The survival of the fittest…
While Statista estimates India’s luxury goods segment to be worth $8 billion and forecasts 6.6 per cent CAGR growth during 2019-23, market research firm Euromonitor forecasts that the luxury segment in India will grow at 18.1 per cent during the same period.
The numbers of different reports vary because each defines luxury differently and considers diverse parameters. Whatever the figures may be, one thing is clear: 2019 was a challenging year for the Indian luxury industry, thanks to the economic slowdown and irregular tax structure. A majority of the leaders quoted in this specially curated digest had to rejig their sales, marketing and pricing strategies to stay in the business and try doubly hard to rope in customers. It, indeed, was the survival of the fittest and the fit only survive when they innovate.
The hospitality industry put experience-led packages at the forefront; aviation followed suit with chef-made, lip-smacking meals and the automobile and fashion industries turned to sustainability. So much has happened in 2019 and that is always a reason to celebrate.
So, this year, we, at LuxeBook, celebrate those who embraced change and stood firm in the face of adversity. Congratulations to the Top 100 people, who made it to the list. May innovation always stay by your side and hope that 2020 is a better year.
Here’s the list of the 100 winners across sectors.
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