Extravagant: Radhika Merchant married the son of India’s richest man earlier this year
Diageo is cashing in on the boom in so-called ‘Big Fat Indian Weddings’.
Tying the knot in India – one of the FTSE 100 drinks giant’s fastest-growing markets – is often a huge affair, taking place over several days and at a number of venues.
The marriage of Radhika Merchant to Anant Ambani, the son of Asia’s richest man Mukesh Ambani, earlier this year, put a global spotlight on such extravaganzas.
The multi-million-pound festivities included a performance from pop superstar Rihanna, as well as a 1,200-person guest list ranging from tech tycoons to former world leaders.
Diageo said it had worked on more than 70 celebrity and billionaire weddings in the past year alone. Pop-up bars serving its brands and personalised bottles are creating a huge money-spinner for the group.
Indian celebrations are notoriously boozy, with weddings often boasting bespoke drinks menus featuring expensive spirits.
Whisky is one of the most popular tipples in India, with a particular appetite for Godawan single malt, an Indian whisky which costs the equivalent of about £35 a bottle.
The Indian wedding industry is worth an estimated £98billion a year – double the size of the US market. The typical luxury wedding in the country costs between £180,000 and £272,000.
Hina Nagarajan, the chief executive of Diageo India, said sales in her region showed no signs of slowing, thanks to a young and increasingly wealthy population. Not only is India poised to have the third largest number of high-income households globally by 2030, but it also has a median age of just 28 years old.
Nagarajan said that women, who were traditionally abstemious, now make up 40 per cent of India’s consumers of luxury alcoholic drinks, up from 25 per cent just two years ago. Diageo’s Indian operation has grown by 50 per cent over three years. Sales last year rose by 14 per cent to just over £1 billion and profits were up by 53 per cent to £196 million.
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