Discussions from the Mint Luxury Conference (MLC)
This article covers discussions from the Mint Luxury Conference (MLC) about the growth and potential of India’s luxury market. The conference features foreign investors, government officials, and business corporates. Its primary focus was on the future of India’s luxury market. From the MLC discussion, it was clear that the new Indian maharajas are currently the luxury customers, and they aim at acquiring global luxury brands.
Among the people that attended the conference was India’s culture minister, Sharma. He was the inaugural person to address the meeting. In his speech, he acknowledged the fact that India’s luxury market has seen a lot of change in certain aspects and welcomed foreign investors to indulge in the business. He also pointed out that the country was in negotiations with the European Union over a free trade agreement with them, and this agreement would bring about significant benefits to the country since it covers a large amount of India’s tariff lines. Joydeep Bhattacharya, the head of consumer products and retail practice in India at Bain & Co, also delivered a speech. In his speech, he stated that the luxury market in India had experienced substantial growth, with cars experiencing a 40% growth and the personal luxury goods sector experiencing an annual growth of 15-20%. These changes can be attributed to the increase in people with a high net worth in India.
On the other hand, foreign investors such as Alberto Piantoni, Armando Branchini, and Sanjay Kapoor also attended the conference. The investors were optimistic about the growth of the luxury industry in India but acknowledged that they will experience challenges during the conception and implementation of the project. Some of these challenges include timing, supply chain development, and how they can incorporate India’s culture into their designs.