In this exclusive interview for the World Luxury Chamber of Commerce, President Alexander Chetchikov sits down with Sanjeev Banga, a distinguished leader with over three decades of experience in international business. As a key figure in the global luxury industry, Banga has played a pivotal role in shaping premium brands and expanding their presence worldwide. This discussion delves into his insights on the evolving luxury market, innovation, and the role of the WLCC in fostering industry growth.
Alexander Chetchikov: Mr. Banga, welcome to the World Luxury Chamber of Commerce Board! How do you see yourself contributing to the Chamber’s mission of bringing together top experts from the luxury sector to collaboratively lead, develop, and promote the global interests of the industry?
Sanjeev Banga: Thank you very much for this honor. Very excited to be part of the WLCC Board and looking forward to interacting with fellow board members. The luxury sector is constantly evolving and consumers are always excited to experience something new and innovative. A cross-functional team of experts with different category experience, and from multiple regions and cultures will surely enhance the collaborative efforts to develop and promote the interests of the industry.
AC: With over 3 decades of experience in international business, what trends in the luxury industry excite you the most right now?
SB: The finest quality innovative products that are sustainable and have a compelling story are the way forward for the luxury industry. An exclusive and personalized experience is a must to succeed in this industry.
AC: How has your leadership at Radico Khaitan helped shape the global luxury market, and what lessons can be applied to other luxury brands?
SB: In the luxury category, provenance plays a very significant role. At Radico Khaitan, our vision is to share the knowledge, heritage, craftsmanship, and expertise of India with the world. There is mysticism about India and through our luxury brands, we are sharing this unique Indianness with global consumers. Exclusive expressions and limited editions have further strengthened this association.
AC: What are the key challenges you’ve encountered while growing luxury brands like Rampur Indian Single Malt and Jaisalmer Indian Craft Gin, and how did you overcome them?
SB: India till a few years ago was not known for luxury brands in the Beverage Alcohol category. It was a big challenge to convince the consumers that we are capable of producing world-class alcoholic beverages. The most important thing was the quality of the liquid showcased in luxurious packaging. Our prime focus has been educating the consumers, sharing the story behind the brand and how the terroir makes a significant difference in the profile of the liquid. We did extensive tasting sessions and masterclasses to drive home the point. We strongly believe in liquid to lips and from there to the heart. All the hard work over the years has paid off as both Rampur Indian Single Malt and Jaisalmer Indian Craft Gin are loved globally and winning hearts as well as accolades from Whisky aficionados and experts.
AC: As someone with extensive experience in the FMCG sector, how do you see the intersection of luxury goods and consumer behavior evolving over the next decade?
SB: The general trend across markets is towards premiumization and the demand for luxury brands keeps growing. Post the pandemic, consumers are keen on experiential discovery and creating an emotional bond with the brands. Brands that meet these aspirations will thrive in the future.
AC: What role do you think the World Luxury Chamber of Commerce can play in promoting emerging luxury markets, particularly in Asia and the Middle East?
SB: Asia and the Middle East are surely the emerging markets for luxury brands especially with the high spending power and global travel. Consumers here are well-abreast with global trends and have the financial power to indulge in unique experiences. WLCC can facilitate organizing exclusive private events that resonate with the target affluent audience while emphasizing the brand’s heritage, quality, and exclusivity.
AC: How do you foresee technology and digital transformation influencing the growth and future of luxury brands in a global marketplace?
SB: AI and digital media coupled with influencer marketing will play a pivotal role in the growth of luxury brands in the future.
AC: What advice would you give to entrepreneurs and brands looking to enter the luxury market today?
SB: Mantra for success is the finest quality, craftsmanship, innovation, a compelling story & heritage, exclusivity, and superlative consumer experience. Once the consumer establishes an emotional connection with the brand, they tend to stay with the same for a long time.
Thank you, Mr. Banga, for your insights into the future of luxury, and for emphasizing the importance of innovation, craftsmanship, and consumer connection.
To learn more about the World Luxury Chamber of Commerce, visit https://worldluxurychamber.com/
