Luxury is an ill-defined concept. There is no specific line or limit of price, quality or availability that separates the luxurious from all that is not. However, like other similarly intangible attributes such as power or grace, we all immediately recognise luxury when we experience it. In fact, experience — vague as that may sound — is key to differentiating luxury, more than the tangible product being consumed. It’s not just the person’s own direct sensory experience, but also the prestige and status granted by others around her or him that creates the luxury experience. Surely, with such intangible notions…
Pia Heikkila, International Bar Association Mumbai, February 18, 2013 Multinational corporations such as Vodafone, Shell and Nokia are rarely out of the business pages as the Indian tax officials seemingly never-ending chasing of unpaid taxes gives daily fodder to the Indian press. But, while it’s tempting to lump all three companies’ cases together under the headline ‘unpaid taxes’, each is, in fact, very different. Take Shell, the Anglo-Dutch fuel giant. Indian tax officials are claiming unpaid taxes of over £1bn over an equity infusion undertaken four years ago worth £120m. The tax authorities are claiming that Shell underpriced its shares…
About six years ago, Kishore Biyani of the Future Group and I were discussing a presentation I had delivered at CII’s National Retail Summit, during which I had mentioned “Purushartha”. This millennia-old living philosophy takes a balanced view of life. Aspects related to consumption are two of its major components including Artha (wealth, commerce) and Kama (sensory pleasure). Dharma (righteousness in society and individual life) and Moksha (liberation) are the other two. My point was that most “traditionalists” and certainly policy-makers in the country have tended to view the retail sector negatively or dismissively. Of course, at that time most businesses…
Taneesha Kulshrestha, Outlook Business New Delhi, February 16, 2013 When the first Debenhams outlet opened in India in October 2007, the British retailer was more than optimistic about the road ahead. Never mind that the store — opened in partnership with Planet Retail at Gurgaon’s Ambience Mall — was nearly 18 months behind schedule. Debenhams’ international director, Francis Mcauley, declared that he would be disappointed if the company did not have 30 stores in India over the next 10 years, by when the Indian operations could be the retailer’s biggest outside the UK, he predicted. Now, six years later, those…
Mayu Saini, WWD New Delhi, February 14, 2013 The Indian government on Wednesday approved foreign direct investment, or FDI, in single-brand retail by four retailers - French brands Promod, Decathlon and Le Creuset and U.S. firm Fossil Inc. The four companies will invest a total of 7.5 billion rupees, or about $140 million, in India, according to an official of the Foreign Investment Promotion Board. According to officials, Fossil Inc. and Decathlon, both of which already are present in India, applied for 100 percent FDI. Promod, which first entered India with a franchise agreement that was changed to a joint…
Geopolitical friction has again sparked renewed concerns over inflation and rising input costs for FMCG companies as @itmeansjustice @whysnavi write. @devangshu commented.
