In India, Hike and Girgio Armwni prevail. But the American multinational and the Italian fashion house counterfeits only form a small part of the magnanimous fake luxury market. On the one hand, this means greater visibility to luxury brands and on the other, it signifies evisceration of the high-flying prospect.
To bag or not to bag, that is no longer the question
The burgeoning middle class is no longer just burgeoning. It is out there, masquerading in fakes as well as the better quality ‘replicas’ of luxury objects. But besides their itch to rise, it is the social climbing cravings of many in the metropolitans that proliferate this supposed status building practice. Driven largely by e-commerce, the uppity penchant is finds its bearings close by.
Keep your friends close, keep the Chinese closer
“About 80 per cent of these counterfeit products come from China,” confirms David Abikzir, Nymex Consulting chairman. “Most of the e-retailers buy and re-sell products and don’t control the trademark of the product sold. So, it is no surprise that e-retailers are playing a key role in the market of fakes.”
It’s a multimillion dollar idea
Assocham recently reported the size of India’s luxury fake luxury market at US$640 million, which makes a whopping 5-6 per cent of the nation’s overall luxury products. Subsequently, e-commerce accounts for over 25 per cent of the overall fake luxury products market.
Prêt, set, go
In a bid to overcome this problem/ threat to luxury in general, brands have gone ahead and become more accessible. Enter lower priced lines as well as individual products that are more affordable, or smaller pack sizes that drive trials. This better work or as per CPP Luxury Industry Management Consultants Ltd.’s predictions, India’s luxury market is poised for stagnation.
[Via – Cpp-Luxury]
