New Delhi: With all 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; from cruises to cars, from food to fashion and so on. To understand the current scenario and way forward, PHD Chamber of Commerce and Industry organized an interactive webinar on “Need of Innovations in Luxury Industry: Post Covid-19” with Shri Vinod Zutshi, IAS, Former Secretary, Ministry of Tourism, Government of India and other esteemed industry players. The objective of the webinar was to understand and analyze the product lines, the shift of demand change patterns, and what will be the path of the luxury comeback.
Shri Vinod Zutshi, IAS, Former Secretary, Ministry of Tourism, Government of India set the theme of the webinar by addressing that COVID-19 has disrupted the entire world and economy. There is a change in the business and lifestyle of people. Retail is one of the hardest-hit sectors and luxury brands are facing a worse effect. Marketers across industries are trying to redesign their business models and the luxury industry is no exception. It's time for the luxury industry to analyze the impact of pandemic and address issues of changes faced, anticipate the shift of consumer sentiments towards luxury brands and reshape their business models in tune with the consumer mindset and adapt to new normal for variability and sustainability.
It is time for the luxury industry to address the challenges, anticipate the changes of consumers towards luxury brands, and reshape the models according to the changing consumer behavior. Luxury has always been dependent on global supply chains and these future strategies need to be rediscovered. The luxury industry will re-bounce its shape, said Vinod Zutshi.
The other esteemed industry players which deliberated on “Need of Innovations in Luxury Industry: Post Covid-19” were Ms. Radha Bhatia, Chairman, Bird Group; Mr. Hemant Arora, CEO, Aston Martin Lagonda; Mr. Debraj Sengupta, Marketing Head (Brand) and Country Head (Watches) Victorinox; Mr. Ashish Soni, Fashion Designer; Dr. Sheetal Jain, CEO, and Founder, Luxe Analytics. The panelist talked about the present and future of the luxury sector and emphasized that the luxury industry is here to stay. Luxury brands have to potential to make local or Indian brands by the way of its experience and feel. They also discussed social commerce and its time to think out of the box and innovate their business models and strategies.
Mr. Pradeep Multani, Vice President, PHD Chamber of Commerce and Industry in his welcome address gave a brief insight into the importance of the luxury industry in the world for years.
He also gave insights about the actions points in the luxury innovation which are to make focusing on meaningful luxury, new business models, and many more.