Indiantelevision.com Team

(20 September 2007 8:00 pm)

MUMBAI: Indian advertising agency JWT's planning function and a French business school - ESC Rennes School of business - have entered into a partnership to understand how international luxury brands can best leverage the opportunities of the Indian market.

This collaboration is expected to provide both parties a first hand feel and insight into India's evolving luxury consumer, thereby identifying pathways that will drive and expand luxury consumption.

ESC Rennes School of Business professor Glyn Atwal said, "It's not everyday that a French business school and an Indian based advertising agency get together. I believe this a pioneering study on luxury. It is a unique opportunity to share knowledge and perspective on the opportunities in the market."

His interest is piqued by the fact that the global luxury goods market has an estimated value of approximately $1 trillion and is forecast to double by 2010. India has been identified as an important source of this growth. Luxury brands from a diverse range of sectors from fashion, automotive to leisure are investing heavily to capture the share of the Indian luxury rupee.

"I am excited at this innovative collaborative opportunity with a prestigious international business school. For account planners our senior management has always been of the view that they spear head thought leadership through publishing in addition to their other responsibilities," says JWT Mumbai VP and strategic planning director Shaziya Khan.

"We can tap into each other resources - sharing our knowledge, experience and expertise. This is an exciting project that will generate important learnings for the Indian luxury industry," she said.

According to a Technopak study, the Indian luxury market has a potential of approximately $14.4 billion. However despite the massive potential of the Indian luxury market, there has been very little research to understand how international brands can leverage this market opportunity. This study seeks to bridge this understanding gap.

This study will focus on a trilogy of questions such as - What is the perception of luxury within an Indian context? What motivates luxury consumption? Is there a concept of 'Indian luxury'? Primary research co-funded by JWT and a grant from the ESC Rennes Management Research Fund will involve consumers as well the retail.

Preliminary findings of this research will be presented at the 16th Asia Brand Congress which is being hosted in Mumbai on 26 and 27 September. The audience will comprise of marketing heads and CEOs from organizations across the globe. Delegates from 60 countries are expected to attend the Asia Brand Congress.