Rotarians learn about international luxury market in India
Deepika Gehani
Deepika Gehani entered the world of fashion while still studying at H.R. College of Commerce. Practical training in the family business led to a degree in textile design and she established her eponymous label in 2000.In 2009, Gehani stepped up as the Creative Director at Genesis Luxury Fashion, a sister concern of Genesis Colors, holding company of the Deepika Gehani label. She currently looks after all requirements for brand positioning, marketing and merchandising for luxury labels under the Genesis umbrella such as Giorgio Armani, Emporio Armani, Bottega Veneta, Michael Kors, Jimmy Choo, Tumi and Paul Smith in India.
She began by asking Rotarians and Rotaryannes if they were wearing any luxury brands and was reassured by their overwhelming response. She said, “I think we have a room full of luxury customers here. You are all largely contributing to a nascent luxury industry worth approximately 15 billion dollars and I hope you are all shopping in India. Luxury is not new to India, the land of the Maharajas, and the Indian luxury market is expected to grow 25 per cent over the next few years.”
Gehani discussed the different types of Indian consumers and their spending patterns. She explained, “India has five different consumer segments with different spending behaviours. The Getters, the Strivers, the Seekers, the Aspirers and the Deprived. The Seekers, Aspirers and Deprived segments are most relevant to consumption and have tripled in the last five years and we hope that this will double in the next ten years. There are different types of consumers as well. The evolved Indian consumer is someone who has old money and is looking for exclusive and bespoke experiences. He’s beyond the logo and understands brand heritage. We then have the well-travelled consumer who is up-to-date with all the international brands, follows fashion trends and is well-aware of the changes in these trends. Then comes the brand-conscious consumer whose ‘show off’ value is high, who is very concerned about the labels and their prominence is related to his status in society. The educated consumer understands that luxury is all about distinction. The largest consumer segment is the aspiring consumer with dominance in Indian and Chinese markets. Shopping is important to them and is a big feel-good factor in their life. This is our most sought-after customer in business today.”