Tata CLiQ to have a bigger pre-owned luxury basket: CEO Gopal Asthana | Company News – Business Standard

Tata CLiQ Luxury, the premier luxury lifestyle platform, is stepping up efforts to scale up the pre-owned category of valuable products.

The platform recently forayed into this area, which is a growing segment in the country. It is being driven by consumers’ desire to own rare and unique products and be more sustainable in their purchases.

“The taboo of using a pre-owned product is getting diminished,” said Gopal Asthana, chief executive officer, Tata CLiQ, in an interview.

“Whether it is bags, watches, or clothing, customers are recognising the value of pre-owned goods.”

In addition, with the growing influence of Western fashion trends and the rise of disposable income, consumers are looking at buying exclusive pieces easily available.

Given the opportunity this segment offers, Tata CLiQ Luxury recently launched the ReLoved Store by bringing on board its first partner, Jay’s Watch Store. It is a leading destination for pre-owned luxury watches and is known for its collection of top-tier timepieces that have been vetted by its in-house experts.

The ReLoved Store offers a wide range of vintage, limited-edition pieces. These are in high demand among the most sought-after luxury brands on the platform.

They appeal to seasoned collectors as well as first-time buyers. For instance, it offers rare pre-owned timepieces from global luxury watch brands like Rolex and Omega.

“When you want to buy a (luxury) watch, which is in the price range of Rs 2 lakh to Rs 30 lakh, we need to explain to the customer what it is,” said Asthana. “We have created dedicated customer service for this. Each timepiece will also have a ‘know your watch’ section on the store, which will explain the product condition.”

Jay’s Watch Store verifies the watches through invoices, past ownership history, and client information. It also provides assisted selling, a dedicated customer service where experts can address product-related queries and guide consumers in their purchases.

“We are sourcing products from people who have the licences,” said Asthana. “For example, Jay Makhijani, founder, Jay’s Watch Store, has been working in the industry of luxury watches for the past 25 years. He and his team reach out to these watch collectors. They buy the watches from them and ensure there is a legitimate invoice and the products are in good condition.”

Experts said many small players in the country sold pre-owned luxury watches at their stores. But there are not enough online platforms to do that. Tata CLiQ is tapping that opportunity and partnering sellers like Jay’s Watch Store.

Asthana said the firm was focused on younger people, a large part comprising Gen Z. It is expected to be the “biggest consumer of luxury products” in the country in the next few years.

Besides watches, Tata CLiQ is planning to focus on other accessories in the pre-owned category. These can include luxury bags and sunglasses.

“We will very soon launch other categories also,” said Asthana.

As an e-commerce platform, Tata CLiQ Luxury offers premium and luxury brands across a range of categories. These include accessories, apparel, beauty and fragrances, footwear, stationery, etc.

India’s luxury market could reach $200 billion by 2030, growing 3.5 times its current size, a Bain & Co report estimates. This could be driven by factors such as a growing number of ultra-high-net-worth individuals, a stronger middle class, and more entrepreneurs. The other factors include increased demand from Tier-II and -III cities and towns and larger e-commerce penetration.

First Published: Feb 18 2024 | 9:13 PM IST