The Serpentine Philosophy: Bvlgari is Eyeing the Long Game in India, says CEO Jean-Christophe Babin

IN THE 1960S, the iconic Elizabeth Taylor took the fashion high street by storm when she sported a Bvlgari Serpenti watch during the filming of Cleopatra. It was nothing short of a promotional triumph — everything about the classic serpentine is reminiscent of the tragic Egyptian queen, arguably the oldest muse to have graced the Earth. Eons and millennia later, she continues to seduce the imagination of artists, poets, and fashion brands alike with the lethal combination of beauty, intellect, femininity, mystery, and power. For Bvlgari, the Italian luxury house steeped in ancient Mediterranean allure, there’s no better icon to hold its beacon. And, Taylor’s Cleopatra cemented the imagery. Now, the serpentine design is almost synonymous with the Roman high jeweller in the world of luxe. Despite its first appearance in 1948, the iconic collection continues to rule the global fashion scene as nothing screams regalia louder. But for Bvlgari, the serpentine — a symbol of eternity — is not just a design; it is at the core of the brand’s philosophy. “We never believe in the short term. Whatever we do is… for what we could achieve with the future in mind,” Bvlgari global CEO Jean-Christophe Babin, who was in Mumbai in October, tells Fortune India. He was in the Maximum City to unveil the third global Serpenti Infinito exhibition, held as a part of the Chinese Year of the Snake, at the Nita Mukesh Ambani Cultural Centre. In attendance were Bvlgari global ambassador Priyanka Chopra, Reliance Foundation chairperson and founder Nita Ambani, her daughter and Reliance Industries non-executive director Isha Ambani, and a host of celebrities from the world of business, art, and entertainment. Eternal appeal From the embodiment of Satan in the Bible to Asclepius’ rod in Greek mythology and the Nagas of Hinduism, serpents have slithered through the collective human imagination for ages. The sinuous, lithe forms have been a ubiquitous symbol of duality — life and death, temptation and wisdom, healing and harm — across myths, religions, art, and literature. After similar exhibitions in Shanghai (China) and Seoul (South Korea), featuring the works of renowned artists exploring the creative influence and cultural significance of the Serpenti, India was the natural next stop for Bvlgari. And, it is not a pit stop. True to its “serpentine” philosophy, the brand is in for the long haul in the land of snake charmers. Babin says India is a market that the brand always believed in. “There was always potential. It is not recent. It is viable according to its category,” Babin elaborates. “There are differences between India-made watches and Swiss watches; so, they can co-exist very well.” For an international brand, it is not enough to attempt sales; equally important is understanding the market pulse, respecting the country’s cultural ethos, and trying to connect with the people and their emotions, he explains. For instance, while watches are worn by everyone alike, sentiments around jewellery aren’t the same. It differs from one market to another. Most Indians prefer wearing traditional jewellery during festive seasons and weddings. “Indian and western jewellery differ in style and fashion. Plus, Indians are very proud and deeply rooted in their tradition, and will continue to be,” Babin says. “This is fascinating because India is one of the few countries that is truly global… they travel the world. At the same time, when they return to India, their culture prevails in terms of how they dress or purchase jewellery.” Hence, success comes from a brand’s ability to connect with this cultural depth by retaining its original identity without compromising on novelty. Brands latch on to celebrity endorsements to boost awareness and sales. But for Bvlgari, it goes beyond that. “We believe in much more than just sales when it comes to entering a market. Also important is to understand and respect the culture and traditions and create a bond with the people,” he says. There needs to be an emotional connection that goes far beyond trade or commerce. The ball has already been set in motion. The LVMH-owned luxury brand roped in Priyanka Chopra as its global face. It now creates India-inspired jewellery: there are Bvlgari mangalsutras and kadas designed without “altering the brand's DNA”. Babin has a piece of advice for western luxury houses: incorporate the local culture without diluting the brand DNA. “Clients differ across geographies, and some countries are deeply rooted in traditions. If you completely ignore that, your chances of being more meaningful will be limited,” he says. The realty hurdle The improving purchasing power of Indians has captured global attention. While existing brands look to expand their presence in the country, those yet to taste the market are eyeing brand launches in India. But is that enough? Not quite, says Babin. What these brands also need is adequate luxury retail space. The CEO highlights the imminent need for more luxury retail space in India. “In the past 12 years, we’ve opened just two stores in India, and we plan to open three more in the next three years — one each in Bengaluru, Hyderabad, and Kolkata. In China, with a similar economy, population, and demographics, we have about 40 stores.” Unlike other large markets, India has seen only a handful of luxury malls over the past few years. First, there was The Emporio (DLF Emporio) in New Delhi’s Vasant Kunj. Years later, Jio World Plaza came up in Mumbai. This slow development of luxury retail space in India has limited the growth of the segment. “For luxury, we need traffic. And, traffic is driven by luxury malls…easier than even high streets,” he says. Babin, who has been with Bvlgari since 2013, says there is a perception in India that building luxury malls may not be viable due to expensive real estate. “But in every metro city around the world, it is the same. What about Tokyo? We recently opened a new store in a new luxury mall in an expensive area.” Opportunity in adversity For long, India has been considered among the most unfavourable markets, courtesy of its high import duties on luxury items. Global luxury associations now pin their hopes on the free trade agreement between India and the European Union, the talks for which are in progress. But Babin isn’t worried about taxes. He feels brands should enter markets like India with a belief in long-term prospects. He cites the example of Brazil, where Bvlgari is heavily invested in. “The law might evolve later, but you have to enter. [Import] duty is not only in India. One day, India and Brazil will be like China,” he says, echoing the Serpenti philosophy of “eternity”. Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.

The Serpentine Philosophy: Bvlgari is Eyeing the Long Game in India, says CEO Jean-Christophe Babin

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