29 April 2023, Mumbai
India's legacy craftsmanship has contributed immensely to the world of luxury, but it has not always received the recognition it deserves.
However, this is changing as Indian Craftsmanship Takes Center Stage with acclaimed studios and designers showcasing their work on international platforms for High-End Products to leave a lasting Impression.
India's Artisans Gain International Recognition
Mumbai-based Chanakya International is a renowned export house of hand-embroidered pieces/India's Ateliers that have collaborated with Christian Dior on several projects.
Chanakya's creative director, Karishma Swali, led a project that translated artworks by the Delhi-based couple Manu and Madhvi Parekh into embroidered installations for Dior's Haute Couture Spring/Summer 2022 show at Paris' Musée Rodin.
Indian Designers Make Waves
Furthermore, Dior outsources much of its surface ornamentation and embroidery for its women's wear, bags, and shoes to an atelier in India, and this contribution has often been under the radar.
However, luxury brands have started to acknowledge the valuable contribution of Indian craftsmanship. The growing middle class in India's successful economy has made designer shoes, bags, and frocks more accessible.
European labels such as Dior are smartly assessing the future of luxury shifting towards the East and paying a long-overdue homage to those who put together exquisite perfection that shone the glory of European haute couture and luxury.
Risk maturity
Indian craftsmanship has often been unfairly spoken about as being "too kitschy," but designer Rahul Mishra points out that a significant portion of the international luxury industry's supply chain has always been outsourced to India. Craftsmen struggle to prove their worth and gain acknowledgment in the industry despite their valuable contributions hard work and diligence.
Indian Craftsmanship Acknowledged European luxury brands have worked hard to preserve the snob value and symbolism associated with being a "Made in Europe" brand, but fashion insiders are calling the showcasing of Indian craftsmanship a way for Dior to say "thank you" for years of collaboration on intricate couture pieces, bags, and shoes.
Indian Craftsmanship Honored by European Luxury Brands
The trend for crediting Indian ateliers for their craft and handmade collaboration most likely began with Christian Louboutin, which spoke about their work with Vastrakala, a Chennai-based Indian-French atelier run by Frenchmen Jean-Francois Lesage and Patrick Savouret and Indian Malvika Shivakumar.
Indian craftsmanship's contribution to the world of luxury has been significant and has played an integral role in the success of many European luxury brands. It is time for luxury brands to acknowledge and celebrate this contribution openly.
India's Rising Ateliers
Indian Ateliers Undervalued; Indian craftsmanship has been a crucial component of the world of luxury, but it has often gone unnoticed. Luxury brands such as Dior are acknowledging and paying homage to the invaluable contribution of Indian ateliers in surface ornamentation, embroidery, and other intricate details that go into the making of luxury fashion, jewelry, home textiles, and furniture.
The trend of crediting Indian ateliers for their craft and handmade collaboration is becoming more popular, and it is a positive development that should be celebrated.
It is time for luxury brands to recognize the talent and skill of Indian craftsmen and showcase their work on a global platform.
Growth levers
In recent years, the rise of the middle class in India has led to a significant increase in disposable income, resulting in an unprecedented surge in luxury consumption.
In this context, it is essential to examine the motivations behind why consumers purchase luxury items, their perception of luxury, and how it affects their buying behavior in India.
Indian Luxury Perception
Indian consumers view luxury as a symbol of conspicuous consumption and status, which signals wealth and conveys social identity and status.
This perception is rooted in Indian society's cultural characteristics, where lavish consumption of luxury and display of wealth are prevalent in social functions. The concept of luxury, therefore, holds significant cultural and psychological value in Indian society.
Taking the Global Fashion World by Storm Understanding the psychology and cultural factors behind luxury consumption is crucial in designing effective marketing strategies. Indian consumers are willing to pay a premium for luxury products that reflect their social status and identity.
As a result, luxury brands need to develop targeted marketing campaigns that appeal to the Indian consumer's cultural and psychological values.
India's Rise and Progress
India is home to 36 percent of the world’s billionaires, these are the new Maharajas that are punters of all things luxury. According to the Frank Knight 2022 report, India ranks third globally in terms of billionaires, after US and China.
A recently published Credit Suisse report corroborates – the number of Indian millionaires will increase by 105 percent in the next three years. The country’s fashion market is driven by premiumization as wealthy GenZ buyers are making a beeline for high-end luxury products and brands promising to satiate their aspirational appetite.
India’s GDP is the fifth largest and defying global recession, continuing with a growth of 7 percent in 2023. A recent EY report states, India’s GDP will reach $26 trillion and per capita income will touch $15,000 by 2047, placing it among the top developed economies. With such prosperity, can global luxury brands stay away?
The surge in ultra-high-net-worth individuals
There's also a surge in the number of Indian ultra-high-net-worth individuals. This population has risen 11 percent between 2020 and 2021 and is expected to grow by as much as 39 percent between 2021 and 2026. These big spenders are powering the Indian luxury market. India's luxury goods market is expected to grow annually by eight percent.
The number of wealthy Indians has grown substantially over the last decade. There has been an 11 percent increase in people with incomes above $30 million since 2011.
That number is expected to climb to 39 percent by 2026. Global brands have been making a beeline into India through strategic tie-ups.
Embracing Indian Essence
Summing Up, the economic rise of the middle class in India has created a significant opportunity for luxury brands to tap into this emerging market. However, to be successful, luxury brands must understand the cultural and psychological factors that drive luxury consumption in Indian society.
By catering to these values and perceptions, luxury brands can effectively appeal to the Indian consumer's desire for status, identity, and social recognition, resulting in increased sales and brand loyalty.
