Signifying the link between opulence, luxury and the gifting industry, an insightful news report points out that industrialists, businessmen and celebs are lavishly spending on a spate of ultra-luxury gifts. In fact, almost 60% of all the luxury items sold are essentially gifts, it asserts.
The news report by Ravi Teja Sharma of The ET Bureau starts off by stating: “Opulence has no limit. You can be happy with your hardworking employees and dole out a bonus for them, or you can bring in some style.” Here are the instances of the above trend, revealed as a matter of case study:
In one company, the management gave away gift vouchers of 1-2 lakh to a bunch of top performers to buy bespoke suits.
Last year, Shah Rukh Khan gifted Tag Heuer watches to all members of his Kolkata Knight Riders cricket team, when it reached the last four of the Indian Premier League.
An industrialist gave the select employees Versace mobile phones, each costing 3.5 lakh, as one top industrialist recently did to six of his senior execs for clinching a difficult deal
These gestures of generosity, as the writer mentions, may not muster support in these difficult times, but they come as a fresh lease of life for many luxury brands in India, who are now planning to expand their business. Gifts made up for 60% of luxury goods sales in 2011, as mentioned above.
The general manager at Genesis Luxury (that represents brands like Canali, Jimmy Choo and Bottega Veneta and also has a joint venture with Burberry in India), Roasie Ahluwalia, has been quoted as saying: “While many Indians have started spending on self, there are many who would still prefer someone splurge on them. It may be a matter of family bonds, which still run deep in the Indian society.”
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