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ShareAt the opening of a swank new store for men in Mumbai recently -- I was there as a guest of a guest, I must hastily add -- I wandered around checking out the goods on offer. A pair of jeans for Rs 22,000, shoes at Rs 30,000 (the same as in London, sir), a watch for Rs 1.25 lakh. The ever-helpful assistant was all smiles and courtesy: "we have entry level watches too, at Rs 35,000, she dimpled. A glass of champagne in hand and among the glamorous of the city, one almost believed that one could not only afford it, but ought to buy it. This was the life; this was the only way to live.
Obviously that feeling passed rapidly before some real damage could be done to the wallet, but I understood what marketers mean when they say that buying luxury goods makes one feel better. This is a quote I picked up while reading the interview of the president of a company that makes decorative statues, what one might call objets d'art. Well-made, but cutesy almost kitschy, the statues come with a long tradition and could go up to Rs 1 crore.
By comparison, a Mont Blanc pen for a tad over Rs 11 lakh should be a steal. Look at what it gets you -- something that has prestige value, something that is practical (it writes) rather than merely to be put on the shelf and something that has our greatest icon's name attached to it. Limited edition, so little chance that upstart noveau riche types would brandish one. It got a bit of notoriety too with all that publicity, which should add to its value.
Much of the comment and criticism about the pen focused on the irony of naming such an expensive bauble after the man who was austere in his habits and eschewed flash of any kind. He spun his own cloth and cleaned his own toilets; attaching his name to something so patently expensive and out of reach for most people was, shall we say, vulgar. But that misses the point. If there is a copyright issue, that has to be dealt with separately. Otherwise the manufacturers are free to do whatever they want to and let the market decide.
The bigger point is why would anyone buy a pen, any pen, for Rs 11 lakh? Not everyone wants to use a plastic ballpoint, but Rs 11 lakh? What would one do with it? Flash it casually while signing a bill at a restaurant? The famous Mont Blanc logo immediately signals exclusivity and expense, but you could get one with the same logo for around Rs 10,000. There goes the cache of the truly expensive, one-of-200-pieces pen. Or does it?
The dictionary has several definitions for luxury: a material object, service conducive to sumptuous living, usually a delicacy, elegance, or refinement of living rather than a necessity, says one. A foolish or worthless form of self-indulgence, says another: for example, the luxury of self-pity. An archaic meaning is lust and lechery. Take your pick.
Marketers tell us that the luxury market is booming in India. Nearly 150,000 people who are dollar millionaires, rising aspiration to become globalised, increasing awareness. After a while each threshold begins to look common. If five brands are selling suits at Rs 1.5 lakh apiece, the sixth will have to perforce up it to Rs 3 lakh. If your rival in the socialite set has got herself a Fendi bag, you've got to get the Birkin. There is a queer contradiction built into some segments, especially clothes and accessories -- once you have flashed your expensive high-fashion outfit, you can't possibly wear it again. But if that bothers you, such things are not for you.
There is another funny thing about many such items -- once it becomes available to all and sundry, the 'aam janata' so to speak, its special cachet disappears. When many brands were not available in India, the truly rich and aware could pop into New York, London or Paris and pick up their favourite brands. Now the shop is in Bandra or MG Road or god forbid, Saket in New Delhi; anyone and everyone can theoretically buy it.
There goes the hi-end neighbourhood, where did all these horrible people come from? This is the mass luxury market; people down the economic chain but with sufficient cash and desire. The most expensive suitcase brand in India is not necessarily bought by the super-rich in big cities but by mega cash-holding families in Punjab for their daughters' dowries. The watch advertised by the star, which starts at around Rs 70,000 is a hit with young men in small towns.
What about the recession? Some brands have been affected more than the others. Expensive goods are still being launched. The sellers are in for the long haul. India is one of the few big untapped markets in the world accounting for less than 1 per cent of sales -- the Far East, China, the Gulf and Russia are slowly getting saturated. This is where luxury will grow for sometime to come. Brace yourself therefore for more diamond crusted cell phones and crystal studded chandeliers. Luxury has a glittering future ahead.
