June

Business Today 16 October 2022

Business Today 16 October 2022

Home and the World

Business Today 16 October 2022

Strictly speaking‚ economically‚ India smells of roses.

Business Today 16 October 2022

targeted towards their age group

Business Today 16 October 2022

Business Today 16 October 2022

Business Today 16 October 2022

1905 1993 1998

1884 1930-1950 1995

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2001 2013 2021

2000 2011 2014

Business Today 16 October 2022

dor. Not only will she be used for ad-

Business Today 16 October 2022

with Priyanka primar- on the ladies’ side through

Business Today 16 October 2022

Business Today 16 October 2022