Anokhi Fashion Lifestyle Entertaiment

Bangalore’s recent tryst with luxury with the opening of a high-end shopping mall suggests that the South Indian metropolis is more than just the land of techies and geeks. As the world reels under recession, the global media is busy reporting closures, layoffs and brand deaths. During such gloomy times, it almost feels insolent to discuss luxury. But then, we are referring to a high-end shopping destination that is standing strong, despite the depressing economic climate. Not just that, The Collection Mall — based in the city of Bangalore — is attracting more and more top-notch retail labels to open their doors on its premises as the luxury market through out the rest of the country begins to feel the effects of the global meltdown.

The Collection opened its doors in May 2008 — yes, it actually opened smack in the middle of the international recession — with French fashion house Louis Vuitton (its largest Indian flagship) and the Italian shoe company Tod’s being among the first to open stores. These pioneering mall merchants helped create brand awareness for the luxury-curious South Indian consumer. It wasn’t long before competitors began to follow suit. Today, The Collection boasts a multitude of international labels under its roof.

Less than one year since its inception, The Collection Mall is now also home to fashion power-houses like Burberry, Salvatore Ferragamo, Dunhill, Lanvin, Jean Paul Gaultier, Moschino and Stella McCartney. Speciality stores such as Mont Blanc, Rolex, and Estée Lauder are also on board and word has it, Armani and Tiffany are next in line for real-estate under The Collection’s tenancy.

Alongside Indian labels like Kimaya (multi-brand designer fashion house), Good Earth (bespoke home-décor retailer) and Minawala (specialized jewellery maker) have also occupied space in the high-profile mall and are making fitting neighbours to their elite international counterparts. Tellingly, the few Indian labels opening shop in The Collection are among those who specifically deal with high-end clientele.

But Indian or international, all-in-all, The Collection has managed to make up an enviable roster of discerningly exclusive high-end brands. Not all that surprising considering no other location in South India can offer such rarefied and regal ambiance to international brand retailers.

The 100,000 square foot Venetian-style mall is owned by king of good times, Vijay Mallya’s UB Group in partnership with the Prestige Group. For its part, the Prestige Group has extensive experience with constructing and managing malls in India. Naturally, this potent partnership — the flamboyant but business-smart UB Group and the retail experienced Prestige Group — knew it had a winner on their hands with The Collection. The mall is part of the luxurious UB City, which is a mixed-use development comprising of restaurants, service apartments and offices. Other than the 35 stores, the mall property also boasts 180 premium luxury serviced apartments with a rooftop pool, a state of the art gym and a luxury spa.

Quite obviously, the setting is perfect for the quintessential elite consumer of The Collection. But the question is — like the more affluent cities of Mumbai and Delhi — does Bangalore have such a high net worth customer? Evidently, the answer is yes.

“The intention of creating this mall was to provide a sophisticated environment with a combination of the best of what the world has to offer at the doorstep of our discerning Bangalorean consumer,” says Sana Rezwan, a retail consultant with the Prestige Group.

Bangalore is a city that has quietly developed into a wealth-savvy force to be reckoned with. The city is the third largest hub for high net worth individuals and it is also said to be the base for over 10,000 millionaires and about 60,000 affluent individuals.

“This city is home to fashion-conscious consumers from affluent families who are well-travelled and also among the strongest consumers of international brands,” says Rezwan. “Additionally, a lot of our consumers are entrepreneurial men and women ready to flash their cash on high-status items.”

There is a large international community residing in Bangalore as well as several international visitors flocking on business ventures to the hub of BPOs, biotechnology and information technology multinationals. Interestingly, The Collection’s consumer market also extends to neighbouring South Indian cities like Chennai, Hyderabad and Bellary.

All this is to say that Bangalore as a natural setting for a high-end luxe shopping extravaganza was probably inevitable.

The fact remains that India has already started seeing the effects of the globally prevalent recession. The glittering retail saga of Delhi and Mumbai has begun to lose its original sheen. So, does that mean that the luxury overdrive in Bangalore is short-term?

While The Collection has not seen any stores closing down, certain brands, Rezwan confesses, have postponed their expansion plans. The million dollar question remains: can a mall like The Collection survive in the face of a growing number of customers cutting down on luxury spending?

Rezwan remains positive. “Yes, I do believe The Collection can sustain; consumers still want their LV luggage, Lanvin dresses, Tod’s loafers and Zegna suits,” she says. “Due to the current environment, there has been a slowdown, but it has not stopped high-net individuals to want and need these luxury products.”

There is some weight in her optimism. India has been relatively sheltered from the strong economic volatility in the west even though a slowdown has been felt. And then too, global pundits like to point out from time to time that the country will recover faster from the meltdown than many others. That, plus a substantial number of high-net worth individuals and budding millionaires should keep the magic working at The Collection. After all, as the saying goes, money makes the world go ‘round.

BY: PAULOMI PATEL/PUBLISHED: SUMMER 2009 ISSUE
(PHOTOS COURTESY OF THE COLLECTION MALL)