#LuxeTalks

As per Sudeep, the impact of pandemic is huge, and currently there are 2 scenarios: if the industry starts buy June/ July it will be 20-25% and if it starts in September/ October it will be 35-50%, large organisations are cutting on sales and payouts on salaries. Supply chains are mostly hit. It is important to note that due to this pandemic there will be a huge shift in re-skilling space ,If the situation gets better people will definitely go and buy luxury as a feel good fact, but as its affected world wide it is not certain when the sector will bounce back to its form.  

Sustainable luxury will become the future, as we are not fast fashioned. Brands might have to relook in terms on consumption and production point of view. In India, retail tech is still at a very early stage so it is technologies limited to a premium space, more on the convenience side and not for customer as they cannot replace face to face interaction. Sharing economy might get disrupted and it might take time to come back. Transparency in experiential luxury will really become big. “Responsible luxury will become a compulsion” in the coming scenario and “commerce with a cause will take precedence “

Roasie says these are difficult times world over and due to the pandemic situation luxury is the last thing on peoples mind, People will become more conscious regarding their consumption and as the situation is going on the industry it will be majorly hit by 40%. Indian market retail tech will definitely pick up but currently it’s only in a slow pace so not sure what will definitely happen. 

“sustainable or responsible luxury” will become a marketing thing for most of the brands, as they want to see and do good for their consumer, but how much will they do is what we are not sure off, as its very difficult to go deep down in sustainability as it will take more time and more money will be put in. After the crisis there might be a spurt in the consumer spending, but that will happen for a short span of time, as people would like to conserve and would think twice to spend.

Hemant says overall on a conservative scale the drop will be for annual revenue 20-25%. Travel in terms of luxury hospitality is the first to bounce back after the crisis ends and there is a reason behind it as due to high disposable income that does not get affected in terms of luxury travel. Adoption of technology might happen due to the pandemic, but the pace of adoption of technology will be similar as it was earlier.  Branding will have to go to another level for short term as after the pandemic the situation will change and reusable luxury model will come back. 

Responsible travel on consciousness of carbon footprint and above all communication of responsible luxury is much more. Quantity buying will turn to quality buying; brands that are doing conscious communication should step up their game ad should use emotive messaging to give the right message to consumers.

There is definitely a big impact of the pandemic on the industry as we are going through such a big situation. There is a general impact which includes the distribution as all stores and retail outlets are shut, and psychological impact is generally everywhere and to deal with the whole situation one should live for the moment. In terms of current situation, it is very difficult to put any percentage projection.

To deal with the situation internally, all employees are online and company budget is implemented where it can reproduce- retaining our team, looking for giving everyone opportunities and a lot of strategising. I believe Retail tech has gone very far and the adoption or AR and VR techniques will definitely happen and slowly pace will increase, new technology the zero percent inventory model or virtual fashion shows and trunk shows might work but we might just have to wait and watch. Consumerism will be elevated, a spurt of revenue will happen as and when store reopen and how people react and buy.  Sustainability will become a need of the hour, as the current generation would definitely expect brands to work more towards responsible luxury, more so after this pandemic.

Ganjam is a luxury jewellery brand known for craftsmanship, quality and design, contiues to produce fine jewellery that is born in India and designed for the world.