While designer labels, international brands and more took to neighbouring countries, India was left behind. Things have changed over the past few decades with an increased interest in the country’s economic growth and purchasing power.
Nestled between trees on the hushed side of upmarket Khader Nawaz Khan Road in Chennai now stands Bergamo, in pristine white, this Renaissance building and the city’s first mall exclusively for luxury brands marks the change in thinking. The threestorey building is where Louis Vuitton opened its fifth store in India last month, clearly location does matter. Currently, Louis Vuitton might be the only store in the 30,000 square foot Bergamo but brands like Jimmy Choo, Canali and Bottega Veneta are slated to join.Luxxe Box, a luxury boutique in the city by Genesis Colors, which is bringing brands, like Canali, Paul Smith, Etro and Tumi to the city, is also a big hit with customers. Also, Mumbai-based developer Phoenix will be opening its 2.4 million square foot Market City property in the city soon, where onesection will be dedicated to luxury brands, with a separate entrance, along the lines of Palladium in Mumbai which retails luxury brands.
“10 years ago when I came to Chennai, we knew this city had the potential to expand, the younger affluent population is ready to splurge. People are travelling and Chennai has always had intelligent buyers, they don’t go by trends. They prefer tried and tested products,” says Olivier Bernheim, President and CEO, Raymond Weil. Car brands like Audi, Mercedes, Jaguar and Porsche have already paved way to a new generation of luxury car owners in Chennai. Harley-Davidson which opened its first showroom in the city is treat bike aficionados.
The hospitality sector of Chennai has perhaps seen the biggest boom, with the expansion of five-star hotels. ITC’s Grand Chola, an opulent, 600-room hotel with 10 restaurants, is the first of its kind in the city. ITC has invested a whopping Rs 1,200 crore on this project that is modelled on the palaces of the Chola empire. Right around the corner is the is the 201-room Park Hyatt Hotel. The sea-facing Leela Palace is expected to open soon, the hotel is themed after the Chettinad architecture of Tamil Nadu. JW Marriott, is also slated to open later this year as well.
So what is making Chennai a hub for luxury brands, "Chennai is becoming a centre for luxury brands to tap in as the market is becoming luxury-product friendly", says P.H. Narayanan, Brand Manager, Omega (India). India on the whole is seeing a surge in the luxury market and it is only bound to grow.