Comparative analysis of UK & INDIAN LUXURY MARKET to redefine Giorgio Armani's approach in india
The Report is a comparative analysis between two distinguish markets, United Kingdom and India. The report also includes a case study; Giorgio Armani, studying the Italian brand in both the markets. It focuses on the Consumer Behavior, Brand Strategy & Retail Aspect in the respective markets. United Kingdom is a matured market worth $49.5 billion, with that number it is forecast to increase to $78 billion to $87 billion by 2019, according to a new report from Walpole. On the other hand, India is nascent market that has caught the attention of many luxury brands globally. Factors contributing to the growth of Indian luxury market are, brand awareness amongst youth, high disposable income, growing demand amongst young professionals and entrepreneurs. Similarly, Indian luxury market is expected to cross $18.3 billion by 2016 from the current level of $14.7 billion growing with a compound annual growth rate (CAGR) of about 25 per cent, according to a Assocham study. Therefore, the purpose of the study of comparative analysis between the mentioned markets would help understand and analyze the factors stimulating this growth. It would be interesting to study a matured market with presence of most of the luxury brand performing well irrespective of the economic restraints, while on the other hand a nascent market with the presence of few luxury brands, are attracting many luxury brands to invest and is observed growing without looking back. The study would help identify the factors that led the growth in the UK market making it as developed it is today and thereby help learn and make recommendations for Indian market. Giorgio Armani, an Italian fashion house offers varied product categories making it a lifestyle brand that is undoubtedly popular globally. However, the performance of the brand and its approach towards the respective two markets has been very different. Considering its approach towards factors like marketing, positioning, targeting, etc. will help give a better understanding as an example to how the two markets and its consumers differ. For instance, in UK Giorgio Armani is considering different strategies to innovate on the other hand in India it is yet to make a mark and overcome challenges like fragmented market, lack of space and creating an awareness. For the same, thorough study of key factors like the consumer behavior, buying strategies, marketing strategies, etc. using effective tools like PEST analysis and SWOT would be undertaken. Secondary Research included literature review, including the work of academicians who have earlier worked these two markets. Primary Research would include both quantitative and qualitative data. Also, exploratory research methodology, using secondary data analysis, observational and in-depth interview would be included. Using research methodology tool, that is conducting survey using questionnaire in both the markets would help validate and provide more insights. Therefore, the following report would conclude a study of the two markets and study consumer behavior, perception and positioning of Giorgio Armani in the minds of the consumers which may differ in both the markets considering , the maturity of the market, exposure, impact of culture and recent trends in the markets. The same would be beneficial as a study for the Indian market and help the luxury brand in order to sustain, adapt and grow further.