Asif Hanafi – Blogging from somewhere

When people ask me, “What is luxury” I turn around and say to them, whatever you fancy. One can not put a price tag on Luxury I explain to them. Whether it’s art, crystal, jewelry or home décor; Luxury is what we perceive as the end result of our successful life. It is the essence and reflection that we define our character for the world to see, to admire and to aspire. Luxury is what drives us to become something.

I am a connoisseur of luxury and it is also my profession. Having grown up in Switzerland, the home of top luxury brands, I was exposed to it from a very early age. Perhaps this explains why for the last three years, I have spent developing strategies for luxury companies to enter into Pakistan – not that we have met with success every time! Some have been successful and others not so. However one thing has remained consistent through-out which is the surprising rate at which more and more Pakistanis are steadily becoming part of the 4000+ luxury market. Pakistani’s are no exception to the fact that individuals desire exclusivity, exceptionality and to possess that which is unique. As a result and for some surprisingly, luxury has done relatively well since the economic downturn as consumers re-enforce to their peers and to themselves that they are doing well by increasing their spending habits.

I helped bring in Lalique to the country recently and I admit it was one of our most successful projects, taking the luxury home décor market with surprise. Many of our clients still can’t believe that Lalique has opened up in Pakistan and that it will expand. With a diversity of pieces ranging from 12,900 to 22,000,000 rupees, the latest collections are launched in Pakistan at the same time as the rest of the world. With other big brands like Louis Vuitton, Christian Dior, Ralph Lauren still to make an entry into the market, brands like Lalique, Mercedes and Bang & Olufsen have already established themselves rather well. Not to forget the watch brands such as Rolex and Omega amongst the few who for the past decade have been the number one gifts to receive! In fact, luxury Swiss watches brands have had their presence in Pakistan for quite a while and rather successfully.

Other than defining a certain status or portraying a lifestyle, I am also a believer in luxury as an investment which could also why explain there is a constant aspiration towards luxury globally. Particular artists, designers, jewelers and crafters are sought and their work coveted for both its desirability and its future resale value. Special edition Lalique pieces have been known to sell close to millions, Sadequains paintings have been auctioned at Sotheby’s, Bonham’s and Christie’s. In fact there is so much to be said for luxury as an investment and I intend to dedicate a full blog to this subject soon.

Yet Pakistan has been long deprived of luxury products whilst our neighboring countries in the Middle East and India have had access to them for the last few years. With our outrageous taxes and unstable political environment luxury items are considered an important yet “baby market” by luxury brand houses like Cartier, Swarovski, DeBeers, Hermes and many more. Till more luxury brands come, our growing elite will have to travel to the Middle East which would be the closest access point for all things luxury and travel they will, for the love of luxury!