Ashok Som

SEPTEMBER 2013
NOW AVAILABLE ON MAGZTER.COM
I N D I A’ S L U X U R Y I N S I D E R
We have to build
luxury brands
that are timeless,
modern, fast
growing and highly
profitable
Ashok Som
Associate Dean,
Global MBA Program
ESSEC Business School,
Paris-Singapore
Prologue
Glossary
Amadeus pg27
Anita Dongre pg04
Contents
The Big Stories
16
28
COVER STORY
THE LAST
IMPRESSION
For India’s luxury industry
to scale up, education needs
to meet the requirements
of the marketplace
While technology
is changing the face of
fine dining, a personal
touch is imperative to its
ultimate success
BoConcept pg10
Cappellini pg10
Christie’s pg12-13
Christopher Guy pg10
Emmanuel Balayer Consultancy Services
pg20-22
ESSEC Business School pg 16-19
The case of Coco
T
he irony of education is that you never know where you might end up using your degree. I was well on my way
to becoming a bean counter, when a detour brought me closer to a dictionary than debits and credits. But now,
in an age of specialisation, some feel that generalists will fall by the wayside. Understandably so. Most professions have
erected barriers to entry by laying down minimum qualifications; but the ubiquitous management graduate has always
had the gumption to slip into any sector and waltz across industries. Somewhere down the line, institutes saw prudence
in creating specialist management courses, including those catering specifically to luxury management, giving students
access to highly aspirational companies, which a classic business school could not.
Luxury management programs, however, are traditionally European, though universities across the world offer various
Fabergé pg06
Four Seasons Hotel pg20-22
Gemfields pg06, 27
Genesis Luxury Fashion pg18-19
Ghanasingh Be True pg04
Google pg08
Indian Institute of Management
Ahmedabad pg19
Indian Institute of Management Bengaluru
pg19
Business School Paris-Singapore says, Indian business schools need advice from academicians as well as professionals in
IndusInd Bank pg04
the field to offer a well-rounded, detailed and structured course. One need not look further than China, where luxury
International University of Monaco pg18
management programs offered by local universities failed due to lack of collaborations and knowledge.
Jet Gems pg04
Kitsch pg06
have been drawn mainly from other fields. But going ahead, a degree will not only be a bonus, but also a necessity as the
Kolte Patil Developers pg20-22
market matures and attracts more qualified professionals.
Lodha Group pg20-22
Luxury, ultimately, is a state of mind and one has to move with the times. In a different era altogether, Gabrielle
20
RENDEZVOUS
BRAND BUILDING
Christie’s first Indian auction of
Indian and Southeast
Asian art is to be held in
Mumbai this December
Are branded residences a
marketing gimmick or do brand
associations genuinely add value
to a luxury home?
Gucci pg27
short and long-term courses now, including India. But, as Dr Ashok Som, Associate Dean of Global MBA Program, ESSEC
Does one really need to specialise in luxury studies to make it big in India? It’s early days yet. Luxury specialists till now
12
GiftVault.com pg08
In Focus
Luxury Connect pg18-19
‘Coco’ Chanel, born in France’s Loire Valley led an impoverished childhood and had a strict convent education. A male
Maheka Mirpuri pg04
admirer was her financier and opened doors for her socially. The milliner started her career sewing hats and garments
Massive Restaurants pg28
made from jersey, for cost concerns rather than any other sartorial reasons before she moved on to creating the Chanel
Michael Kors pg06
empire. What people buy into even today is Chanel’s own personality and attitude, fitted into a little black dress. In
Museum of London pg06
today’s world a lot of these opportunities can be accessed through the formal structure of luxury education. Except, of
Nazraana pg27
course, a grandiose vision and a personal flair for luxury.
Omkar Realtors pg04
4
10
24
26
27
NEWS & VIEWS
LUXE BUYS
LEARNING CURVE
EXPAT DIARY
BELLE VIE
Palladium Hotel pg04
Panchshil Realty pg20-22
Piaget pg27
Pinakin Patel pg10
PR Pundit pg18-19
neeti.mehra@publicitas.com
RRO Pg27
SDA Bocconi School of Management pg19
— CEO —
MARZBAN PATEL
— Director & Publisher —
INDU JOSHI
— Editor-in-Chief —
DEEPALI NANDWANI
Shangri-La pg04
The Ashok Hotel pg06
The Home of the Traveler pg06
LETTERS TO THE EDITOR
Write in with your comments,
suggestions and ideas to
blackbook@publicitas.com
— Editorial —
— Art —
Editor
NEETI MEHRA
Creative Director
FARUQUI MUHAMMAD JAAN
Junior Writer
SIMONE LOUIS
Art Director
SANJAY VAMAN RANE
Contributors
KARAN GROVER
DEEPTI DADLANI
Graphic Designer
SUDHAKAR BHAMBADE
Image Editor
MRUNALI GUJARATHI
Production Manager
ELIDIO FERNANDES
— Manager Corp. Comm. —
RITCHA VERMA
— Advertising Sales —
Vice President
MONICA CHOPRA
Mumbai (022-61377400)
Senior Managers
LAMONT DIAS
RASHMI KAPOOR
Delhi (011-23730873/66599300)
General Manager
ASHA AUGUSTINE
Bangalore
(080-25592714/82514)
YOGEESHA A
Hyderabad (08978866599)
SHEETAL PETKAR
— Admin. Department —
Manager Mktg. Services
SALIM B
Jaipur (09828150706)
PEEUSH GUPTA
— ED —
ANITA PATEL
Kolkata (09831131395)
SUBRATA MAZUMDER
— FD —
MANISH MEHTA
The Leela Palaces, Hotels and Resorts pg26
Visionnaire pg10
Cover
Dr. Ashok Som
4 | BLACKBOOK | SEPTEMBER 2013
Westcourt Real Estate pg20-22
Wrap Studio pg24
This magazine is printed by and produced by Mediascope Publicitas (India) Pvt Ltd. Opinions herein are the writer’s and do not necessarily reflect the opinions of MSP. Editorial enquiries
concerning the reproduction of articles, advertising and circulation should be addressed to: BlackBook, Mediascope Publicitas (India) Pvt Ltd, 51 Doli Chamber, Arthur Bunder Road, Colaba,
Mumbai 400 005, India. Email: deepali.nandwani@publicitas.com. Material in this publication may not be reproduced, whether in part or in whole, without the consent of the publisher.
BlackBook is printed at Parksons Graphics, Andheri (West), Mumbai 400 053.
SEPTEMBER 2013 | BLACKBOOK | 3
News & Views
MUMBAI’S SKY
BUNGALOWS
SHANGRI-LA PULLS
OUT OF MUMBAI
Omkar Realtors recently unveiled
bespoke sky bungalows in a
project titled ‘Omkar 1973
Worli’. Featuring three towers
with a combined height in excess
of 800 metres, the project is
spread over 4.5 acres in the heart
of Mumbai. The towers derive
their moniker from the latitude
and longitudinal coordinates of
the city, each offering sweeping
views of Mumbai and her
coastline. The sky bungalows,
exceeding 400 apartments in
numbers will range from 2,500
square feet to 18,200 square feet
and are priced from `15 to `100
crore, with a planned delivery schedule beginning from the middle of 2017.
The first habitable unit will be built at a height of 70 metres, beginning at the
16th floor, with towers going up to 76 floors. The design team of the project
is led by design firm Fosters + Partners along with HBA, Buro Happold, Larsen
& Toubro, lighting designer DHA and leading landscape artists LDA, in addition
to ESPA — creator of spas, and Barkley — a premier pet care facility. omkar.com
Shangri-La International Hotel Management
and Pallazzio Hotels and Leisure limited,
a subsidiary of Pheonix Mills, have mutually
decided to end their relationship and
Shangri-La has withdrawn from the
management of the Mumbai property.
The property has been rebranded as the
Palladium Hotel, Mumbai and the company
is in talks to sign
a
management
contract
with
a
new operator. Yet
to complete a year
of operation, the
property’s launch was
inordinately delayed
and it finally opened
last December. Its
signature restaurants
and banquet facilities
are slated to welcome
guests this month. Out of a planned room inventory of 390 rooms and suites,
approximately 220 are operational currently. shangri-la.com
FLAMINGO FLAIR
HEIRLOOMS TO HAUTE COUTURE
As jewellery goes haute, designer Anita Dongre launched ‘Pinkcity’, a jewellery
line inspired by the elegance and grandeur of the royal Mughal era, produced
by Pradeep Jethani of Jet Gems. The Nayantara and Anshumat Collections use
traditional Rajasthani craftsmanship and come packaged in a pink and gold
box inscribed with the Pink Flamingo logo. The Anshumat Collection caters to
the contemporary Indian man and comprises intricately designed jadau and
jaali work inspired buttons and cufflinks, sculpted in 22k gold. Anita Dongre
says, “Pinkcity is a natural extension of our fashion line, and jewellery forms
an integral part of the wedding trousseau. Resonating with the legend of
the Pink Flamingo and its underlying romanticism, the collection is all about
revisiting traditional crafts of Rajasthan and celebrating it.”
anitadongre.com
As leading couturiers ink collaborations with jewellery brands, Maheka Mirpuri
associated with jewellery brand Ghanasingh Be True, designing a limited
edition line of couture jewellery. ‘Maheka Mirpuri for Ghanasingh Be True’ is
an inspired collection comprising elaborate bridal chokers, stunning chandelier
earrings, contemporary cocktail rings and cuffs, detailed neckpieces, bracelets
and more. The jewellery has been set with Burmese rubies, South Sea pearls,
black diamonds, tanzanite, Columbian emeralds, as well as other precious
gems. Other highlights include elegant pearl pieces and black and white
classics. Gautam Ghanasingh, Creative Director, Ghanasingh Be True says, “It is
fantastic to be celebrating our 108th anniversary through this creative venture
with Maheka. Pure contemporary designs with innovations and modernity is a
part of our jewellery design culture.” mahekamirpuri.com
INDULGE WITH INDUSIND
IndusInd Bank has launched a marquee credit card named ‘Indulge’ with a no-preset-spending-limit.
The card gives the holder spending flexibility over and above the credit limit, according to past spends
and payment history. The Indulge credit card will assist cardholders with a host of benefits like art
advisory services, access to personalised chef services, chartered planes, super cars and yachts along with
complimentary tee-offs at handpicked golf courses across the world, airport lounge access and much
more. The card is inlaid with pure 22K Gold and will be available to a select audience, by invitation only.
indusind.com
4 | BLACKBOOK | SEPTEMBER 2013
News & Views
THE CHEAPSIDE HOARD
BRICK AND MORTAR
MICHAEL KORS IN NEW DELHI
Luxury accessories and ready-to-wear brand Michael Kors has entered India
with a 1,500-square-foot store inside New Delhi’s DLF Emporio. The store
will carry Michael Kors collection of ready-to-wear and handbags, as well as
accessories, footwear, watches, eyewear and ready-to-wear from the MICHAEL
An extraordinary collection of late 16th and early 17th century Elizabethan
and Early Stuart jewellery and gemstones will be at display at the museum of
London, starting from October 11 this year, in the quirkily named exhibit, The
Cheapside Hoard: London’s Lost Jewels. Sponsored by Fabergé and Gemfields,
alongside Coutts, this priceless hoard was discovered by chance in 1912, buried
in a cellar on Cheapside in the City of London. This historic jewellery was a rare
find as little of this exquisite era’s baubles have survived and, after a century,
the hoard, representing the stock-in-trade of a single goldsmith jeweller, is still
regarded as a time-capsule of contemporary taste. Katharina Flohr, Fabergé’s
Creative and Managing Director, says, “The Cheapside Hoard contains a
highly unusual collection of carved, cabochon and faceted precious and semiprecious jewels, demonstrating the astonishing ingenuity of craftspeople in
the 16th and 17th centuries. We are absolutely delighted that the public will
be seeing this priceless collection in its entirety for the first time since 1914.”
Adds Gemfields CEO, Ian Harebottle, “As the leading authority on coloured
gemstones, it is our pleasure to be able to support the Museum of London in
showcasing the most important collection of jewellery
and gemstones found on English soil.” Highlights from
the 500 piece exhibition include an exquisite cabochon
emerald and yellow gold salamander brooch, a oneof-a-kind watch mounted in a single large emerald
with a translucent green enamel dial, as well as
superb examples of enamel and gem-set Elizabethan
necklace chains decorated with floral motifs.
museumoflondon.org.uk
Michael Kors line. The sleek store reflects the label’s luxe aesthetic through
the use of rich leather furniture, edgy metal fixtures and mirrored surfaces.
“I could not be more excited to open our first store in India,” says founder
Michael Kors,“I think that our Indian customers are extremely sophisticated
and will appreciate the glamour, luxury and versatility they find here.” Adds
John D. Idol, Chief Executive Officer of the company, “The New Delhi store is
our first venture into this growing market, and we’re optimistic that it will play
a key role in the long-term growth of the company.” michaelkors.com
THE LUxE SPY
CURATING A CONCEPT
Our anonymous columnist-around-town
gives us a lowdown on the capital city’s
luxury circuit every month. This month he
scrutinises concepts.
We live in interesting times, especially in Delhi,
when it comes to new concepts — be it boutiques
or bars. Sabyasachi by Karma was one of the first
concept stores in Delhi to seamlessly synthesise
sleek design with traditional aesthetics. Recently JJ
Valaya’s The Home of the Traveler made its debut in
the now defunct designer hub — MG Road. While
the location might be a bit odd, the sprawling
store doesn’t lack style. Every minute detail has the
distinct JJ stamp. Curated by the master designer
himself, the store explores five basic ideas of home
— Art Deco, Vintage, Organic, Glamour, India and
World. Meanwhile, at the other end of the capital,
the Sachdev sisters, Charu and Priya, have opened their flagship store Kitsch
in Defence colony. Spread over 2,500 square feet, the experience is replete
with a personal shopper and stylist as well as a concierge service, and a
loyalty benefits. What’s more, Ritu Dalmia’s Diva takes on a modern Asian
avatar with Diva Kitsch, serving up modern Asian fare. Hopefully there will
be more such stores not only in Delhi but also the country, pushing the
limits and bringing new ideas to the fore.
Delhi is playing host to another concept, except, at this one, you can eat
and drink, and, if you’re in the mood, dance. I refer to the newly opened
nightclub Pangaea at The Ashok Hotel in Chanakyapuri that has replaced
the FTV Bar and lounge. Brought in by the B.K Modi-led Spice Global which
6 | BLACKBOOK | SEPTEMBER 2013
has tied up with the Ault Group, the management of the club makes it
amply clear that Pangaea is not for everyone. The best table at the lounge
— the corner one — would set you back by atleast `4 lakh for the night.
The menu has the best single malts, champagnes, wines and a selection
of the finest cigars. All of this will come to you with a personal steward,
whose only job would be to refill your empty glass. The club will host world
class acts, although there is no designated dance floor — you can dance
anywhere you’d like to, including the table tops, if you so desire. With all
this debauchery in store, the only question the city’s jetsetters are asking
is why did founder Michael Ault choose to open this swanky new club in a
hotel as sleepy as The Ashok? Surely, there are better venues in the capital.
TECH-SAVVY TRAVEL TAKES OVER
Google India has released a study conducted by IPSOS titled ‘Multi-screen traveller’, aimed at
understanding the behaviour of smartphone users in India and its influence on travel. IPSOS
spoke to over 1,500 leisure travellers, ranging between 20-45 year olds, SEC A, B1 over eight
metros in India. The findings show that 87 per cent users said that they have used mobile phones
to research trips, while 66 per cent also booked a trip element on it. Smartphones and tablets
were the first go-to devices for travel researchers even at home. Speaking about the study, Vikas
Agnihotri, Director - Travel & BFSI, Google India, said “We already know that smartphone users
on an average spend 76 minutes on the internet through their mobile. The smartphone user base
is set to explode in India to touch 70 million by end of this year. Over 1/3rd of travel related search
queries on Google India are now coming from mobile and tablet devices, with queries from
smart phones growing at 397 per cent YoY. This study establishes that today’s hyper-connected,
hyper-informed smartphone user is consuming online content across devices.” Google.com
IN CONVERSATION
London-based online luxe store
GiftVault.com with its carefully
curated selection of niche, luxury
gifts has entered the Indian
market,
in
association
with
Kavita Chougule, the store’s Indian
Brand Ambassador. The onestop gift shop offers customised
gifts and its repertoire includes
Missoni throws and Christofle
silverware as well as items available
exclusively on the website only, such
as De Grisogono’s leather bags.
Neeti Mehra speaks to Chougule
about their India strategy.
and real estates costs, thereby
allowing them to make their sales
strategy more attractive to clients.
I do believe that even though
the market is currently at a nascent
stage, more and more people
will turn to online shopping. The
traditional approach to shopping
is now no longer the norm due to
busy lifestyles and lack of time. This,
coupled with improved broadband
penetration, easy access and
increased knowledge about luxury
goods has opened doors for online
luxury stores such as GiftVault.
Is this the right time to enter India?
In the past few years we have
received many enquiries regarding
the availability of our services in
India. This gave us tremendous
confidence regarding India’s market
potential. My role in GiftVault.com
will be to assist in strategic guidance
and give local market insights.
What will be your marketing and
promotional strategy in India?
We will be promoting GiftVault.com
extensively through PR activities,
web-based marketing and niche
events for our potential clientele.
Have you adapted the collection
to suit the market? Will you be
sourcing locally?
The whole idea is to buy unique
gifts sourced from across the
world. There will be elements in the
product range that would meet the
needs of an Indian customer. We are
currently in talks with a few brands
with regards to sourcing products
locally. Over time, I am sure we will
have an expansive array of products
sourced from India.
Describe a typical customer.
Our target market is pan-India.
Our customers pride themselves
on being discerning and selective.
This consumer has ample spending
power, but not necessarily the
time. They prefer to have a ‘oneclick access’ to a carefully chosen
selection of gifts which are of a
certain calibre. They can easily go to
a designer store but they come to
us not only because of our diverse
8 | BLACKBOOK | SEPTEMBER 2013
repository of gifting options, but also
because of the shopping experience
we offer. While our typical customer
likes to own brand names, we also
cater to a section of customers who
like to experiment.
Can an online store compete
successfully with a brick-and-mortar
experience in the luxury space?
Indian customers are definitely
receptive to the e-commerce model
as it offers utmost convenience and
often prices for goods online are
cheaper than offline retail stores
due to a range of reasons such as
disintermediation, reduced inventory
How is technology transforming the
luxury shopping experience?
In the world of luxury products,
experience and perception is far
more important than utility. The old
rules of luxury shopping are rapidly
changing. A buying experience
is far less important than the
product itself. Luxury consumers
value convenient shopping and a
product experience that actually
feels luxurious. Competitors in the
luxury fashion and lifestyle space are
quickly learning to benefit from flash
sales on websites and e-commerce.
Brands must most definitely adapt
to this change.
APPOINTMENTS
REBECCA WEI
has been appointed as Christie’s Managing Director,
Asia. Wei will oversee key functional areas including
business development, client advisory, client strategy
and business intelligence, marketing and private sales
in the region. In addition, she will also lead regional
offices in Bangkok, Jakarta, Kuala Lumpur, Seoul,
Singapore, Taipei and Tokyo.
THE RADAR
poltronafrau.com
News & Views
“This is an absolute classic
misunderstanding.”
— Trudie Goetz, shop owner of Trois
Pommes in Zurich, denying that racism
was involved when Oprah Winfrey was
discouraged from buying a $38,100
handbag.
“The jewellery brands that are
doing extremely well today are
top-tier names like Cartier. The
ones a level down can position
themselves as more high-end
through bespoke work.”
— Milton Pedraza, chief executive of
the Luxury Institute, a research and
consulting firm in New York.
“Arnault is seeking to own the
whole spectrum — to have a
360-degree view on what the
customer is doing, what they are
buying, what they are eating,
where they are staying. It’s a
move to keep relevant with
consumers whose appetite for
luxury and definitions of luxury
are constantly changing.”
— Laura Ford, strategist at consultancy
Futurebrand, on French billionaire and
Chairman of LVMH, Bernard Arnault’s
purchase of a five-star hotel in St. Barths
and a Milanese café.
“What we’re
seeing is pent
up demand from
people who
are mainly cash
buyers looking to
preserve wealth. The economics
dictate luxury residential
construction; the developers don’t
really have a choice.”
— Jonathan Miller, president of appraiser
Miller Samuel on the booming demand
for primarily luxury housing in NYC.
Archibald,
designed by Jean-Marie Massaud
Intelligence in our hands.
True beauty is more than skin deep. This is what we think at Poltrona Frau, which is why we
have always placed our trust in the skilful hands of our craftsmen, who lead every single
step of the manufacturing process and choose the very finest raw materials. This is our
way of offering you the best italian quality.
MUMBAI ITTS House, K Dubash Marg, Kalaghoda, Mumbai 400001 - Tel: 91 22 66153334
NEW DELHI E-10, Defence Colony, Ring Road, New Delhi 110024 - Tel: 91 11 40817357
Editor’s Picks
Fine wines, exquisite jewellery,
elegant watches and more; we sift
and scan collections to showcase
the most exclusive ones
T
he furniture you select to adorn your home is, more often than not, an indication of personal style. And this
season, the seat seems to be getting the most creative attention. Some designs are simply must-have works
of art. Whether you’re going for a dramatic, classy, edgy or quirky look, there are a variety of luxury couches
and chairs to choose from. Chic homes have no style restrictions and are open to experimentation. So take a seat
and enjoy these creations.
LuxeBuys
Visionnaire
Recently introduced at the Salone Internazionale del
Mobile fair in Milan, the Italian luxury furniture brand’s
Shannon Armchair is a stunning creation. Upholstered in
quilted, studded nabuck leather, this reclining swivel chair
displays an ideal mix of technology and comfort. Whether alone
in a study or as a home theatre seat or part of
a large living room, the Shannon armchair
holds its own and can be the finishing touch
to an elegant interior.
visionnaire-home.com
Cappellini
Designed by Marcel
Wanders, the Wanders Tulip
armchair is a lengthened
reinterpretation of the
classic armchair, in a floral
structure. Mimicking the
stem of a flower, a shiny
revolving base in dark
varnished metal provides
support to this fresh,
beautifully-upholstered
swivel chair with high back
and sides.
cappellini.it
BoConcept
The simple yet effective Schelly armchair from BoConcept
looks like a cousin of the iconic moulded fibreglass
chairs of the 40s and 50s, but with a fabric or
leather seat that makes it a whole lot more
comfortable. Its warm style blends well
with any interior and can be used to
complement a more formallooking sofa.
boconcept.in
Pinakin Patel
The store best known for its distinctive interpretation of contemporary designs based on
classics, hits the mark again with the Monster Profile Chair, a hand-carved classic Victorian
piece of furniture featuring quilted wrap-around leather with studs. With its regal and
comfortable foot stool, this is the perfect chair to curl up in with a good book and a
steaming cup of coffee. pinakin.in
Christopher Guy
The Dita, a curved sofa in crimson
Italian velvet fabric pays homage to its
also-curvaceous namesake — performer
Dita Von Teese. Bold and absolutely
beautiful, this gorgeous creation is all
about making a luxe statement.
acemaison.com
10 | BLACKBOOK | SEPTEMBER 2013
Rendezvous
Reconnecting with
the motherland
By Deepali Nandwani
F
or years, internationally, the biggest patrons of Indian art have been
Non Resident Indians, besides a few American and European collectors.
However, Christie’s first auction of Indian and Southeast Asian art, to
be held in the country in Mumbai this December, swings the spotlight
back onto the country. Dr Hugo K. Weihe International Director – Asian Art
of global auctioneer Christie’s, who brings the auction to India, was the one
to set up Christie’s Department of
Indian and Southeast Asian Art in
New York. His inaugural sale at
Christie’s included works from the
Muneichi Nitta Collection, among
them a world record sale of a Lotus
Bud-form censer ($717,500),
now on loan to The Metropolitan
Museum of Art. Under him,
the department has achieved
numerous auction records, many
with him on the rostrum. The
most memorable was the auction
of Tyeb Mehta’s ‘Mahisasura’,
the first work by a living Indian
artist to sell for $1,548,000 in
2005. In an exclusive interview,
Dr. Weihe tells us why the Indian
market is important for the global
auctioneer and how the fount
of all classical arts in Asia lies in
this country.
Can you tell us a bit about the auction that you will bring to
Mumbai in December.
The idea is to show the historic evolution and progression of art in India,
the great thinkers, the great art that was free, liberal and thoughtful, and
also trace how art has evolved in the subcontinent. We will primarily auction
paintings, art on paper and prints. We may also auction some sculptures.
But the deeper message we are sending out is about the rich history and
repository of Indian art down the centuries.
Why did you decide on India as Christie’s next auction market?
We have believed in India and have had a presence here since 1994. We have
been working at starting sales here for a very long time and we are happy
that we can do it now. The moment is good, we have a strategic plan of
how sales of Indian art fits together on the global calendar. We have a sale in
March in New York under the umbrella of Asian week. We do a sale of modern
contemporary Indian art in London every June, and in September again in
New York under the Asian art category, which connects Indian art to art from
Japan and China. So, the December auction in India fits perfectly well.
Will it be an annual auction?
We will consider that depending on how much material or property is there
to put together for a sale. We do not want to compromise. For us, it is about
a curatorial overview, about selecting the best and providing the context
and education in Indian art. We care about Indian art deeply and we want
to do whatever we can to raise the profile of Indian art within the country
and beyond.
12 | BLACKBOOK | SEPTEMBER 2013
It is surprising to hear you say this, because luxury brands are
a bit wary of India’s prospects due to economic and political
instability.
I think the Indian art market has matured enormously and very quickly in the
last 10 years. That is much faster than the way the Impressionistic art market
developed in Europe; that took maybe 50 years to get where it is today. People
in India understand what they are looking at, what is an important work
or what is lesser art. I feel luxury brands have a very good market in India,
because people appreciate good things that are well made and represent an
alternative asset class. Besides, you can assess art historically and critically.
People value a tangible work of art that they can live with and enjoy everyday,
and that doesn’t lose its allure.
bronze is a bit damaged, it stops to function as a form of worship. People
discard it or submerge it in water. However, it is still a work of art and we
appreciate that.
We also find that there are collectors of Buddhist and Gandharva art,
which is originally from Pakistan. The Chinese particularly are interested in
discovering how Buddhism travelled from India to China. We typically source
the Gandharva sculptures from Japan. In the early 90s, when the Japanese
economy crashed, a lot of collectors sold these sculptures and now you find
them in American collections.
How easy is it to source antiquities and art from India?
We have sold pieces from collections outside India. Ultimately, we want
Considering the legacy of Indian art a century down the line,
where would having a majority of Indian buyers place it on a
global platform? A lot of buying could be for sentimental reasons.
I don’t consider that a bad thing. Right now, around the world, the light is
shining on India. People want to know more about the country, the culture
and the business opportunities. India holds very good cards for the future. It
also has one of the greatest cultures in the world, thousands and thousands
of years, 5,000 years at least. Why isn’t that appreciated in India? From my
point of view, you have some of the best museums like the Chhatrapati Shivaji
Maharaj Sangrahalaya (formerly, the Prince of Wales museum). Its director
Sabyasachi Mukherjee has stepped up the displays and they are fabulous. It
is interesting what they are doing with their outreach programmes too. So, a
largely Indian market could benefit art in the long run.
In the past, there has been a lot of hype attached to
contemporary art; however, in the recent years, it has not done
quite well. Has churning led to a market that is more mature?
Tagore’s Untitled (Shiva-Simantini) is part of The Art of Nandalal
Bose, Abanindranath Tagore, and Rabindranath Tagore: The
Collection of Supratik Bose, a single-owner sale of 81 exceptional
modern Indian works of art by Christie’s New York
Our goal is to make the
market for Indian art as
international as possible
and we are particularly
happy if we sell a great
piece to an American
or European collector
Would the focus be on old
masters or would it be on
contemporary artists?
It will include contemporary artists
as well. The idea is to not just sell,
but educate, to establish connect
between Indian art and how it was
influenced by artists from across the
world. We have done tremendous
amount already by taking Indian
art to New York and connecting it
with the post-war art scene there.
In the 60s, many Indian artists like Vasudeo S. Gaitonde and
MF Husain had come to New York on Rockefeller Grants. It is fundamentally
very important to see the influence the US left on these artists.
Who are the biggest collectors of Indian art?
Our goal is to make the market for Indian art as international as possible
and we are particularly happy if we sell a great piece to an American or
European collector, because then it becomes truly international. However,
internationally, the market for Indian art was created by the NRIs in the US,
people who had made a success of their careers and were proud of their
art heritage. Even today, Indian collectors around the world are driving the
market for art. Now, it is time to bring the art to its motherland. This auction
was long overdue and we will do whatever we can to drum up interest in,
and the understanding of, Indian art within the country.
With contemporary art, we do not have the luxury or benefit to look back in
time. We have had two years, five years or maximum 10 years framework to
see an artist’s progression. Statistically, we know that 95 per cent of artists’
works won’t make it over the years. When we look at contemporary art, we
have to figure who will be the modernists of the future. Even today, the term
‘modernist’ isn’t that clear. In India, for instance, modernism could have
begun with Raja Ravi Varma, or maybe Rabindranath Tagore or Jamini Roy.
The point is, over time, we have seen the contribution they have made to art.
Most contemporary Indian artists came into the market during the boom
years. They never thought that there could be tough times ahead. Many of
them must have been under pressure from galleries to put out one show after
another. However, there is no doubt in my mind that Subodh Gupta or Bharti
Kher or Atul Dodiya and many others are great artists. They just need to find
their bearings. Much of their art will endure.
Which are the works that get the best response at auctions —
antiquity, installations or paintings?
Installations are not easy to handle.
But antiquity and sculptures are
interesting. Even when you don’t
know anything about Indian art and
are confronted by a beautiful Chola
Balaji, you can see it is beautiful.
It is a work of art that transcends
cultures. We have a beautiful one
coming up for auction in September;
it is a 12th century bronze from an
old French collection. Traditionally,
miniature paintings, once collected
by Europeans and Americans in the
60s, have done well. They were highly
portable and were sold by Maharajas,
who were in need of some funds.
But, to me, India really is the land
of sculptures. No one else has such an
understanding of forms. We would like
to do more with Indian bronze and
stone sculptures. In India, if a Chola
George Keyt’s Bhima and Jarasandha
commands a base price of $50,000
to make it easy for Indian collectors to bring their antiquities back into
the country. They should not be penalised for doing so. However, if we
had to sell antiquities within India, we would source them from private
collections here. As you know, you cannot take anything dating beyond 100
years out of the country.
Christie’s internationally has moved to jewellery and vintage
wines auctions. Do you see a market for them in India?
We see a large interest in vintage wine and watches in the Chinese and Hong
Kong markets. The Chinese collectors primarily see wine as a brand to flaunt
on table. In India, there is a problem with storage. Wine needs to be stored
at the right temperature, which is why it hasn’t found many takers. As far as
jewellery is concerned, people here have family jewellers. In the West, jewellery
is associated with important people. It is fantastic if you can own a piece of
jewel from Liz Taylor’s collection. However, we do see a growing interest. That
is potentially the next step.
Which city in India holds the maximum potential for art auctions?
Nandlal Bose’s
Untitled (Chaitanya and Haridas)
Historically, the art scene has been the most vibrant in Mumbai. Jehangir Art
Gallery is where the Progressive and contemporary art scene was nurtured. The
Taj Mahal Palace has also played an incredibly important role in the evolution
of art. The first show of Amrita Shergill’s works was held here in the 40s, and
the hotel has one of the finest collections of modern art. South Mumbai has
always been a nurturing ground of Indian art. That is why our first auction will
be in Mumbai. We may look at Delhi at some point. South India is interesting,
but we are only looking at it to source art and antiquities.•
SEPTEMBER 2013 | BLACKBOOK | 13
Cover Story
Are international schools like ESSEC Business School,
SDA Bocconi School of Management and International
University of Monaco the only options for Indians who
want to pursue luxury education?
this put together with a complex business environment makes it difficult for
international schools to transfer knowledge.
As of now these schools are the only options for a well-rounded education
in luxury, but there is a growing interest in luxury within private and public
universities in India also. As a result, professors not only discuss companies
like Unilever, Dell and Microsoft but also tune students to case-studies of
fast fashion brands such as Zara and H&M as well as luxury brands like TAG
Heuer, Omega, Chaumet and Plaza Athénée among others.
I don’t see many Indian management and fashion schools launching luxury
courses in the near future. It is not easy to conceptualise or adapt a course.
Rather, it takes time, just like building a luxury brand. Schools need to
understand that and invest in developing real capability to add value to the
students. It is easier to teach them the growth stories of brands like Titan and
Madura Garments, which were involved in creating brands like Zoya and the
Collective, but more often than not there are failures in the Indian context.
Similarly, it is difficult to speak about Burberry, Thomas Pink, Cartier, Patek
Philippe or Chateau Margaux in a class with Indian students who have never
had the opportunity to even see or hear of those brands.
Indian business schools are contemplating launching
specialised luxury courses. Will they be able to offer a
comprehensive curriculum?
No, absolutely not. They need advice from both academicians and
professionals in this field to offer a well-rounded, detailed and structured
luxury course that is customised to the Indian and South Asian context. Look
at China. With rapid growth in its luxury sector, there have been instances
where Chinese Universities have launched such programs but failed miserably
due to lack of knowledge and collaboration with professionals in the field.
What is the way ahead then?
While the number of skilled luxury managers grows
slowly in the country, what should the Indian luxury
industry do to train its own personnel?
Today’s manufacturing industry and many management principles, owe
their roots to Japanese practices. They took time to perfect their systems and
The LUXURY Guru
By Karan Grover
D
r Ashok Som, Associate Dean of Global MBA Program, ESSEC
Business School, Paris-Singapore has been instrumental in spreading
awareness about the need of luxury education in India. He is the
founder of the India Research Centre at ESSEC and the founder Academic
Director of the Global Management Program on Luxury and Retail
Management, developed in partnership with the country’s leading business
school, the Indian Institute of Management Ahmedabad. Dr Som speaks
on the growth of luxury education in India and the skill sets a brand should
value.
What are the challenges holding back the Indian luxury
industry?
The Indian luxury industry has three main impediments that stop it from
developing homegrown luxury brands. Indian businessmen focus on profits
every quarter, forgetting the long term commitment needed for brand
building. They lack focus on quality — a brand is
a reflection of the five senses, attention to detail
and the quality of the product. Lastly, there is no
respect for craftsmen. Thus, it becomes imperative
to educate the Indian luxury industry on these
three parameters. This must encompass skilled
and educated manpower at all levels of the value
chain, starting from the business owner.
What is the scope for education
in the field of luxury in India? Are
there any statistics to support its
increasing popularity here?
Is a degree in luxury very different from a regular
management one?
Luxury education is not really different from a regular management degree,
since it concerns management principles that apply to luxury specifically. For
example, in a regular management degree curriculum, students go through
principles of strategy, marketing, operations, economics and more, but
invariably there aren’t discussions or case studies on luxury brands such as Louis
Vuitton, Chanel, Hermès, Cartier and others. These companies are managed
differently from organisations in other industries. Thus, with time, the luxury
industry, because of its growth and profitability, has
also attracted professionals from FMCG companies.
One needs to be passionate about
the brand, its heritage, its story,
its DNA and understand the logic
behind why people are willing to
pay an amount for it when there is
no utility for such a product
Luxury education is an emerging concept in India and increasingly people are
developing an understanding about it and are trying to build a career in the
field. The industry is traditionally divided into five main sectors: watches and
jewellery, fashion and leather goods, perfumes and cosmetics, wines and spirits
and selective retail. Over time, this has been extended to include hospitality,
automobiles, yachts and more. The industry caters to the aspirational value of
upwardly mobile consumers. This creates a need for niche courses in luxury
education, enabling professionals to cater to these consumers, just as wealth
management and private banking has been created in the banking industry.
16 | BLACKBOOK | SEPTEMBER 2013
There has been a proliferation of luxury and fashion education in
France, Italy, the UK and the US. Although there is no data on the number of
Indian students opting for luxury education, as of today, at least 15 per cent
of the students in a cohort are from India, as compared to about 40 per cent
from China.
What values do students with an
educational background in luxury
bring to the table when they work
with a luxury brand?
Students educated in the business of luxury are
more sensitive towards brands. They’re more
knowledgeable about the process of transferring
the experiences that a brand portrays to customers,
a brand’s aesthetics and timelessness. Students
also learn to enjoy the good things of life, which
otherwise only a few have access to. The learnings can be applied to both
high-end manufacturing industries (such as six-sigma quality processes) as
well as the service industry, like hospitality.
What essential skills are required to be a successful
luxury brand manager?
One needs to be passionate about the brand, its heritage, its story, its DNA
and understand the logic behind why people are willing to pay an amount for
it when there is no utility for such a product.
Case studies of luxury brands are finding their way
into management degree curriculums in India
Students educated in the business of luxury
are more sensitive towards brands
Would international schools have the expertise to plug
this gap as well as deal with the idiosyncrasies of India’s
luxury market?
procedures and delivered products that were better than their competitors,
which resulted in fast-paced growth with high profits. The world adapted
those principles and trained their managers, coupled with a transfer of
technology. Managers trained in these systems are the backbone of the Indian
automobile industry today.
Similarly, we are at the nascent stage of luxury education in India.
With time, luxury professionals will grow. This will have a positive ripple effect
on the overall service industry. Brands must start training their personnel so
that they are ready when the time is ripe to differentiate. This is something
we still need to learn from France and Italy: building brands that are timeless,
modern, fast growing and highly profitable. •
It is easier said than done. Very few international schools have expertise in this
field. Secondly, there are a limited number of experts who can passionately
teach master level students. Most of the knowledge is tacit and has been
developed with time. Though content can be delivered, the experience cannot.
And lastly, the Indian story is too complex. My experience suggests that it
takes a lot of time to tune students into the business of luxury. The names of
brands are difficult, what they stand for is unknown, how they are run is not
evident and other details of their business strategies are often a paradox. All
SEPTEMBER 2013 | BLACKBOOK | 17
The LUXE
classroom
Cover Story
background in luxury education is necessary to be successful in the sector,
though. Roasie Virq Ahluwalia, Head of Corporate Affairs, Genesis Luxury
Fashion, says, “Luxury education is not the most important differentiator in
the making of a good luxury professional. One of the basic prerequisites is
good communication skills. The person should be highly presentable with a
strong customer focus and brand knowledge. Hence, even someone from a
reputable FMCG background, who is passionate about brands, can make a
good luxury manager,” says Ahluwalia.
Challenges ahead
For India’s luxury industry to scale
up, education needs to meet the
requirements of the marketplace
By Karan Grover
The luxury experience is inseparable from people behind the brands — be
it the founding fathers, the tailor who sews, or the assistant who closes the
sale. Not only does the senior professional need to brush up his knowledge,
but also the shop assistant who is integral to the luxe experience. In this
seamless chain, perhaps it is the latter on whom the entire experience of
luxury, and, the final purchase, hinges on. A case in point is the recent
incident with media mogul Oprah Winfrey in a luxury store in Switzerland,
when an assistant refused to show her a $38,100 handbag, denting a
carefully built-up brand reputation.
This disconnect between the core brand values and the final brand
message delivered can be overcome
to an extent by training, but in a
relatively new industry, inculcating
brand values, when one is neither a
user of the brand nor is familiar with
the country a brand has originated
from, can be quite a task.
At a round-table hosted by
BlackBook,
‘Developing
Skills
in India for the luxury Industry,'
Nandini Joshi, the now former
Country Manager—India, Louis
Vuitton, had said, “The challenge
is not as much about staff
dealing with products that they
have never been exposed to.
Rather, it is about making them
understand a culture that they have
no link with. We show them videos
and maps of France and talk to
them about important things that
make up French culture.” Till
education and awareness in India
scales up, it is up to the individual
brand to train their personnel to
ensure that the highest quality
of service, one that is expected of
Head of Corporate Affairs,
such international labels, is offered
to the Indian customer.
Genesis Luxury Fashion
“Luxury education is
not the most important
differentiator in the
making of a good luxury
professional.”
K
arishma Shahani, a Mumbai-based fashion writer and budding
entrepreneur, graduated with a master’s degree in luxury retail from
the International University of Monaco in 2008. The only Indian in her
class, she was among the first to opt for a course as niche as this. Back then,
the construction of luxury mall DLF Emporio was nearing completion and
only a few international brands had a retail presence in the country. Luxury
was uncommon, with scarcely a requirement for a graduate armed with a
master’s degree.
Things have changed since. This is evident, as more students look to
hone their skills to enter this nascent field. The graduating class of 2013 at
the Monaco-based University had a much larger Indian student contingent,
as compared to the lone student in 2008. “Over the years, there has been a
huge increase in the number of students enquiring and applying for the MBA
in luxury management and the masters in luxury course at the university.
Every few months, prospective students contact me seeking guidance on
application procedures and opportunities available after completing such
courses,” says Nishant Bangar, Alumni Ambassador—India, International
University of Monaco and former Editor of BlackBook. Clearly, there are
opportunities for growth in the segment back home.
Growing pangs
The luxury market in India is pegged to grow at 25 per cent in 2013 till
2015 and is likely to touch $15 billion from the current level of $8 billion,
18 | BLACKBOOK | SEPTEMBER 2013
reveals an ASSOCHAM-Yes Bank study. This rapid growth needs a constant
talent pool which is a challenge to find in India. The Boston Consulting
Group’s 'Building a New India' report states today there is a great deal of
mismatch between demand and supply levels in India’s talent pool. There is
an oversupply at the lower levels — over 90 per cent of labour entering the
supply pool in India from 2011–2020 is estimated to have an educational
qualification of class XII or below. While there are many hands, few are
educated, and even fewer are trained.
Despite the growing interest of students in luxury education, there is
still a lot to be done to keep apace with growth. “Lack of skilled manpower,
amongst other drawbacks, is acting as a hindrance to the growth of the
Indian luxury industry. For any sector to grow, besides investments, it is
talent that can make a difference. With experience, professionals can build
skills over time, but a degree will be lacking,” says Abhay Gupta, Founder
Promoter and CEO, Luxury Connect, a luxury consultancy that's also building
a pool of trained and educated luxury professionals for the industry.
Young professionals often face the conundrum — is luxury education
essential for job opportunities as well as professional growth? In the industry
views are divided. Archana Jain, Founder, PR Pundit, which handles a client
roster such as Christian Louboutin, Tod’s, Vacheron Constantin, Piaget,
Chopard and Moët Hennessy India, says, “An education in luxury lends affinity
and understanding of the brand and best practices, which in turn enable
the candidate to appreciate the target consumer.” Not everyone believes a
— Roasie Virq Ahluwalia
Class Act
The International University of Monaco and the prestigious ESSEC Business
School in Paris offer courses in luxury education. Italy’s SDA Bocconi
School of Management and smaller institutes like Mod’Art International,
Paris recently started similar courses.
However, Indian students make a beeline for foreign shores no longer.
Abhay Gupta, Founder Promoter and CEO, Luxury Connect, believes that
the growth of the industry and the rise in the popularity of luxury education
will soon see many more specialised schools offering courses. There are
many options within India for luxury education, which impart knowledge
taking into context the culture and environment. Luxury Connect offers
short workshops in partnership with Milan-based SDA Bocconi School of
Management and Jean Claude Roustant, the former Training Director at
luxury conglomerate LVMH, for people already working in the industry.
They are trained in retail, brand management and customer service. Luxury
Connect is also exploring collaborations for long-term courses for those
who desire a deeper understanding of the industry. The Indian Institute
Classroom learning
Many brands have taken the reins in their own hands. For international
luxury giants like LVMH and Kering, training sessions are sacrosanct. “At
Genesis, we have very robust in-house training programs conducted at
frequent intervals for both front-end retail as well as back office staff. We
train our managers in every aspect of the brand, product, sales, grooming
and customer service that is essential for them to perform their tasks in the
most efficient manner,” explains Ahluwalia.
In the book 'Powder Room: The Ultimate Story of Indian Fashion', former
editor Shefalee Vasudev cites examples of such training sessions. They range
from flying store staff to brand headquarters to help them understand the
vision of the chief designer and the positioning of a brand in advertising
commercials, to bringing in grooming and make-up experts to perfect the
way a salesperson walks, talks, greets and presents herself.
Summing up the requirements succinctly, Gupta says, “The most
important aspect of training for Indians is the skill to provide excellent
customer service, not only to its loyal customers but also to the aspiring ones.
This is not confined only to staff at the floor level, but also top management.
The right attitude is highly desirable but lacking in the current lot of Indian
luxury staff. Lastly, good verbal and written communication is essential.”
Indian Institute of Management, Bengaluru recently announced
a three-day executive education program in luxury business
Going ahead
India is yet to come to grips with the monumental challenges that lie
ahead in the area of manpower requirement. “A retail revolution is in the
making, which will soon shake traditional foundations,” Dr Marika Taishoff,
Program Director Monaco MBA, International University of Monaco, had
told BlackBook previously. She explains, “As the luxury market in India
consolidates, in 10 years time, close to two million people with the right
and luxury sectors,” Taishoff added, with India having only scratched the
surface of the immense potential of luxury education. •
of Management Ahmedabad (IIMA) and Pearl Academy offer courses in
luxury brand management, which range from a short 10-day program to
a year-long one. Recently the Indian Institute of Management, Bengaluru
announced a three-day executive education program in luxury business.
Luxury Connect is focused on building a pool of trained and
educated luxury professionals for the industry
SEPTEMBER 2013 | BLACKBOOK | 19
Brand Building
Couture Homes
Are branded residences a
marketing gimmick or do
brand associations genuinely
add value to a luxury home?
By Deepti Dadlani
Panchshil Realty’s yoopune by Philippe Starck,
combines world-class yoo inspired by Starck design
T
with dance floors, soundproof indoor
shooting ranges accessible by fingerprint identification, and outdoor lifesize garden mazes and labyrinths such
as in international constructions,” he
says. However, things are changing in
India. The recently announced Omkar
1973 Worli’s Sky Bungalows will feature
restaurants, a sky bar and lounge,
an aqua gym and even a dog park
and crèche.
here are homes, and then, there are branded homes. Today, real estate
barons are collaborating with global and local celebrities and brands to
add couture-value to homes. They have emerged as a new standard in
luxury residential spaces.
Emmanuel Balayer, founder of the eponymous luxury branding and
marketing consultancy, believes in the inherent value of such collaborations.
He says, “A brand-name can be a valuable asset to a real estate project and
helps create shareholder value initially. Proper branding can result in higher
sales of not only one asset, but also others associated with that brand.”
Balayer refers to developers, such as Lodha Group, Panchshil Realty,
Kolte Patil Developers and others, who are simultaneously working on
various projects that cater to a different demographic set of investors across
various cities. The benefit of inking an association for one venture has a
trickle-down effect across a developer’s entire portfolio, he points out. Clearly,
there is a bigger picture in the business of co-branding in the luxury housing
real estate segment.
The brand stamp
So what sets these luxury residence apart from the rest? While most projects
have steered clear of gimmicks, Balayer explains that India still lags behind, as
far as the international definition goes when it comes to facilities. “It’s almost
a given that a newly-listed multimillion dollar apartment will have a home
theatre, a wood-panelled library, an appliance-lined commercial-grade kitchen,
and a swimming pool. Even though massive walk-in closets and exercise rooms
have become somewhat commonplace in the world of high-end housing —
we are yet to see high-end restaurants, subterranean nightclubs equipped
Eyes wide open
“We give more
attention to quality of
life when we create
designer homes. For
us it is about offering a
lifestyle.”
Perception plays a large part in the
sales and branding strategy. It isn’t
only just aesthetics or a lavish space
one is buying into, but also a certain
kind of lifestyle. The idea, according
to Atul Chordia, Chairman and CEO,
Panchshil Realty, is to move beyond the
simple and much-touted fact that the
home has been designed by a brand
or a celebrity. He says, “We give more
attention to the quality of life when
we create designer homes. For us, it is
about offering a lifestyle, convenience
CityView’s Four Seasons private residences combine the
privacy of a home with the impeccable services of a hotel
Four Seasons Hotel Bengaluru. These
include privileges such as in-room
dining and a limousine service, which
are provided for a fee or on an a la carte
basis. In addition to the hotel facilities,
special entertainment amenities will be
specifically provided for the residences.”
Says Kapoor, “We are not just
creating a premium offering with this
development, but adding a landmark
destination to Bengaluru. It will define
new standards of living, work and
leisure — all in one location.”
and comfort of services and amenities.” Who are the people who splurge
on these designer homes? The discerning buyer typically belongs to a Tier
I or II city and is well-travelled. He enjoys the perks of his stature in society
and is appreciative of the exclusivity of the concept. Selling tactics such as
‘by invitation only’ previews add to the aura of these projects, such as the
Supertech-Armani/Casa properties sold by invitation only.
Home-like hotels
Post construction, one needs to ensure that the quality of services match the
elegance of the surroundings. Enter hotels with residences. Set within the
confines of a hotel compound, hotel-branded residences are managed by
the hospitality chain, thus ensuring top-notch services. Recently, real estate
firm Ireo inked an agreement with Hyatt Hotels Corporation for managing
branded Grand Hyatt Residences in their developing township in Gurgaon,
the first such contract signed by the hotel conglomerate.
Personalisation and additional facilities are key factors for buyers — a
certain uniqueness that is still unavailable in most luxury homes. Westcourt
recently tied-up with the upcoming Four Seasons Hotel in Bengaluru and
has conceptualised the CityView development that will include Four Seasons
private residences which will combine the privacy of a home along with
the impeccable services of a hotel. Vinay Kapoor, President and CEO,
Westcourt Real Estate spells out some distinct facilities that he believes
buyers will find attractive.
He says, “Residents may benefit from a specific menu of services including
a 24-hour concierge, valet parking and complex-wide Wi-Fi coverage. In
addition, they will have a direct-dial access to the service and amenities of
— Atul Chordia
Home wise
“A brand-name can be a
valuable asset to a real
estate project, creating
shareholder value.
Branding can result in
higher sales."
Globally, developed nations have
already embraced the concept of
designer homes. But in India, have
developers
been
as
successful
in
creating
an
interest
for
these pristine residences?
Kapoor,
believes,
“Branded
residences are coveted in major cities
across the world. They are serviced by
high quality operators and although
this concept is fairly new in India, it
— Emmanuel Balayer
Chairman and CEO,
Panchshil Realty
Emmanuel Balayer
Consultancy Services
Urban landscapes are changing with couture homes
such as the Lodha Group’s The World Towers
20 | BLACKBOOK | SEPTEMBER 2013
SEPTEMBER 2013 | BLACKBOOK | 21
Brand Building
Armani/Casa has worked with the Lodha Group for The World Towers
Designs on design
C
The Trump Towers Pune is
redefining the city’s skyline
22 | BLACKBOOK | SEPTEMBER 2013
elebrities, film stars and
brands — all are being
courted for alliances by real
estate developers for branded
residences. Currently in the
limelight is Panchshil Realty’s
yoopune by Philippe Starck,
that combines world-class
yoo inspired by Starck design.
Similarly, Panchshil’s Trump
Towers Pune marks the first
Trump-branded residential
project in India. Bringing in
glamour, celebrity interior
designer and former actress
Twinkle Khanna is involved with
the aesthetics of Panchshil’s One
North, while Gauri Khan, wife
of superstar ShahRukh Khan, is
designing couture penthouses
for the Glitterati Project in Pune
by Kolte Patil Developers. Real
estate developers are also roping
in global celebrities such as
Maria Sharapova and Michael
Schumacher to endorse projects.
Both Sharapova and Schumacher
have lent their names to
Homestead Infrastructure, the
London-based real estate player,
for its Gurgaon-based project.
Brand associations extend to
the domain of fashion too.
Supertech has roped in Armani/
Casa, the Italian fashion tycoon
Armani’s interior brand,
for their Noida-based project.
Armani/Casa has also worked
with the Lodha Group for The
World Towers residence in Upper
Worli, Mumbai.
“Branded residences
are coveted in major
cities across the world.
Although this concept is
fairly new in India,
it is finding takers
among the fast-growing
elite population.”
— Vinay Kapoor
President and CEO,
Westcourt Real Estate
is finding takers among the fast-growing elite
population.” Though branded apartments are
common in the UK, parts of Asia, the Middle East
and the US for some time, it is making inroads
into India only now.
But a moot question is — what is the
premium associated with branded homes versus
an ordinary luxury residence? There is no set
formula. Chordia explains that there are various
factors that influence costs. “The cost of branded
projects is subjective. It varies from each project
and brand-wise. The cost is also a function of the
real estate value. A branded home in Mumbai
may cost higher, but the same branded residence
in Pune may cost lower due to the inherent nature
of the market.”
Kapoor offers approximations in regards
when he says, “One and two bedroom residences
range from 1,800 square feet to 3,100 square
feet and are priced at `4.5 crore upwards. While
three and four bedroom residences range from
3,800 square feet to 6,300 square feet and their
prices start from `9 crore upwards.” For large villaformat branded residences, the base price shoots
up. Balayer says, “In India, large, luxury branded
homes will start from `40 crore upwards.”
In the end, it is the exclusivity factor that is
all-important for both the buyer and developer.
The challenge is, however, for the developer to
meet the expectations of the buyer, as well as to
maintain the value of the home once the deal is
sealed — branded homes have arrived in India. •
The Learning Curve
A
multi-generational
journey
spanning nearly 64 years was
the inspiration behind Wrap
Studio, conceived in 2004 with the
same design ethos. Having migrated
from Kashmir to New Delhi, Siddharth
Saigal, Designer and Owner of
Wrap Studio, recounts the label’s
beginnings. The family was involved
in the business of silk manufacturing
and the trading of pashmina, and
this legacy laid the foundation of
the brand. After dabbling in other
businesses unsuccessfully, Saigal
decided to return to his roots. “We
started again from scratch, but
this time with a new vision and
The trendy
Bollywood kaftan
Siddharth Saigal,
Designer and Owner,
Wrap Studio, speaks on
creating a contemporary
brand inspired by heritage
collection. “We overcame this by
participating in exhibitions and
promoting the brand on social
networking sites.” Today, the label
retails out of its own showroom in
New Delhi’s Shahpur Jat and retails
from a store in Khan Market, plus will
add a couple of more stores to its
repertoire. To cater to luxe customers,
says Saigal, “The biggest learning is
that quality and attention to detail is
a big differentiator between brands.”
When the label started out
initially, it targeted women above
the age of 30 with a basic product
line. But going ahead, Saigal realised
that by making minor changes, such
The company has worked with Proud
NGO, training artisans in various
techniques such as hand-painting,
embroidery
and
block-printing
— skills they could incorporate in
their own trade. Plus, artworks by
underprivileged children will be
incorporated in scarves in its Autumn
Winter collection 2013.
Wraps
The Wrap Studio
Siddharth Saigal,
Designer and Owner, Wrap Studio
innovating with the existing product
line.” The name ‘Wrap’ gave Saigal
a different direction. They introduced
products for the Indian marketplace
such as hand-painted and digital
charkha pashminas for the nascent
marketplace, which had already
received acceptance internationally.
Ironing out a strategy
24 | BLACKBOOK | SEPTEMBER 2013
Wrapping up
Under
By Neeti Mehra
For the Wrap Studio, pashmina
products are big sellers
dyes, digital printing, hand-painting,
hand-embroidery, Swarovski crystals,
calligraphy and more.
For Wrap Studio, the initial challenge
was to reach out to customers, but
Saigal was confident about their
as adding embellishments as well
as using digital prints, they could
reach out to a wider audience. “We
have combined textiles with modern
concepts, designed by our in-house
team. This has increased choices
by offering new and fashionable
interpretations
of
traditional
designs.” Besides custom-cuts have
given an edge to their collection.
For Wrap Studio, the biggest
market for pashmina is the domestic
market, owing to the legacy entwined
with the product. “Approximately
90 per cent of our creations are
handmade. To make this viable, we
have an in-house digital printing unit
that offers unlimited design options
for our handmade products.”
One
of
their
signature
handiwork is the Shahbano, that
literally means ‘queen’s pleasure’,
comprising 55 per cent wool and
45 per cent silk. The versatile fabric,
woven from fine 12 micron merino
wool, is decorated in many ways —
A Bolly Tolly stole
These unique designs have
worked well for the company.
Says Saigal, “Bespoke gives us
an edge.” Meeting customers’
expectations with custom-made
products ensured the brand didn’t
stagnate. “We did use social media
extensively, which increased visibility
and helped us increase our sales,”
says Saigal. Today, their product
range includes capes, garments,
jackets, stoles and shawls.
Wrap Studio’s strategy ahead
is to focus on e-commerce and
expansion via the franchise route
across India. “Recession has
definitely affected the market. To
counter it one needs to focus on
quality,” he says.
He believes that luxury markets
across the world differ because
of the innate difference in tastes.
Says Saigal, “The only thing luxury
customers consistently ask the world
over is perfection in terms of quality
and comfort.” •
Expat Diary
Because luxury is full of celebrations and soirées
The Traveller’s
Guide
The quintessential American, Tricia Bannister, Group Spa Manager, The Leela
Palaces, Hotels and Resorts thrives in chaos and indulges in wellness the world over
Belle Vie
AMADEUS
LOVE
What do you recommend travellers
shop for in Miami?
I always pick up a bikini, hat,
havaianas and a pair of sunglasses.
The boutique at the Standard Hotel
Monte-Carlo Bay Hotel & Resort
What: 2nd Anniversary Party of Amadeus
Where: Amadeus at the NCPA
Who: (Clockwise from far left) Farrokh
and Dilshad Khambata; Zeba Kohli, Rashmi
Nigam and Shaan Khanna; Surendra and
Alka Hiranandani; Schauna and Bikram
Saluja; Vikram Phadnis; Sameer and Palak
Sheth; Kailash and Aarti Surendranath;
Amrita and Malaika Arora; Juneila and Ash
Chandler; Parvez and Roshni Damania;
Pheroza Godrej with daughter
Miami
(standardhotels.com)
always has everything I need to not
only be fashionable in Miami but also
to wear on a stylish getaway in India.
GEMFIELDS AND NAZRAANA
What: 9th Annual Gemfields & Nazraana
Retail Jeweller India Awards 2013
Where: The Grand Hyatt, Mumbai
Who: (Clockwise from far left) Aly Khan;
Lisa Haydon; Manjari Phadnis; Neha
Dhupia; Neha Sareen; Shobhita Dhulipala
What do you miss about
your country?
EAT
Which are your favourite
restaurants in your home town,
Miami?
I would mention one — Michael’s
Genuine Food & Drink, a bistro
tucked in a pedestrian walkway in
Miami’s hip design district. Its menu,
featuring organic, locally-sourced
produce and meats, changes daily
— a fresh, farm-to-table experience.
It’s a great place for people-watching
and I’ve enjoyed three-hour long
power lunches at the bar as well
as lazy Sunday brunches there.
(michaelsgenuine.com)
Which is your favourite
section in a store?
The bath and body section — home
to perfumed candles and essential
oils. My favorite store Anthropologie
(anthropologie.com) has really
mastered branding in a multi-sensory
manner. The stores are scented with
aromatic candles that elevate your
spirits and encourage spending, be it
on clothes, jewellery or home items.
Tell us about your favourite
restaurants in India.
Any place that serves organic and
fresh food. I like Indigo in Colaba.
especially its magical terrace seating.
Anthropologie
Artichoke Salad, Indigo
26 | BLACKBOOK | SEPTEMBER 2013
STAY
Which are your favourite hotels?
• The Rockhouse in Jamaica is a
sustainably managed hotel. You
can luxuriate with a relaxing spa
treatment, using local, organic
oil blends, or indulge in a yoga
session at a location overlooking
the sea. Enjoy spectacular
sunsets and local cuisine at the
cliff-top restaurant.
(rockhousehotel.com)
• The expansive Monte-Carlo Bay
Hotel & Resort exudes a 1930’s
chic vibe in a contemporary
setting. Enjoy morning tea on
the private balcony, lunch on
the terrace and a visit to the spa
before heading to the hotel’s
casino.
(montecarlobay.com)
• The legendary Rancho la Puerta
the original destination spa, is
both mystical and modern. It
is where I’ve made wellnessminded friends. Over here, you
can enjoy a dip in a hot tub
under a starry sky. Or you can
hike to the organic garden.
Or pamper yourself with an
organic facial.
(rancholapuerta.com)
I miss walking and hiking! I love
taking my dog to the beach and
strolling on the pedestrian walkway,
shopping and just watching
the world pass by. I also miss
my chiropractor, acupuncturist,
homeopath and personal trainer —
in the US we have wide support for
wellness related services.
PIAGET
Which other country would you
live to live and work in and why?
What: Launch of the Piaget Rose Day
Where: Ephemeral Orangerie in the
Jardin des Tuileries, Paris
Who: (Clockwise from far left) Laurence
Ferrari, Renaud Capuçon, Philippe
Leopold Metzger, Olivier Perruchot; Bar
Refaeli; Beatrice Rosen; Melody Gardot
Thailand due to its rich spa
traditions, proximity to nature,
amazing cuisine and warm people.
Also, I am always drawn to places
in a state of socio-economic growth
— I find chaos and transformational
energy exciting. •
RRO AND GUCCI
What: Cheese, Wine and Fashion soirée
Where: Gucci Store Galleria, Trident
Hotel, Mumbai
Who: (Clockwise from far left) Chetan
and Roohi Jaikishan; Rahul Khanna;
Kamal Sidhu and Nico Goghawala;
Celina Wadia; Farah and Riyadh
Oomerbhoy
Spa treatment room,
The Leela Kovalam
SEPTEMBER 2013 | BLACKBOOK | 27
The Last Impression
The modern Indian today experiments with food such as
goat cheese makhani tart served with wild greens
Gourmet 2.0
Over the past few years, the restaurant experience
in India has embraced modernity
A chef’s personal touch is important such
as an amuse bouche — the sabudana tikki
Traditional food though still is popular — sarson ka
saag with makki ki roti and hand churned butter
“We believe that technology is good, but too much
of it is going to make us lose touch with our roots.
Ultimately
Attractive
presentation human
is integral to interaction is very important and it
the dining experience
can’t be replaced by machines.”
While technology is changing the face of fine dining, a personal
touch is imperative to its ultimate success
We believe that technology is good, but too much of it is going to make us lose touch with our roots.
Ultimately human interaction is very important and it can’t be replaced by machines
as an avant-garde traditional Indian restaurant, we hope to tap this nascent
very Saturday night, Mr and Mrs Chaddha and their daughter Jasleen
fine dining space.
step out to sample different cuisines in new restaurants. A part of the
Creating a luxury brand is an exciting journey, more so in India where the
teeming millions belonging to India’s prosperous middle class, the
demand for luxury is only growing. It begins with identifying current niche
Chaddhas have grown up in an era of simplicity and the license raj. These
trends and the likes and dislikes of our target audience. Molecular gastronomy,
upwardly mobile working professionals own a stylish home in Mumbai’s
as a concept, of late has found many takers in India. We endeavour to
suburbs and a flashy car, and now, aspire for more.
incorporate molecular gastronomy as an integral part of our brand’s menu. It
Urban Indians are well travelled and want to experiment with the
forms a part of our vision of presenting the future of Indian cuisine — Indian
unknown — experiences that are dinner conversation starters, so that they can
Cuisine 2.0. While the focus is, and will always be, on taste and authenticity,
keep up with modern-day Joneses rather than the traditional Joshis. And food
some aspects of molecular
is integral to this experience.
gastronomy have been used to
Over the past few years, the
enhance the experience of the
restaurant experience in India
dish. It not only improves flavour
has transformed, embracing
and visual appeal, but also
modernity. A dining vocabulary,
introduces an element of surprise
which never existed before, has
into a dish. Our aim is to present
slipped into place — reservations,
cuisine at its simplistic best, cook
a dress code, service charge and
it using authentic ingredients, as
more. Today, Indians are more
was done in the days of yore, but
receptive to experimenting as
also add innovative elements to
compared to five years ago.
the whole menu and experience.
Tasty food, attention to detail,
Another industry trend is
a chef’s personal touch and
the beneficial use of technology
attractive
presentation
can
by leveraging the internet and
make or break a restaurant!
mobile apps. Technology has
No doubt the concept of fine
never been more perceptive than
dining is handpicked from the
what it is today, and it is only
international market, but Indian
getting better. Not only does
restaurateurs and chefs are at par
technology allow consumers
when it comes to creativity and
to find restaurants suited to
deliverables. With the launch of
their needs, but it also enables
our first signature brand Masala
Today chefs incorporate creativity in presentation and
them to rate the eateries and
Library by Jiggs Kalra positioned
preparation of dishes such as the papad sampler
Technology aims to improve the experience — both for the sector
help them decide on which restaurant should they spend their hard-earned
and the patron. Social media, more so in recent years, has played a huge
money on. For restaurateurs, too, there are many benefits. It allows them
role in shaping society’s views on innumerable issues. That it will play a
and the staff to be more efficient and effective in areas streamlined by
vital role in shaping people’s opinions about dining establishments is no
hardware and software, helping them respond to guests’ appreciation and
surprise. Today you have numerous social media avenues such as Facebook
concerns instantly.
and Twitter as well as food-centric websites that guests can refer to or
Technology is also helping streamline front and back-end operations of
share their dining experiences — whether good or bad. A guest can thus
restaurants. This has yielded opportunities for increased guest interactions
influence a lot of users with a single update. Social media updates are
and a better dining experience, especially in the fine dining space. Today you
interactive — people can express views while also allowing the restaurant
can use tablets to promote the brand and display the menu, while orders
management to get in touch with them. But food centric websites do
can be placed directly in the system. Online reservations, social media and
not have the option of doing so in some cases. I
new payment methods — technology has infiltrated
still feel that there are some flaws in this method
the food service sector like never before. Yet, with
for reviewing establishments and that there is huge
every new advancement, comes a set of challenges.
scope for improvement.
And with technology moving faster than lightening,
While fine dining seems to be showing great
these challenges can sometimes seem insurmountable.
promise, there are some hindrances in this sector
At Masala Library by Jiggs Kalra and at our smartwhich are playing spoilsport — the falling rupee,
casual dining brand, Made in Punjab, we are integrating
high real estate costs, rising food costs, the lack
only some aspects of technology such as website
of an integrated cold chain system, ineffective
access, reservations, feedback and response systems
warehousing, fragmented supply chain systems, a
with tablets. The menu is retained in its traditional
dearth of quality manpower and licensing issues,
form. My reasoning behind this is very simple — we’re
to name just a few. Infrastructure bottlenecks such
moving with the times, yet, are maintaining a degree
as inconsistent electricity and water supply add to
of personal interaction with guests. Patrons today are
the cost. Also, continual commodity price hikes hit
well travelled and pampered. When you go out to
margins hard. Despite such a grim scenario, it is not
dine, you are looking for a holistic experience, which
possible to constantly raise menu prices and thus,
includes human interaction — where your needs are
for many, the business of fine dining isn’t a viable
well understood and catered to. Everyone appreciates
business proposition.
it when someone, in person, attends to your likes,
Having said that, however, I hope that with
dislikes and needs. I believe that technology is good,
a
better
understanding of technology and after
but too much of it is going to make us lose touch
Zorawar Kalra
addressing
the existing flaws in the system, fine
with our roots. Ultimately human interaction is very
is Founder and Managing
dining will thrive. •
important and it can’t be replaced by machines.
Director of Massive Restaurants
E
28 | BLACKBOOK | SEPTEMBER 2013