Deepika Padukone is Louis Vuitton’s 1st Indian house ambassador in 167 years
Deepika Padukone — who has been the leading lady in a spate of big tentpole Bollywood films — has been signed by French luxury fashion house Louis Vuitton as their house ambassador, the fashion house said on Tuesday. The announcement came in conjunction with the unveiling of its Dauphine bag campaign — which also stars Emma Stone and Zhou Dongyu.
Padukone has become the fashion house’s first Indian house ambassador in its 167-year history. “Following a strong collaborative relationship with the Maison, including an appearance in Nicolas Ghesquière’s novel-inspired Pre-Fall 2020 campaign, the award-winning actress begins an exciting new chapter of her journey with Louis Vuitton,” reads a press note from the company. The announcement also comes at a time when Louis Vuitton’s biggest outlet in India — at 7,376 square feet — is reportedly on the anvil in a mall for high-end luxury goods built by Reliance. Louis Vuitton currently operates via three stores in India — in New Delhi, Mumbai and Bengaluru. According to data accessed by Toefler, Louis Vuitton India Retail's operating revenues range is ₹100 crore to ₹500 crore for the financial year ending on 31 March, 2021.
It isn’t surprising that Louis Vuitton is making strides to woo more customers in India. According to the Hurun India Wealth Report 2021, the number of dollar-millionaire households in India has increased by 11% to 4,58,000 households compared to last year. These households have a net worth of at least ₹7 crore. The report also finds that Louis Vuitton is the most preferred luxury goods brand among these households, followed by Gucci and Burberry. “India is home to one of the fastest growing affluent households in the world and hence, the next decade presents a meaningful opportunity for luxury brands and service providers to enter/ further strengthen presence in India,” says Anas Rahman Junaid, MD and chief researcher, Hurun India. The number of Indian dollar-millionaire households is estimated to increase by 30% over the next five years to reach 6,00,000 households by 2026.
According to a EuroMonitor report, 2022’s summer holiday period could be a huge growth opportunity for luxury goods in India depending on the threat level of the pandemic, given the emergence of a new variant of Covid-19 towards the end of 2021. “Many Indians have been unable to take a substantial break for several years since the introduction of restrictions to control the spread of the virus,” the report adds. Louis Vuitton raked in revenues worth €5.97 billion in FY 2021 — with 35% of its revenue coming from Asia, barring Japan.
Padukone has been named a member of the jury of this year’s 75th Cannes Film Festival. In 2018, Time Magazine named Padukone as one of their “100 Most Influential People”. She was also recently awarded the TIME 100 Impact Award for her contribution to the field of film and entertainment. Louis Vuitton is owned by Moët Hennessy Louis Vuitton, commonly known as LVMH — a French holding multinational corporation and conglomerate specialising in luxury goods. It had a valuation of $329 billion in 2021, and is one of the most valuable companies in Europe. Its chairman and CEO, Bernard Arnault, together with his family, is the second-richest person in the world — with a net worth of $140.1 billion.