Venu Srinivasan, chairman and managing director of TVS Motor, says
he belongs to the 'dinosaur era' when fellow Tamilians were embarrassed
to buy a car, let alone flaunt it. "I used to drive around in a
Hyundai Santro even seven years ago. But today, our children cannot do
without big cars, premium homes, and shopping at luxury stores."
Contrast the 57-year-old Srinivasan's simplicity with the opulence of 34-year-old entrepreneur TT Siddharth. The director of operations at Maya Appliances owns nine superbikes and two BMWs. "I am a bike enthusiast, and have Harleys, Ducatis and Hondas in my collection," he says. "My parents belonged to a different generation. But times are changing. The younger lot likes to spend on luxury products as they are in line with global fashion and trends."
Chennai has changed dramatically over the past few years. Rapid growth, which triggered migration from other parts of India and an influx of expat workers, exposed the traditionally conservative society to a swanky lifestyle, prodding rich families to spend on luxury shopping. Car and bike makers, luxury hotels and a host of brands like Louis Vuitton and Armani are rushing in to make hay in this sunshine of wealth and consumerism.
The city, home to over 4.6 million, is embracing this change with open arms. The day French luxury brand Louis Vuitton opened its store in Chennai-its fifth in India-there was a rush of eager shoppers. Louis Vuitton's products sell for between Rs 10,000 and Rs 7.5 lakh, the upper end of the range the average annual income for an Indian middle-class family. Louis Vuitton also expects shoppers from cities like Salem, Coimbatore and Madurai to visit its new store. Luxury destination 'Bergamo' that houses the Louis Vuitton store will soon have exclusive outlets of Bottega Venetta, Cartier watches and Jimmy Choo shoes, says Ajay Agarwal, managing director of Bergamo.
Earlier this year, iconic bike brand Harley-Davidson opened an outlet after it saw many people from the city buying from its Bangalore outlet. The city has now got two brand new five-star luxury hotels: ITC's Grand Chola and The Leela Palace, which are changing the luxury skyline of the city.
Genesis Luxury, which markets several big luxury brands in India, operates a format called Luxxe Box in Chennai that houses brands like Canali, Paul Smith and Etro. "Chennai is a new market for luxury and has growing potential since people are well-travelled and aware of international brands," says Sanjay Kapoor, managing director of Genesis Luxury.
In 2010, Chennai gave jobs to one lakh people and found its place in the Forbes list of ten fastest growing cities in the world. According to experts, the city may have smaller demand for luxury goods compared to Delhi and Mumbai, but it is growing rapidly.
"Consumers' taste, exposure to luxury and aesthetic sense is at par with the rest," says Atul Malhotra, founder of Evoluzione, a multi-brand retailer of Chic designer outfits. "This is the reason why we are opening another store in the city."
Leela Hotels, which recently soft launched a super luxury hotel in the city, is betting on big business from corporate conferences and weddings. "We already have seven weddings booked," says Amruda Nair, head of asset management at The Leela Palaces, Hotels and Resorts.
According to wedding planners, many Chennaites are choosing plush hotels over temples or other religious places, where weddings are held traditionally. "There is a lot of exposure to north India. Brides and grooms today want functions like mehendi and ladies' sangeet, which was never part of the tradition here," says Vidya Gajapati Raju Singh, a Chennai-based wedding planner. A wedding at a five-star hotel can cost between Rs 50 lakh and Rs 1 crore.
Chennai has seen an influx of people not only from rest of India, but also from other countries. "A lot of expats working in software firms and automobile companies are repeat customers," says Soumya Keshavan, Good Earth's business partner in Chennai. Good Earth, the premier lifestyle and home decor design house, set up a store in the city four years ago and has not been disappointed.
"There are a lot of self-made men, entrepreneurs, and senior executives in the city who are buying our products. Many of them have worked with global companies and have developed a taste for biking over time," said Anoop Prakash, managing director of Harley-Davidson India. In Chennai, customers are known for their loyalty, but they insist on value for money. "The customers here are mostly practical, not whimsical. They are getting bolder," says jewellery designer Bharathi Raviprakash, who owns Studio Tara. The younger generation is fond of flashing luxury brands, she adds.
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Contrast the 57-year-old Srinivasan's simplicity with the opulence of 34-year-old entrepreneur TT Siddharth. The director of operations at Maya Appliances owns nine superbikes and two BMWs. "I am a bike enthusiast, and have Harleys, Ducatis and Hondas in my collection," he says. "My parents belonged to a different generation. But times are changing. The younger lot likes to spend on luxury products as they are in line with global fashion and trends."
Chennai has changed dramatically over the past few years. Rapid growth, which triggered migration from other parts of India and an influx of expat workers, exposed the traditionally conservative society to a swanky lifestyle, prodding rich families to spend on luxury shopping. Car and bike makers, luxury hotels and a host of brands like Louis Vuitton and Armani are rushing in to make hay in this sunshine of wealth and consumerism.
The city, home to over 4.6 million, is embracing this change with open arms. The day French luxury brand Louis Vuitton opened its store in Chennai-its fifth in India-there was a rush of eager shoppers. Louis Vuitton's products sell for between Rs 10,000 and Rs 7.5 lakh, the upper end of the range the average annual income for an Indian middle-class family. Louis Vuitton also expects shoppers from cities like Salem, Coimbatore and Madurai to visit its new store. Luxury destination 'Bergamo' that houses the Louis Vuitton store will soon have exclusive outlets of Bottega Venetta, Cartier watches and Jimmy Choo shoes, says Ajay Agarwal, managing director of Bergamo.
Earlier this year, iconic bike brand Harley-Davidson opened an outlet after it saw many people from the city buying from its Bangalore outlet. The city has now got two brand new five-star luxury hotels: ITC's Grand Chola and The Leela Palace, which are changing the luxury skyline of the city.
Genesis Luxury, which markets several big luxury brands in India, operates a format called Luxxe Box in Chennai that houses brands like Canali, Paul Smith and Etro. "Chennai is a new market for luxury and has growing potential since people are well-travelled and aware of international brands," says Sanjay Kapoor, managing director of Genesis Luxury.
In 2010, Chennai gave jobs to one lakh people and found its place in the Forbes list of ten fastest growing cities in the world. According to experts, the city may have smaller demand for luxury goods compared to Delhi and Mumbai, but it is growing rapidly.
"Consumers' taste, exposure to luxury and aesthetic sense is at par with the rest," says Atul Malhotra, founder of Evoluzione, a multi-brand retailer of Chic designer outfits. "This is the reason why we are opening another store in the city."
Leela Hotels, which recently soft launched a super luxury hotel in the city, is betting on big business from corporate conferences and weddings. "We already have seven weddings booked," says Amruda Nair, head of asset management at The Leela Palaces, Hotels and Resorts.
According to wedding planners, many Chennaites are choosing plush hotels over temples or other religious places, where weddings are held traditionally. "There is a lot of exposure to north India. Brides and grooms today want functions like mehendi and ladies' sangeet, which was never part of the tradition here," says Vidya Gajapati Raju Singh, a Chennai-based wedding planner. A wedding at a five-star hotel can cost between Rs 50 lakh and Rs 1 crore.
Chennai has seen an influx of people not only from rest of India, but also from other countries. "A lot of expats working in software firms and automobile companies are repeat customers," says Soumya Keshavan, Good Earth's business partner in Chennai. Good Earth, the premier lifestyle and home decor design house, set up a store in the city four years ago and has not been disappointed.
"There are a lot of self-made men, entrepreneurs, and senior executives in the city who are buying our products. Many of them have worked with global companies and have developed a taste for biking over time," said Anoop Prakash, managing director of Harley-Davidson India. In Chennai, customers are known for their loyalty, but they insist on value for money. "The customers here are mostly practical, not whimsical. They are getting bolder," says jewellery designer Bharathi Raviprakash, who owns Studio Tara. The younger generation is fond of flashing luxury brands, she adds.
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