- FashionUnited |
Luxury retail leaders Sébastien Badault, International Director of the Luxury and Fashion line of Alibaba, Adam Pritzker Founder of Assembled Brands, and Frédéric de Narp, CEO of Bally discussed the future of luxury industry at the World Retail Congress this week. All three of the leaders agreed that the definition of luxury has expanded from simply asserting status and craftsmanship, to mean much more.
Today’s luxury invokes emotions
"Luxury is savoir-faire and craftsmanship, but it is also innovation and, above all, emotion; our challenge is to combine these concepts,” Explains de Narp. “Bally is developing these concepts through exceptional collaborations such as the one we did with the French graffiti artist André Saraiva."
The three speakers were in agreement on the importance that omnichannel has within the future of the sector. The relevance of the brands no longer relies on massive store openings, it is not only about optimizing a global brand on and offline using the most effective resources.
"Flagship stores are essential because it is where luxury brands can express themselves and where you can touch your quality products; they must act as global showcases. It is not cost effective or necessary for consumers to have these stores all over the world today. For instance, if a sale of luxury shoes requires 80 percent due in 10 markets, it is not worth shipping and displaying the shoes in the store when online shopping is so prevalent".
Looking to the Chinese consumer
On an international level, Badault urges European brands to look at the Chinese luxury consumer. On average they consist of consumers are around 20 years-old, significantly younger than European consumers. He predicts that this buying pattern will make its way to the Western hemisphere in the near future. "I am convinced that what is happening now in China will happen in Europe in a few years. There are certain changes that will soon be a reality in Europe as the subject of widespread payment with digital devices", said the Director of Alibaba.
The customization works
The customization of luxury products was addressed by the speakers. Pritzker added: "The production of small runs of products aimed at a special audience works. A collection created exclusively for Detroit, for example, will probably be more successful for the local population than a collection with global products. People like to feel part of a group and be different and special.” The general conclusion of this intervention in which luxury was debated has been to navigate the world of emotions with creative and quality products.
Translated and edited by Kelly Press
Photo Credits: FashionUnited