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Time of India
15-06-2025
- Business
- Time of India
Right clique here: Rise of India's modern, luxury private clubs
A sundowner at any of the heritage clubs in India can be rather predictable. Liveried servers, mid-tasting cocktails, old ditties (English, of course) and walls adorned with hunting trophies. Old members ensconced in furniture that carries the stories of sitters, imbibing Patialas that question the existence of peg measures, talking about the club, golf, real estate and the kids. It's a small world, maybe a little too small. In a world where your network is your net worth, the old clubs are falling short. It surely does for Shivani Singh, a consultant in broadcasting media. The 50-year-old marathoner has been a member of Gurgaon-based Quorum for three years. She calls it an extension of her living room: 'It's tailored to how I operate. Fitness and remote working are a large part of my life,' she says. The gentlemen's clubs are a colonial legacy, but outside the walls of these anachronistic oases, India is changing. This is what made Vivek Narain start Quorum in Gurgaon in 2018 and add two more clubs since—in Mumbai and Hyderabad. Narain says, 'India is on the move. It is going through a similar demographic, social and economic transformation that happened in the US in the 1960s. By definition, there's a need for places of belonging for people who are the new movers and shakers.' Narain, founder of the modern luxury private club in India, who has probably created the category here, says, 'The old establishment clubs, while prestigious, were created three generations ago. It's arguable that there's a whole new crop of relevance in society today.' Club operators and hospitality giants have noticed it. A 2024 study by Axon Developers and Skye Hospitality found that there are more than 25 private clubs operational in India. The market size of private, members-only clubs is projected to reach Rs 941 crore by 2027, from Rs 576 crore in 2024. Capgemini's World Wealth Report 2024 said high net-worth individuals (HNIs) in India increased by about 12% year-on-year in 2023. Live Events THIRD SPACE In 2018, international club chain Soho House opened its first house in Asia in Mumbai. Started in 1995 in London by Nick Jones, Soho targets the 'creatives'. Members say the stodgy club dressing rules are dissed here. Dheer Momaya, a 33-year-old film producer and founding member of Soho Mumbai , says he has made extensive use of its screening rooms—not only in Mumbai but also at the Soho Houses in New York and Los Angeles. He says, 'While the crowd at the Willingdon Sports Club in Mumbai [where he's a member] are mainly industrialists, doctors and lawyers, at Soho you meet people from the film industry or around creative arts. The conversations are more focused.' Agrees Shikha Jain, 30, another producer. She joined Soho through its discounted, Under-27 membership in 2019. She used it as a day office, dating spot and a networking space. This year, the only reason she's having second thoughts about her membership is that 'post marriage, my life has changed, but not the space'. Workwise, however, it has helped her meet directors and producers. 'I would meet them outside and bump into them at Soho. The recall is fresher,' she says. For members, these new clubs fit their onthe-go lifestyle. These have co-working spaces, studios for meetings, state-of-the-art gyms, yoga rooms, cigar lounges and speakeasies. The 11-storey Soho House in Juhu has a 32seat screening room as well. Mumbai was a natural first home for Soho House's Asia debut and it plans to open two new Houses—in Mehrauli, Delhi, and South Mumbai. It has Cities Without Houses memberships—for people in cities without Soho Houses—in Delhi, Bengaluru, Goa, Jaipur, Hyderabad and Kolkata. Kelly Wardingham, regional director, Asia, Soho House, says, 'One of the biggest gaps in India's creative landscape is access— to mentorship, collaboration, or the right room to share ideas. Yet there's a hunger to build, collaborate and be seen.' This need for practical frameworks and meaningful community shapes their programming like the Business Lounge series where they talk about how to price your work or set up a company. Narain says the idea is to build a 'third space' away from home and work. 'Our business pillars are community, high-quality hospitality—not the subsidised variety, because you get what you pay for—wellness and wellbeing with a sharp focus on culture as a means to bring it all together,' he says. Across the three Quorums, they have 85 events in a month. Most of these lifestyle lairs are located in central business districts or near airports, for quick access for their prime clientele—business professionals and expatriates. Real estate developer Embassy Group's BLVD Club in Bengaluru is located minutes from the Kempegowda International Airport. Siddharth Mankani, MD, Embassy Leisure & Entertainment, says Bengaluru was an obvious pick because of its expanding HNI base and cosmopolitan nature: 'In an increasingly digital and hyper-connected world, these spaces are experiencing a resurgence as they offer authenticity, intimacy and exclusivity.' He says millennials and Gen X, especially affluent urban professionals, are the key drivers. A 2023 report in Forbes US claimed that millennials are responsible for the slow death of country clubs in US in favour of social clubs. Mankani says, 'Post-pandemic, people are valuing quality over quantity—smaller gatherings, exclusive events and health-conscious environments.' GUILDS FOR GLOBAL INDIAN The spaces are design-forward in a way that feels familiar to the global Indian. Designed by Singapore-based Andy Fisher, BLVD's biophilic space is spartan and modern. Cement, rock and wood are set off by the greens of carefully picked trees and shrubs. The idea is to be the go-to space for the residents of Embassy Boulevard and others in the catchment of luxury and semi-luxury apartments. The food is fine-dining level, the bar is plush, the cutlery is from Robert Welch. It makes the old clubs feel like poor country cousins. Aditya Birla New Age Hospitality (ABNAH) launched the 30,000 sq ft Jolie's in Worli in 2021. They are rolling out for members perks at all ABNAH restaurants (Hakkasan, Yauatcha, etc) and a concierge and benefits programme. Udai Pinnali, CEO of ABNAH, says the new clubs are a response to a cultural craving, 'Today's time-starved individuals are looking for more than scattered experiences—they seek a single space that caters to all their cultural needs.' Like Quorum and Soho, Jolie's too spends considerable thought in programming. Pinnali says, 'We've recognised a growing need among women for meaningful female friendships.' They have launched Frida, a women-only membership programme, to address this. Wardingham says, 'People no longer want to just be part of something prestigious but something meaningful. Our members want spaces that are as fluid as their lives.' They also offer their well-travelled clientele something extra—access to clubs around the world. If Soho has a network of 42 houses worldwide, Jolie's has 200+ affiliations, including 1880 in Singapore and St James in Paris. Quorum is networked with 250 spaces like Battery in San Francisco and The Groucho Club in London. Even hospitality giants like St Regis, Four Seasons, Oberoi and Taj are interested. Anuraag Bhatnagar, CEO, The Leela Palaces, Hotels & Resorts, says luxury, members-only clubs are expanding the vocabulary of hospitality, 'There's a growing appetite for places that blend intimacy with intention—where a guest feels like a participant in something meaningful, not just a visitor. This signals a very interesting direction for the next chapter of hospitality. We've been working quietly on a concept that speaks to this new rhythm of luxury.' Nitesh Gandhi, GM, Four Seasons Mumbai, that recently relaunched its members-only club Modernist, says these clubs are a response to the changing needs of today's luxury consumer, 'We are seeing a new kind of social capital emerge, where being part of an inspired, forward-thinking community carries more weight than traditional status symbols.' Gandhi says that the key opportunity lies in deepening guest loyalty. Narain has noticed the movement in the category, but that does not worry him. 'This is not their (hotel's) core business. They are just extending and leveraging their good locations by creating some sort of a loyalty programme.' The true urban lifestyle clubs, he notes, are a different ballgame. HOW TO MAKE AN ENTRY But who's invited? Membership criteria for most clubs are rather undefined. While Jolie's is by-invite, BLVD keeps it open. Quorum seeks 'interesting' people who can add to their community and Soho House is intended for individuals connected to creative industries. The entry may not be blocked by an iron gate but there's a velvet rope. The price tag, with a joining fee of ?2-7 lakh and annual fees of ?1-3 lakh, is definitely the first level. Quorum doesn't conduct an interview but Narain does mention that most people have a fairly well-documented digital presence. The trend is moving beyond the big cities. Real-estate developer Isprava launched its members-only club Solene in Goa this year. Catering to Isprava homeowners and outsiders, it has notched around 100 members in two months. Dhimaan Shah, co-CEO, says opening a members-only private club was a natural progression for their business of luxury homes and homestays. 'Earlier we had a sense of community within family and the neighbourhood which is now lost. People are seeking that lost social connection with or bar nights.' Shah is planning more Solenes, the next one probably in Alibaug. Santosh Desai, CEO & MD of Future Brands and social commentator, says there's a space for these clubs to grow. 'People who become successful want to believe that their blood turns blue. They yearn for recognition and validation that comes with belonging to old-style clubs.' Desai says the pay-for-play model is transactional, but the cultural flavour is tough to replace: 'The idea of creating community based on common interests and rarefied experiences is a fairly marketable one. While there will always be place for marquee names, whether all ventures will get accommodated is not clear. Oversupply will take away from exclusivity.' But for now, social clubs are working for members. Banker-turned-children's books writer Esha Gupta, 38, has been a member of Quorum since 2021. Although she is a member of neighbourhood clubs like Panchshila and Safdarjung in Delhi, she only uses Quorum: 'The traditional clubs are not catching up nor have they figured out the pulse of the current generation. The modern clubs understand that our social needs go beyond partying.' The doors are open to the new hubs of privilege.
Business Mayor
30-04-2025
- Business
- Business Mayor
Wealth manager Stanhope Capital plans Saudi expansion
Unlock the Editor's Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Stanhope Capital, a London-centred wealth manager with $40bn of assets, is expanding into the Gulf in a partnership with a bank owned by Saudi Arabia's Public Investment Fund (PIF). Stanhope is establishing a 'strategic partnership', rather than a joint-venture structure, with Gulf International Bank (GIB), which does not currently offer wealth management services. Target clients include families with more than $100mn in investable assets and institutional clients such as charities and sovereign wealth fund-linked entities. Daniel Pinto, Stanhope chief executive, said: 'Many foreign banks and many wealth managers have tried to do it on their own in the region and usually have failed, and we felt that the odds of succeeding were much higher if we had a local partner with local expertise and local access to our target client base.' Daniel Pinto: 'We felt that the odds of succeeding were much higher if we had a local partner with . . . access to our target client base' © Chris Ratcliffe/Bloomberg Pinto said GIB would sign clients within Saudi Arabia and Bahrain, and Stanhope would sign those in the rest of the world, but they would all be managed by a 'hybrid' team from the two businesses. Stanhope will not establish an office with employees in the region for now but will run its side of the partnership from its offices in London, Geneva and the US. The PIF has about $940bn of assets under management, according to the latest government data, but the country has struggled to attract foreign investment. Inbound FDI was down 19 per cent year on year to $20.7bn last year, the lowest since 2020. Authorities have been keen on luring major financial institutions to establish a strong presence in Riyadh as competition intensifies with other business hubs in the Gulf, including Dubai and Abu Dhabi. The World Wealth Report 2024 from consultancy Capgemini showed the number of 'high net worths' (defined as those with more than $1mn in investable assets) in the Middle East was 0.9mn in 2023, up from 0.6mn in 2016. They had $3.5tn in assets in 2023 compared with $2.4tn in 2016. 'The whole purpose of the partnership' was to foster wealth management expertise within Saudi Arabia, Pinto said, but he also envisaged directing more investment into the country if opportunities arose, for example in infrastructure. The kingdom has over the past decade launched several so-called gigaprojects as part of a larger plan by Crown Prince Mohammed bin Salman to diversify the economy away from its dependence on oil revenues. Spending on infrastructure is expected to accelerate as the country prepares to host a series of major events in the coming years, including Expo 2030 and the Fifa World Cup in 2034. Pinto said Stanhope had looked to the Gulf, rather than Asia, to expand because 'this is a client base that understand the benefit of wealth management. The Asian market is very much driven by products, not services.' The partnership will cover global asset classes, including hedge funds, private equity and real estate, and will offer sharia-compliant products. GIB is established in Bahrain, with a Saudi subsidiary and branches in the UAE and Oman, and had $42.9bn of assets at the end of 2024. It declined to comment.
