Luxury retail brands to expand operations; scout for talent

The sector in India is expected to reach US$ 8.5 billion in valuation by the end of this year

August 11, 2022

With several luxury brands already in operation, more are expected to mark their presence in the country this year

Domestic luxury retail verticals are also expected to see expansion this year

Brands are looking for talent in purchasing, logistics, e-commerce, and marketing, as well as senior talent in retail operations

Growth in luxury retail going to be majorly driven by jewellery and watches

Luxury retail companies are scouting for talent in India to drive expansion, omnichannel strategy, and marketing, according to data placement firms Korn Ferry and Stanton Chase. The sector in India is expected to reach US$ 8.5 billion in valuation by the end of this year, as the country is emerging as a strong market for luxury businesses.

With several luxury brands such as Gucci, Tommy Hilfiger, and Burberry already in operation, other global brands such as Valentino and Balenciaga are expected to mark their presence in the country this year directly or through franchises.  In addition, domestic luxury retail verticals, such as The Collective and Darveys that house luxury brands such as Polo, Ralph Lauren and Ted Baker, are expected to expand across the country this year. In line with this, the company is looking for talent in purchasing, logistics, e-commerce, and marketing, as well as senior talent in retail operations. 

Growth drivers of the sector

Experts said that with a reduction in international travel, customers are doing most of their luxury shopping online. Besides that, the sector is witnessing growth due to the upcoming festive season. 

They further added that the segment is which is betting big on tier-2 and tier-3 markets such as Ludhiana and Indore by reaching out to high-net-worth individuals (HNIs) and driving sales through social media and other digital means. Growth in luxury retail going to be majorly driven by jewellery and watches. 

With a gradual increase in unicorns and soonicorns (startups that have the potential to be a unicorn), salaries and stock options for employees have increased, which in turn has led to the rise in higher disposable income, allowing them to purchase more luxury products.

Hiring across profiles 

An increase in demand for senior talent in luxury brands has been observed in the last six months. They have a lot of need for country heads, and executives from senior marketing roles. 

According to the data, salary packages begin at INR 4-5 lakh per annum at the entry-level and be up to INR 4 crore and above with variables for the CXO level, in the luxury retail space. Expatriate talent from mature markets such as Singapore and Dubai invite even higher pay.

Demand for top talent that is proficient in engaging and building long-term relationships with customers has been continuing. Experts say that luxury retail firms generally look at the hospitality sector for potential talent, that can engage with HNIs – the luxury segment’s main target audience. Firms are also on hiring a larger number of product designers, catalogue executives, category managers and business development executives.

As per industry data, a 23% Month-on-Month (MoM) growth in the demand for luxury retail jobs has been witnessed since July 2022.