Luxury: An indulgence in something that provides pleasure, satisfaction, or comfort but not absolutely necessary. This seems to have become the new mantra of the Indian consumer today. Everyone wants something bigger and better than what they once previously yearned for creating a sudden overwhelming demand for luxury products that had formerly never existed.

According to market estimates, the Indian market for luxury goods and services, currently tagged at Rs.1,500 - 2,000 crore, is likely to grow at a rate of 15- 20 percent every year over the next 5 years. About 1.6 million households in India earn over Rs.45 lakh or more per year, and spend about 4 lakh rupees per year on luxury goods and services. This creates a market potential of about Rs.65, 000 crore and makes it one of the five largest markets for luxury products in the world. With such impressive statistics and a market segment waiting to be conquered, it was only a matter of time till Prestige got involved.

Adding yet another first to their long list of business ventures, Prestige is opening India's first luxury retail shopping mall, UB City: The Collection. Partnered with Dr. Vijay Mallya of United Breweries, the mall will provide the consumer with a beautifully designed Venetian ambience and 125,000 square feet of luxury shopping and eating to indulge in.

Comprising 42 retail shops and 9 food and beverage outlets, a lot of thought and strategic planning has gone into offering anyone who walks in the best in international luxury. With virtually every product range covered, Prestige has made it a point to offer top of the line brands in each category to make this a true onestop shopping destination.

A versatile mix of some of the world's most acclaimed designers like Louis Vuitton. The epitome of luxury retail, Gucci, Christian Dior, and Alfred Dunhill forms just a small slice of the choices UB City offers in apparel and accessories. Another genre that has been well tapped into is watches. Conjoining five shops to create a luxury watch haven, brands that include Omega, Rolex, Patek Philippe and Breguet will all be sold. On a similar note, a cosmetics hub has been planned with brands like Bobbi Brown, Estee Lauder and another LVMH group brand, Sephora, an all time first for the country.

For those in search of premium jewelry, homeware, and electronics, UB City once again tops the list as the place to head to. With highly sought after brands like Tiffany's, Van Cleef and Arpels, Lladro, Vertu, and Apple, the mall hardly falls short of variety and exclusivity. The demand for high-end and fashionable Indian wear in Bangalore has also given Prestige the opportunity to satisfy the thirst for Indian luxury. Prestige's another effort is Kimaya, a multibrand store will be making its first mark in the Bangalore market at UB City. Carrying all the latest in Indian haute couture, designer labels such as Manish Malhotra, Tarun Tahiliani, Falguni and Shane Peacock, and Manish Arora will all be available. Perhaps the most exciting addition to this development though is that Mrs. Sana Rezwan will be debuting her very first multi-brand clothing boutique! We certainly wish her all the very best. With so much at the consumer's fingertips, UB City is bound to become any brand lover's utopia.

UB City's food and beverage selection is also something that will tantalize any food lover's palette. With a range of cuisines from French and Pan-Asian to Italian and Indian, there is a place to eat for everyone. Just to boast, some of the names that will be offering their creations include Aurus Café, Noodle House, and Café des Paris. There is no other plate in the city that offers three fine dining restaurants all under one roof and also night life covered with the much talked about Shiro Lounge from Mumbai opening its doors to a huge loft like enclosure as well as a Kingfisher Bar. It is clear to see that Prestige has stopped at nothing to entice shoppers to lounge around and eat to their heart's content!

Retail formats in India have taken well to the "mall syndrome." Though over 50 years old, the mall phenomena has gathered global mass momentum and the model is showing no signs of weakening. Most 50-year old concepts are extinct or else entirely revamped, yet the mall syndrome keeps getting stronger. In India, the mall model is working and will continue to do so. The reason being that the widespread, unorganized and cluttered retail scenario itself has promoted the organized mall retail format. From infrastructure to external façade, appearance and maintenance of the premises itself, this is a welcome change for Indian audiences. However, the scenario is slowly changing with the development of luxury floor spaces within mall setups soon to be a reality and relief for both brands and customers alike. Not having to traverse the length and breadth of a city to experience a 360-degree shopping experience will be just one of the many pros offered.

It is safe to say then that India has come a long way from the days when luxury was only about gold. Wealthy Indians are traveling more, paying more attention to global trends, and are starting to build a healthy appetite for high-end products. As a result, our spending power has doubled and we now crave more than what is being given to us. As Mr. Tarun Joshi, CEO of Brand House Retail accurately stated, "There are 3 factors to a luxury space: luxurious environment beyond the given space, exclusivity that must be a given, and location so that a customer can walk in according to his or her convenience." Prestige has no doubt achieved all of these benchmarks and given that we always strive to go beyond the industry standard as our track record has shown, this is undoubtedly just the beginning.

Luxury Retail's New Address
'UB City - The Collection', is in the Central Business District of Bangalore city within the UB City premises, which is a commercial, retail and hospitality project. The chic, urbane mall will display elements of classical Roman architecture and is expected to become yet another spectacular landmark in the city.

Housing the world of luxury retail in a city, 'UB City - The Collection' will be occupied by an array of exclusive brands. The retail area will soon be home to world-renowned designers and boutiques as well as up-market names such as Louis Vuitton, Gucci, Fendi, Dunhill, Canali, Mont Blanc, Van Cleef & Arpels, Zegna and Kimaya among others.

Louis Vuitton store at UB City is scheduled to open in the first quarter of 2008'.

Prestige the Man Store
A Bangalore man is certainly going to look different with this magnificent store of 20,000 square feet selling pure male stuff! In planning out this huge venture, we kept in mind the source of the inspiration, i.e. a man himself. Our architecture and interiors encompass sharp, neat clean lines for allowing maximum space and uncluttered layout, bringing out the best of our collections which is easily accessible.

The store, apart from being positioned as a convenient one- stop-shop for men, also encourages a kind of lifestyle which one would like to be associated with or would want to adopt. The store is perceived as having superior knowledge on men's fashion and hence falls into a 'l destination' category for the shopper.

Source: Prestige Group Newsletter