April 2014. The first Monaco Symposium on Luxury, organized by the INSEEC Group and the International University of Monaco, took place on the 10th and 11th April in Monaco.
The event – which was a huge success – was attended by 50 university scholars and academics from 15 countries and 200 professionals from the luxury industry.
Throughout the seven academic and professional sessions which brought together 36 research works (selected out of 67 submitted papers), specialists in luxury products and services marketing discussed the following issues: motivations for luxury consumption, management of luxury brands, cultural differences, contribution of the luxury sector to social responsibility and sustainable development, reactions to brand counterfeiting, price perception, effects of nostalgia, luxury brands reconquering the markets and the growing importance of Internet and social media.
Jean-Louis Chandon, Director of the research laboratory at INSEEC, awarded the prize for best communication to the article “The Rival Wears Prada: Luxury Consumption as a Female Competition Strategy”, written by Liselot Hudders from Ghent University, in collaboration with Charlotte De Backer from Antwerp University, Maryanne Fisher from Saint Mary’s University and Patrick Vyncke from Ghent University. Key findings of the research: according to an initial study women can use luxury products in a self-promoting strategy when competing against other women for the same man because luxury products improve their chances against their rivals; a second study shows that, compared to women who do not use luxury products, women who use them are considered by other women as more attractive, affectionate, young, ambitious, sexy and less loyal, mature and intelligent. The best articles will be published in a special issue of the Journal of Business Research (a level 2 journal), a partner of the Symposium.
During the 2-day event, major players in the luxury sector presented the current evolutions in luxury management and training, evolutions in luxury codes, new brand strategies, market trends, rise of flagship stores alongside (and not in opposition to) the development of websites of luxury brands. One of the round-tables addressed the premium services trend in luxury hotels. Among the brands and luxury professionals present, were: La Perla, Vhemier, LVMH Fragrance Brands, Bain & Cie, Fondazione Altagamma, Fairmont Hotels, Quintessentially, Luxury Attitute…
The President of the LVMH Fragrance Brands closed the Symposium by presenting an overview of the evolution in the luxury sector from tradition to innovation.
The second edition of the Monaco symposium on Luxury is scheduled to take place in 2016.