Forward thinkers and industry experts came together to dissect the changing luxury market at the recently concluded Ajio Luxe Weeknd
How do you define an important conversation? For many in the luxury fashion space, it comes down to numbers, forecasts and trends. For others, it’s about feeling the way we do about what we do, conversations about the system, how we move through it, discussions where we can be vulnerable with each other, and conversations where we’re not trying to flog anything, including ourselves. Those are slowly becoming important concerns.
The pre-loved luxury market in India is slowly gaining traction. Pernia Qureshi and Vedant Lamba discuss the many reasons why it's the future of fashion
Conversations around priority issues like mindfulness in luxury, inclusivity, sustainability, and pre-loved luxury aren’t had every day, Anaita Shroff Adajania moderated one such discussion at our Power Panels
While luxury in India is expected to grow to ₹50,000 crores by 2024, as per Euromonitor International, with the younger population coming into the workforce and with more disposable income, the landscape is changing—slowly moving from aesthetics to moral and environmental reflections. Conversations around priority issues like mindfulness in luxury, inclusivity, sustainability, and pre-loved luxury aren’t had every day. So, we created a space for this to happen, enabling industry professionals to delve deep into dialogues about education, learning, and sharing with Power Panels co-powered by 360ONE WEALTH, an independent financial firm that has deep insights into the luxury goods and services market, at the AjioLuxe Wkend in Mumbai, in association with Chivas Regal.
The Sustainability Question
Over the past few years, sustainability has become a vital component of shopper motivation, persuading brands to opt for innovative sustainability initiatives that will profoundly reshape their business models. Arguably, it is impossible to become truly sustainable, but luxury brands must evolve to a circular economy that supports the pre-owned and rental markets. Our panellists highlighted the subject by tapping into their expertise. Vandana M Jagwani, founder of Vandals, which creates designs using lab-grown diamonds, spoke about the need for changing consumer perceptions, while Kunal Avanti, founder, of I AM Animal—an organic and consciously-crafted unisex athleisure brand, touched upon the nuances of creating an ethical label. Also in conversation was Diana Kakkar, founder and chief executive of MAES London, who believes fashion’s ethical problem lies in finding solutions at the manufacturing stage. The head of sales and marketing at Shreyas Retreat, a wellness property that is part of the Relais & Châteaux group, spoke about how luxury and sustainability drive the hospitality sector.
Sohini Dey moderated a conversation about the relationship between sustainability and luxury. She was joined by Vandana M Jagwani, Kunal Avanti, Diana Kakkar and Rucha Sukhramani
Moderated by Anaita Shroff Adajania, and joined by Pernia Qureshi, Vedant Lamba and Kunal Kapoor the conversation centered on how consumers are shifting their perspectives and recognising the social, environmental, and financial benefits of shopping pre-loved fashion
Pre-loved luxury on the rise
The pre-loved luxury market in India is slowly gaining traction. What was once frowned upon by luxury purists is now being hailed by revered watch and couture brands as a means to meet their sustainability goals and a new way to generate revenue. Moderated by Anaita Shroff Adajania, fashion stylist, creative director, and brand curator, and joined by Pernia Qureshi, co-founder Saritoria, Vedant Lamba, founder of Mainstreet Marketplace, and Kunal Kapoor, founder and CEO of The Luxury Closet, the Power Panels conversation, co-powered by 360ONE WEALTH, centered on how consumers are shifting their perspectives and recognising the social, environmental, and financial benefits of shopping pre-loved fashion and how luxury brands are meeting them at the point of their needs. Moreover, a forecast of the second-hand sector indicates that it will be worth over $60 billion by 2025, making a case for why pre-loved luxury is primed for more success.
The beauty panel was moderated by Rituparna Som and brought together celebrity content creator and angel investor Mira Kapoor; Anshuka Parwani, Dr Jaishree Sharad; Mohit Dhanjal; Akash Mehta; Vasudha Rai; and Sandhya Shekar to discuss the role of beauty and wellness in the filtered world of social media
Beauty and Identity
The global beauty landscape is experiencing radical change, breaking free from the stereotypical view of beauty that has dominated the discourse for decades. Luxury beauty brands are drawing in a broader range of customers, making beauty more accessible by exploring non-traditional markets and underserved communities, providing a personalised and niche experience for the consumer. In addition, the beauty industry is becoming more inclusive by catering to all individuals, regardless of gender, age, religion, skin tone or skin type. This panel, moderated by journalist Rituparna Som and co-powered by 360ONE WEALTH, brought together celebrity content creator and angel investor Mira Kapoor; Anshuka Parwani, founder of Anshuka Yoga; celebrity dermatologist Dr Jaishree Sharad; chief revenue officer-retail, Reliance Beauty Mohit Dhanjal; co-founder and CEO of Fable & Mane Akash Mehta; author and podcaster Vasudha Rai; and celebrity make-up artist Sandhya Shekar to discuss the role of beauty and wellness in the filtered world of social media.
Each panellist was vocal in their belief that luxury needs to counteract the misconception that it must constantly change (pictured here Shruti Thacker and Benedeta Bruzziches)
(left to right) Vasudha Rai, Sandhya Shekar and Mohit Dhanjal
With the notion of beauty converging, if not already converged, with skincare, health and wellness, the panellists believe that the luxury beauty industry is forming a much more holistic combination that contains not just the externalities of application of products on the outside of one’s skin but also the surrounding habits, choices and lifestyle as well as nutrition.
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The Established Power Panels were co-powered by 360ONE WEALTH
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(left to right) Shruti Thacker, Benedetta Bruzziches, Pragya Kapoor, Kirti Poonia and Deval Shah
How mindful is the luxury fashion industry?
The Established’s co-founder and Editorial Director Shruti Thacker moderated a thought-provoking session with Pragya Kapoor, producer and environmentalist; Benedetta Bruzziches, designer; Kirti Poonia, co-founder, Relove; and Deval Shah, group vice president of business, Reliance Brands Limited on mindful luxury.
The conversation centered on how brands offer a considered response to today’s hyper-consumerist pace, committed to creating responsible luxury with not only environmental and social sustainability in mind but also the well-being of future generations. Slowing down is the answer, and a shift towards mindful production and craftsmanship can help achieve the end goal. Each panellist was vocal in their belief that luxury needs to counteract the misconception that it must constantly change. In fashion, the work is seasonless and proves that good design elicits both an intellectual and emotional response that is ageless, timeless and boundless--better for both the environment and a streamlined wardrobe.
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