Breaking into the luxury: Gaurav Bhatia of Maison India talks about career in Luxury
- By NewsOnFloor Staff
- Dec 09, 2020
- 15446 views
COVID-19 pushed the growth of the luxury sector in India for few years. As per the recent report by Bain & Co, global luxury sales could drop by up to 35% by the end of 2020. However, experts believe that the luxury segment in post-pandemic India would revive at a faster pace than its peers relatively. Founder and CEO of Maison India — Gaurav Bhatia says that the steps taken by the Modi government to bring traction to the economy will directly reflect upon the growth of the luxe segment slowly but surely.
The future of the sector
“We are expected to become second-largest economy after China by 2050. Disruption brought by the pandemic is immense but temporary. However, with disruption, it came like an opportunity in disguise that made us think out-of-the-box. It is no doubt that the luxury market will flourish in India after the coronavirus goes away. This indicates towards flourishing career opportunities for luxury professionals in the coming years across the country,” says Gaurav Bhatia.
Last year, the luxury products market stood at $6.25 billion and a growth rate of 10-15% was expected until 2022. In 2017, NITI Aayog suggested the value of the overall luxury market in India at $18.5 billion with a compound annual growth rate (CAGR) of 25%. Back then, the estimated manpower that the segment would have created by 2022 was around 1.76 million people. Gaurav Bhatia says that the worst this pandemic has done is that it pushed the growth further by 3-4 years. “If not by 2022, we can create around 2 million jobs by 2025 if everything goes as expected,” he said.
What Skills are required?
“Luxury is a no-nonsense domain and hence those who aspire to become professionals must understand that you need to be well acquainted with the requirements of an aggressive sales driven industry, one that is astute in marketing and communication with a certain je ne sais quoi with customers. Moreover, you must have a natural flair for interpersonal skills as a deep dialogue and relationship building the key. An eye for detail, inclination towards brands is critical and the ability for gentle persuasion are fundamental to a successful practitioner. Luxury is after all an expression of culture. If you have that in you, then the world is waiting, ” says a seasoned luxury market expert.
Gaurav Bhatia’s journey in the luxury market began with the dawn of the 21st century. With strong networking skills and a dynamic persona, Gaurav has led some of the leading global brands in the world of luxury including Young & Rubicam, Moët Hennessy, LVMH, and Sotheby’s. With the growing needs of the sector in India, he finally founded his venture Maison India. The brand aims to equip its clients with innovative marketing solutions, business development ideas, branding and rebranding solutions, communication, and content creation along with PR and digital strategy.
Source : NewsOnFloor