SBI partners with Smytten to help democratize luxury in India
Posted on November 29 2017
In line with India going digital fast, State Bank of India, country’s largest public sector bank on November 24 launched a unified integrated app called YONO to help their 420+ million user base fulfill all their banking and lifestyle needs on one platform.
The App was jointly launched by the Union Minister for Finance and Corporate Affairs, Mr. Arun Jaitley and SBI Chairman, Rajnish Kumar at an event in Delhi. Over the past 5 days, the app has garnered over 2 lakh installs, making it one of India’s fastest growing apps.
As reported by the Economic Times, as much as 35 per cent of the sales of luxury brands in India are coming from non-metro cities like Aurangabad, Ludhiana, Kochi and Bellary, and luxury brands, and this is bound to grow up to 60% in the next decade.
For years now, Indian luxury market has been restricted to the top of the pyramid - metros and Tier 1 cities. But over the past few years, we are seeing a rapidly growing demand for luxury & premium products in Tier 2 & 3 towns. The interesting thing about luxury shoppers from smaller cities is that they are more experimental compared to their urban counterparts.
We are extremely happy and proud to be one among their very few selected partners in lifestyle shopping segment. We look at this partnership as an opportunity to reach out to them and fulfil all their aspirations across verticals like Beauty and Make-up, Luxury Fragrances, Accessories, Bath & Body, Baby Care, Male Grooming, Gourmet Food & Beverages and Smart Technology