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 “

Quick chat with one of the leading luxury jewellery professional regarding Covid-19 and It's Impact on Luxury Industry.

#LuxeTalksBy Luxury ConnectApr 18, 2020