COVID-19 has globally led the businesses and industries throughout the globe in massive chaos, there has been the grave economic impact of coronavirus across the sectors from tourism to airline; from entertainment to education. Marketers across industries are trying to redesign their business models and the luxury industry is no exception. To understand the challenges and ways forward, PHD Chamber of Commerce and Industries, conducted an interactive session on ‘Leading through Covid – 19 Outbreak, Reshaping the Luxury Lifestyle Industry’ with Dr. Lalit Khaitan, Chairman, and Managing Director, Radico Khaitan, Mr. Rajesh Jain, Managing Director and CEO, Lacoste India, Ms. Rajashree Rao, Head- Partnerships and Ecosystem (APAC) for R2 Data Labs, Ms. Megha Malagatti, Business Development Director, ISC Region, Loreal on 29th April 2020.

The session witnessed a participation of more than 100 industry players and senior’ members of PHD Chamber.

Dr. Lalit Khaitan, Chairman, and Management Director, Radico Khaitan, appreciated the efforts PHD Chamber of Commerce and Industry to organize such an interactive session on such an indispensable topic in these pivotal times and said that global luxury market is 1.4 trillion dollars which is 50% of India’s GDP and which is being led by the USA. India is growing in the luxury market at a pace of 20-25% per annum. In 2019, the Indian luxury was 40 Billion Dollars which is expected to go up to 180 Billion Dollars by 2022. But, after COVID-19 the situation will change.

Deliberating the participant and other delegates on the outline of the reshaping of the luxury brands, Dr. Lalit Khaitan, discussed the revenge buy which happened in China after the lockdown was open. He also expressed that airlines, travel, entertainment have been hard hit by the pandemic. But industries like fashion, textiles, and others will go online via e-commerce portals so cater to its audience.

Luxury brands cater to a niche audience, which was the maharaja audience in ancient times, said Dr. Lalit Khaitan.

Mr. Rajesh Jain, Managing Director, and CEO, Lacoste India thanked PHD Chamber for organizing such an informative webinar in these crucial times. He highlighted that the current scenario is a global pandemic and due to which it is tough to predict the future and we can’t do any long-term planning as well.

In my opinion, the habits of people due to this pandemic won't change. Its would-be short-term changes, but in the long run, the people will come back to the same lifestyle. With e-commerce entered India is a big way, the preference of people to buy has changed but somewhere people still go for physical shopping.

Mr. Rajesh Jain said We have to ensure that we follow all the guidelines given by the government for social distancing, sanitization, and others. The other thing to be looked at is the daily business which is essential for running the business. 

 Ms. Rajashree Rao, Head- Partnerships and Ecosystem (APAC) for R2 Data Labs thanked PHD Chamber for the session. She deliberated on the usage and importance of technology in the retail industry. 

The mall culture will be going to reduce. Now is the time, that we need to cater to the need of the customers, and e-commerce is going to strive and how to evolve ourselves post this lockdown is important, said Ms. Rajashree Rao.

Ms. Megha Malagatti, Business Development Director, ISC Region, Loreal was thankful to PHD Chamber for organizing such a thought-provoking webinar. She highlighted that luxury has been existing in the world for such a long time. There is always an audience that wants to feel special, exclusive and part of a cult with is aspirational and different from others and this norm will continue in the future.

She gave a brief about the history of luxury brands and their commercialization globally. Looking at the present times, Ms. Megha Malagatti said that the brands which are resilient, strong, belong to a section group of audience, needs of their working people, and have financial support.

Ms. Megha Malagatti discussed the difference between fashion and luxury. We imbibe in ourselves the nation of sustainability, social responsibility, high quality, and which is passed from generations because of the quality and the price attached to it. 

Mr. Pradeep Multani, Vice President, PHD Chamber gave a warm welcome to all the esteemed delegates, and participants said while COVID-19 has given a tough time to the economy it has even given a hard time to the luxury brands. 

Mr. Saket Dalmia, Chairman Retail Committee, PHD Chamber, gave a warm welcome to all the delegates and participants. 

Mr. Pradeep Aggarwal, CO-Chairman Retail Committee, PHD Chamber gave a warm welcome to all the speakers and participants. He shared the industry perspective of the luxury brands in India.

Mr. Saurabh Sanyal, Secretary General, PHD Chamber of Industry and Commerce gave a formal vote of thanks to all the speakers and participants

The webinar was supported by Radio Khaitan and Coca Cola. The webinar was moderated by Dr. Yogesh Srivastav, Principal Director, PHD Chamber, and was attended by many senior PHD members and industry stalwarts.