Sheetal A Mafatlal - Retailer magazine

Retailer magazine - Questions answers – 23.10.2007
1. Name – Sheetal A Mafatlal
2. Designation in the present company - President
3. What was the reason behind joining the luxury retail industry? - India is on upward curve of a retail boom although the market still not a mature market. India has a tradition of fiscal conservatism of saving rather than spending. Yet the combination of a GDP rising at 8% per annum and one of the world’s youngest population (more than 200 million people between the ages of 15 & 24) means that spending power has shifted to those with a fever for fashion. Add to that the booming media in the world’s largest democracy bringing brand awareness plus the reduction of ones punitive import taxes and India starts looking like a gold mind for luxury retail.
4. What major changes have you noticed ever since you joined this industry? As business investment into India increases, India’s contact with other countries has exploded, with more Indian traveling abroad. Add to that the booming media in the worlds largest democracy means that Indians are now exposed to western lifestyle, ideas and brand awareness in a way that would have been inconceivable for the previous generation. Fifteen years ago, India was much more traditional. We had two television channels. Now we have more than 80, not to mention the Internet.
5. What major changes have you brought with your being in the present organization? As Maftlal Luxury’s founder, I have made a concerted effort towards constantly innovating and raising the bar for service. We are one of the few luxury brands to provide a customized personal shopping experience for our clients.
6. Tell us about the latest consumer behaviour. The Indian consumers history with international luxury lifestyle brands spans over 2 centuries particularly with the maharajas who were enthusiastic customers with money to spend. India has always had luxury & among the super rich a real appreciation for incredible quality.
What has changed radically is that the small elite of luxury buyers has been transformed into a much greater number by economic development & an improved standard of living.
7. The best way for promoting a brand? The brands are internationally promoted through media and satellite. I believe that in India it has to be a combination between the international way and the more personalized direct interaction with the consumer, as India is still not a mature market.
8. What future do you perceive of retail in India? India is the second fastest growing economy in the world after china. GDP and income per capita are set to grow on average 8% per annum for the foreseeable future. With a total of some 1.3 billion people, it is the second largest population in the world with the middle-income group of 300 million, which is growing by 25 million each year. This group spends on averages US$9,000 each year on luxury lifestyle, and that number is set to grow.
9. If you could change one thing about/in the retail industry in India, what it would be? There is a shortage of high quality retail space, suitable to provide the consumer with the complete luxury shopping experience. Finding negotiating and securing retail space is the biggest hurdle in the luxury retail industry.