We are in the 21st century but India’s luxury home decor segment is still in its infancy with an immense potential that is still untapped. With the dramatic rise in the number of high-net-worth individuals, the desire for ostentatious displays of wealth and social status is also increasing.
According to the Hurun India Wealth Report 2020, there are 412,000 affluent households in India with a net worth of at least Rs. 7 crore. India is home to over 200 billionaires and there are over 3000 individuals with a net worth of over Rs 1000 crores. With India firmly in the growth trajectory, these numbers are only expected to increase with time.
The profile of the Indian luxury consumer has undergone a change in recent times. It has transformed from a traditionally older elite class to a younger aspirational class with an entrepreneurial spirit. It is this young and affluent class that is expected to drive Indian consumption behaviour over the next decade.
Apart from eCommerce giants like Amazon and Pepperfry, there are not many online stores that sell luxury home decor items. Here is the niche area where The Auri Collective stepped in to make a difference in 2019.
The Auri Collective was started with the exclusive purpose of providing customers with a sophisticated online store where they would find a treasure trove of luxury home decor. Auri lovingly curates every piece from different countries and brings together cross-cultural luxury home accessories, limited-edition artefacts and fabulous gift items that emulate style, glamour and pure elegance. Their collection fuses classic and modern styles and rewrites the home decor script. Every design is interesting and unique and gives you the opportunity to turn your home into something special.
Founded by Avisha Gopalakrishna and Latha Olavatth in 2019, the brand focuses on a customer-centric approach unlike the marketplace model followed by the bigger players like Pepperfry and Amazon. They have a personalized interaction with each customer via WhatsApp or Zoom where they understand the customer’s needs and give them a bespoke interior design consultation. They play an active role in helping the customer make the best selection. The piece is then lovingly packed in premium gift packing and delivered to the customer safely with a handwritten thank you note. They stay in touch with customers long after the sale is made.
The duo focus on sourcing the best pieces from across the world and making them accessible to India’s affluent class. The home decor market in India is worth $32billion and The Auri Collective is aiming for its share of the pie. What separates Auri from the other online retailers is the personal touch they offer to each sale. They make a genuine attempt to understand the needs of the customer and focus on how their products can enhance the customer’s living space. This creates long-lasting relationships with customers and that will stand Auri in good stead in the years to come. Auri operates out of a single office in Bengaluru with a team of ten but is poised to make a name for itself in the exclusive segment that it chooses to serve with class and elegance.