MGLuxM May 2021 Highlights: Understanding luxury business and the journey of transition in luxury

The month of May 2021 saw SP Jain School of Global Management’s Master in Global Luxury Goods & Services Management (MGLuxM) students participate in virtual Power Talks with industry experts who shared their insights on managing international luxury business in India and spoke about their journey of transition into the world of luxury.

Here are the highlights:

MANAGING INTERNATIONAL LUXURY BUSINESS IN INDIA

A Power Talk with Tarun Puri (VP – Business (Hugo Boss, Tumi, Tank and Michael Kors), Reliance Brands Ltd)

May 22, 2021

Tarun kick-started his session with an overview of RBL (Reliance Brands Ltd) and some of the premium international brands, like Hugo Boss, that RBL has introduced in India.

Speaking on luxury consumerism in India, Tarun shared that RBL caters to three types of luxury consumers – the upper crust, the arriviste, and the superpro. He added that Indian consumers are digital natives, and big-ticket purchasing is slowly evolving. He spoke passionately about the ongoing Blockchain revolution and shared with students that "if it is to come to India, it will happen through Reliance.”

On the topic of the impact of COVID-19 on the luxury business, Tarun highlighted five trends that will set the pace for growth in the global luxury industry.

Companies are constantly reinventing themselves, and their target of growth is getting dynamic.
COVID fast-tracked the migration to online shopping, and we are witnessing a dramatic global shift in purchase manners and habits.
There has been an enormous disruption in travel.
There has begun a sharp focus on the ROI of physical retail. Seamlessly embedding digital technologies within the physical retail experience is the new focus for luxury businesses.
With digital nomadism and hybrid working, there is a greater sense of shared purpose amongst employees.

He concluded by saying that “RBL aims to deliver the best service even from a distance”, and it is essential to treat an online customer just as you would treat an offline one.

JOURNEY OF TRANSITION IN THE WORLD OF LUXURY

A Power Talk with Neeraj Pandit (Head, National Key Accounts, John Distilleries)

May 28, 2021

The Power Talk with Neeraj began with an open discussion on facing difficulties, the importance of hard work, and keeping track of one's competitors. Neeraj held the audience captive as he spoke of whisky as an "investment", followed by a virtual introduction to the world's most expensive and elusive whisky brands, including Macallan, the Lionel Messi of the whisky world.

Neeraj spoke in-depth about his work at John Distilleries, his targets and shared his perspective on acquiring new clients. He also provided an overview of John Distilleries, its global presence and reach, and the portfolio of whisky and premium spirits manufactured by the company.