Arab Today, arab today flashy fashion grows as india\s rich flaunt wealth
Last Updated : GMT 12:54:35
Arab Today, arab today
Arab Today, arab today

Being rich is not enough

Flashy fashion grows as India\'s rich flaunt wealth

Arab Today, arab today

Arab Today, arab today Flashy fashion grows as India\'s rich flaunt wealth

Many prosperous Indians are embracing conspicuous consumption
NEW DELHI - AFP

Many prosperous Indians are embracing conspicuous consumption  In booming India, being rich is not enough. For the moneyed classes, it\'s increasingly about flaunting their wealth in ways typical of the nouveaux riches in Russia, China or the Middle East .
India\'s well-heeled used to be more shy about displaying their wealth in the decades after independence from Britain when a tightly-controlled economy and dominant socialist thinking limited the opportunities for showing off.
But many prosperous Indians are embracing conspicuous consumption, turning their backs on the mantra of frugality espoused by independence hero Mahatma Gandhi, the father of the nation who eschewed possessions.
\"They have thrown off the parsimonious Gandhian phase when it was considered poor taste to flash wealth,\" says Radha Chadha, co-author of \"The Cult of the Luxury Brand\" who has studied the affluent in Asian countries.
The biggest sign of changing attitudes to wealth and shopping can be seen in the stampede to India of flashy Western designer brands from Louis Vuitton, Prada, Chanel and Bulgari as well as sports car makers Ferrari and Maserati.
Attend any society event in Mumbai or the capital New Delhi and \"it\'s a brave woman who arrives without a designer handbag\", says Chadha, who is also a brand consultant.
In the past, dazzling extravagance was the exclusive domain of India\'s former feudal leaders who splashed out on bespoke Rolls-Royce cars, diamonds the size of duck eggs, palaces and armies of servants during British rule.
Later, luxury-seeking consumers had to go mostly to boutiques in five-star hotels. But a shopping mall building boom is bringing to India the sort of air-conditioned high-end retail found commonly elsewhere in Asia.
\"People are less inhibited in their spending,\" said New Delhi furniture designer Raseel Gujral Ansal at an opening show of her creations last month as the city\'s elite oohed over sofas, chairs, beds and tables.
Even Prime Minister Manmohan Singh has called for the rich to tone down their excesses and to \"eschew conspicuous consumption\".
But Indian billionaire Azim Premji says the phenomenon is common in nations like China, Indonesia and Thailand where people are enjoying new wealth. \"The first few years, people want to show visibly they are very rich,\" he said.
He heads one of India\'s largest outsourcing companies, Wipro, and is renowned for his frugal lifestyle and philanthropy in a field of domestic billionaires whose extravagance frequently makes headlines.
The country\'s richest man, Mukesh Ambani, moved last year into a billion-dollar, 27-storey skyscraper home in Mumbai with three helipads in a development that towers over nearby slums.
He once gave a $60-million Airbus jet to his wife as a birthday present.
\"People always had money but now they are no longer afraid to reward themselves,\" said Shreyans Group chief executive Ashish Chordia, an importer for Porsche and other sports cars in India.
Sales of prestige cars such as Mercedes and Ferraris accelerated 80 percent last year, despite punishing 100-percent duties and potholed roads.
\"Last year was phenomenal,\" says BMW India president Andreas Schaaf, referring to sales.
Aston Martin last month joined the list of luxury marques driving into India with plans to sell three models the V8 Vantage, priced at $348,341, the Rapide at $483,146 and the One-77 at a whopping $4.5 million.
The Indian luxury market as a whole is forecast to triple to $15 billion by 2015 from $4.76 billion at present, according to global consultancy AT Kearney, though it still lags China\'s which stands at $9.6 billion.
The number of Indians who have financial assets of over $1 million, excluding main residences, now stands at 127,000, the 2010 World Wealth Report by Merrill Lynch Capgemini says.
According to a new survey of 160 financial advisors by a private banking arm of Citibank, Indians are the most likely members of the global super rich to spend more on private jets and yachts over the next few years.
At the same time, observers say the new ostentation underscores how the divide between India\'s wealthy and its poor is widening.
\"It makes me uncomfortable how much people spend on weddings,\" concedes one New Delhi society wedding organiser, who says families will regularly spend 10 million rupees ($225,000) on just one event in India\'s multi-day weddings.
India is home to the world\'s biggest number of poor people. Some 42 percent of Indians, or 455 million people, live on less than $1.25 a day, according to the World Bank.
India\'s statistics on health, infant mortality and malnutrition are worse than those for some countries in sub-Saharan Africa.
Shekhar Gupta, editor of The Indian Express, describes the well-off as \"divorced and insulated\" from poverty.
\"We send our children to private schools, get treatment only in private hospitals, have our own security in gated communities, never need to use public transport,\" he noted in a column.
At the glitzy Emporio mall in New Delhi, chauffeur-driven Mercedes, BMWs and the occasional Rolls-Royce or Bentley regularly pull up to disgorge wealthy occupants to shop at boutiques where handbags retail for $2,000 and more.
\"I don\'t take my mother-in-law here -- she\'s shocked at the prices,\" said Shaila, a businessman\'s wife, as she fingered a woven soft-leather Bottega Veneta bag priced at 136,899 rupees ($3,080) in one of the mall\'s boutiques.
\"I never tell her what I pay for things. She thinks it\'s a lot if a handbag costs 500 rupees,\" Shaila said, asking that her last name not be used.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today flashy fashion grows as india\s rich flaunt wealth Arab Today, arab today flashy fashion grows as india\s rich flaunt wealth

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today flashy fashion grows as india\s rich flaunt wealth Arab Today, arab today flashy fashion grows as india\s rich flaunt wealth

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday