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However, she says there is an opportunity in watches and handbags (especially watches, which act as status symbols for the newly wealthy). It is in this segment that Tata Cliq Luxury is focusing its pre-loved offering. “The watches category on our platform is well established and continues to perform exceptionally well,” says Tata Cliq CEO Gopal Asthana. “We saw a natural progression in expanding into the pre-owned space.” The platform has seen a strong demand for secondhand watches from non-metro markets like Ajmer, Bhubaneswar, Cuttack, Guwahati, Patiala and Raipur. When it comes to handbags, Gucci is its top seller, with the demand mainly stemming from Tier 1 and Tier 2 cities. “There has been a 600 per cent rise in the price of Swiss watches over the last 17 years,” Jay Makhijani, founder of luxury watch reseller Jay’s Watch Store, which has locations in Bengaluru, Ahmedabad and Mumbai, said in the report. “And while pre-owned watches are also expensive, the secondary market allows the newly rich, who have just begun collecting watches, to shop with ease — there are no waiting lists and no screening processes to navigate.”Wear The Crown Chicago Bear King Of The North Shirt
“Stories are building connections” is one the key findings of the report. India has a deep and ancient culture of storytelling, which is also reflected in its dress and textile traditions. From weaves to embroidery to colour, every detail tells a story. “In India, you’ve got to be able to tell stories. You’ve got to be able to provide an ambiance and create a legend,” says Frank Vivier, group transformation officer at Richemont. As the report reads: “The value of a powerful and emotional narrative has never been stronger than in the age of social media. Brands are targeting the share of mind, to get a share of the wallet.” This understanding is crucial for luxury brands, Srimoyi Bhattacharya, head of luxury advisory at premium lifestyle consultancy Peepul, points out. “The days of tokenistic approaches or bait for a scroll-fest to engage with the Indian luxury consumer are over,” she says. “Luxury brands must now show a genuine understanding and appreciation of India’s rich heritage, traditions and values.”
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