The third round-table on luxury business will be held in Mumbai on Saturday under the auspices of the Indian Institute of Management-Ahmedabad (IIMA) and ESSEC, Paris.

The Mumbai Round Table will discuss issues such as rationalisation of retail formats, network optimisation, brand management, technology enablers and internet-based marketing and promotion strategies, sourcing, and splendor-among-squalor—sustainable luxury, Prof Piyush Kumar Sinha, IIMA, said in a release here today.

The global financial crisis of 2008 had affected the market for a number of luxury products, especially watches and jewellery.

Companies tried to mitigate this challenge by focusing on achieving operational efficiencies by optimising their retail format and network of business.

Luxury industry witnessed more large and lavish retail formats. Also, sourcing destinations have been changing.

China is no longer seen as the only source of production and new countries like India and Vietnam are being considered for manufacturing efficiencies.

Luxury consumers expressed concern about social and environmental issues thus making the brands think of sustainable luxury.

Also, with the advent of Web 2.0, more and more luxury companies started to rethink their internet strategies. Being one of the last to acknowledge the importance of internet, the luxury industry today is grappling with the issue of integrating the internet within its marketing and promotions strategies, he added.

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