Ex-Sotheby’s India Chief Gaurav Bhatia deciphers post Pandemic trends arising in the luxury industry

Gaurav Bhatia is part of the first generation of luxury marketers in the country and now runs his own luxe and lifestyle advisory cell Maison.  A purveyor of slow luxury he seeks hedonistic pleasures responsibly.  Follow him on Instagram @champagneboy75

Over the years, the luxury market and the industry have grown steadily in India but the global outbreak of the pandemic sent retailer back many steps. While most brands were not ready for the months of closure, many still grapple to keep their heads above water while still many simply shut shop. Despite mall closures, drop in customer walk-ins, restrictive hours and other disturbances, the global luxury industry is trying to thrive on and taking notes from the world as it unfolds.

The global diversity, varying physical divide, and the introduction of various new drills in retail have changed erstwhile harmonized definitions. Various brands are figuring out new tunes while maintaining their authenticity and picking up on the changing trends. In the wake of recent changes to the industry, we speak with Gaurav Bhatia, Ex-Sotheby’s India Chief and one of the prominent luxury experts, who has set up his own Luxury consultancy Maison. “High-end retail as we know it is seeing challenges owing to the recent pandemic. Enough has been written about it. I see new trends being born out of this. One key trend is consumers warming up to preowned luxury.  Touted to be a $25 billion business, pre-owned luxury is de rigueur in the Western world and Asia. I think it won’t be before long that it will find relevance in India as well,” says Bhatia.

Will the Indian consumer actually buy pre-owned, pre-used goods? Isn’t there a taboo associated with old clothes and goods in general? Bhatia has a different take. “What’s not to love in last season’s Vuitton confections?  Or find a vintage Chanel 2.55 from the 1950s?  And since many can’t get the Hermes Birkin due to its infamous waiting list, this is perhaps the only way to actually own one without being a telecom magnate, movie star or Miss Birkin herself.  The luxury consumer today understands how fiscally sound buying pre-owned is and isn’t shy to own up to it. Millennials and Generation Z in particular are a far more conscious and open-minded demographic open to trends like this.”

A trend started by little vintage shops and democratized by eBay is now big business.  The market leader, online retailer of pre-owned luxury The RealReal went public earlier this year with a valuation of $700 million.  Closer home, Luxepolis, India’s pioneering online marketplace for preowned luxury remains the most trusted source for authentic, certified and a tightly curated range of brands from Hermès and Chanel to Louis Vuitton and Goyard and everything in-between.  Patek Phillipe and Rolex watches are sold within minutes of hitting the site. Other players like Tried & Treasured apart from accessories also delve in pre-owned clothing including Indian designers like Sabyasachi and Abu Jani Sandeep Khosla.

Brands are working towards sustainability and reusability by taking lead in bringing pre-loved luxury to the masses at an affordable price. The brands themselves endorse creating affordable luxury segments while increasing loyalty and creating a halo around their brand keeping the consumers engaged.

“In a world burgeoning in political, social and economic upheaval, multiculturalism, sustainability and individualism has never been more au courant than it is today.  With blurring lines around traditional gender, diversity, and identity politics, the definition of the good life is changing as we know it. Responsible luxury is trending as the new code and careless consumerism may soon be passé.  The world is not the same anymore.  Thankfully neither is luxury.” concludes Bhatia.

Globally, consumers are looking for affordable and smart ways to revive their lifestyle.  Market watchers are observing curious shifts in the market concerning the luxury buyers and it is with time the impact will unfold themselves. Pre-owned luxury may just be the next big mantra in India.