The Monaco Symposium on Luxury 2018 focused on two major themes: the role of emotions in the customer journey & the future of the luxury experience
Punctuated by case studies, panel discussions and conferences, the 2018 edition featured more than 40 academic presentations and 30 business testimonials. The most current topics and the latest trends are described, discussed and carefully analyzed by the biggest players in the sector.
April 12th: The Role of Emotions in the Customer Journey
The introductory keynote speech was given by renowned expert in brands, Jean-Noël Kapferer.
The main challenge is the present luxury success.
How can the luxury industry resist the huge demand stemming from growing middle classes in the world? How can they avoid brand dilution through uncontrolled penetration, mismanaged selective distribution off line and on line, brand stretching for short term gains, as well as downward pricing, overexposure on the social networks? Also, as the word luxury sells well, every brand claims it is a luxury brand or it has invented some new kind of luxury so as to be able to reap the benefits of the umbrella miracle word luxury.
A final major challenge is that most CEO’s and CMO’s do not see in practice the differences between premium and luxury brands. As a result, they do not really enact a luxury strategy.
The day started with a panel discussion about “Traditional Swiss Luxury Watchmakers and Global/Digital Disruption”. It was an opportunity to discover the current trends in one of the most interesting and changing luxury industry. For instance, Un-Branded Luxury trend is now used as well by watchmakers such as H.Moser and Cie, with its unique watch made of Swiss cheese.
Then, Veronica Sartori, Director of Merchandising Shoes, and Skylar Vanderbilt-Smith, former Planner at Burberry, came to present the “See now/buy now” concept. Invented by Burberry two years ago to reflect consumers‘ demand for immediate gratification, and to capitalize on Millenials, “See now/Buy now” enables customers to purchase their Runway products straight after the Show, a benefit increasingly being sought by fashion savvy consumers the world over.
The “See now/buy now” concept has many merchandising implications: brief to product, product lifecycle and volume driving products forecasting said Veronica Sartori.
Michael Friedman, Historian at Audemars Piguet opened the afternoon session explaining how to capture the Zeitgeist: “Emotion, Intellect & Verifiability in Contemporary Brand Interactions”.
Then, Alexandre Wehrlin, Head of Luxury Programs at CREA Geneve, Dr Henry-Jean Tolone, Founder and manager at Cabinet CeO, Antonio Carriero, Chief Digital and Technology Officer at Breitling, Michael Friedman, Historian at Audemars Piguet, and Tanja Valcic, Head of Luxury Attitude brand at IFG Executive Education discussed Managing Emotions through Omni Channel Strategies. How to design and enhance the luxury shopper’s emotional journey in the “phygital” sphere: the power and influence of the social media on brand value.
The last session of the day was the case study “Monte Carlo Société des Bains de Mer: or how to make Monte Carlo the most luxurious experience in the world” presented by Axel Hoppenot, Executive Vice President Sales & Marketing at Monte Carlo Société des Bains de Mer.
One of the challenges ahead: Creating emotions and enchantment amongst the Ultra High Net Worth Individuals – what are the benchmarks? said Mr. Hoppenot
April 13th: What’s next: The future of luxury
Natacha Chomet, Insight Manager at IPSOS, opened the second day with insights about Consumers’ New Luxury Culture & Emotional Drivers of luxury consumption.
Then the day continued with a discussion about the Future of Luxury Retail with Selvane Mohandas Du Ménil, Commercial and Business Development Director at Sonia Rykiel, Jean Révis, CEO at MAD Network, Daniela Leonini Bournazac, Retail Director, at Sézane, Jean-Michel Terrien, CEO at INGIE Paris, and David Sobel, President at The Other Store.
Shops will stay important because this is the place where you can see and touch the product… it’s the place of the experimentation but maybe not anymore the place of the transaction, said Mr. Revis
This was followed by a panel on “Chinese Globe Shoppers: How to understand and target Chinese Tourists?” introduced by Jonathan Siboni, CEO at Luxurynsight, Catherine Aymard-Yu, President International at Wallace Chan, Michel Campan, Chairman at Mcgarrybowen Luxury and Jean Révis, CEO at MAD Network.
The new trend is cross section / industry such as Art, Culture & Luxury…while in Europe, Asian customers would like to shop in luxury shops but also feel the French « art de vivre » said Mrs Aymard-Yu, International President at Wallace Chan.
At the beginning of the afternoon, Mrs. Marie-Claire Daveu, Chief Sustainability Officer and Head of International Institutional Affairs at Kering, presented Kering’s vision of the future of luxury: Emotional, Experiential, Innovative…& Sustainable.
The last panel of the day was about the Ultra-High Networth Individuals (UHNW). The annual Wealth-X World Ultra Wealth Report presents a high level view of the most popular interests among UHNW individuals.
As a passion, as a hobby, as a sport, as a lifestyle, a yacht plays an important role in the life and “the must-have” of these billionaires. But how do they dream, purchase, live the yacht experience ? What are the latest trends in this fast growing niche industry ?
The day ended with a closing speech by Alain Delamuraz, Vice President at Blancpain, who agreed with Mrs. Daveu’s earlier presentation.
The Future of Luxury…Passion, authenticity, emotion but even more…sustainability! and Blancpain is proud to be involved in ocean protection.
The Monaco Symposium on Luxury 2018 covered different touchpoints of the luxury industry and we want to thank all the participants for being with us. We are waiting for everyone at the next Monaco Symposium on Luxury in 2020!
Throughout the seven academic sessions which brought together 42 selected research papers (selected out of 81 submitted papers by a scientific committee with international renowned researchers from the best universities), specialists in luxury products and marketing services discussed the following issues: motivations for luxury consumption, management of luxury brands, cultural & social differences, contribution of the luxury sector to social responsibility and sustainable development, second-hand luxury, displaying luxury, scales to measure luxury, brand heritage, luxury values, price perception, luxury strategies in China and the growing importance of digitalization and new technologies.
The Scientific Committee (Jean-Louis Chandon, Associate Dean for Research, INSEEC, Gilles Laurent, Distinguished Research Professor, INSEEC and Pierre Valette-Florence, Scientific Advisor, IUM) awarded the prize for best paper to the article: “ The Impostor Syndrome from Luxury Consumption” written by Dafna Goor (Harvard Business School), Nailya Ordabayeva (Boston College), Anat Keinan & Sandrine Crener (both from Harvard Business School).
Best selected articles will be published in a special issue of the Journal of Business Research (a level 2 journal), partner of the Symposium.
Created in 2014 by INSEEC U., the French leader in higher education and research, with the local support of the International University of Monaco, the Monaco Symposium on Luxury is a high-level academic and professional event. World-class, since its inception, the world’s top academic researchers and luxury brand leaders have gathered every two years around presentations, discussions and debates on industry trends, challenges and original initiatives in luxury.
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