1. Stay true to your DNA
Diego Della Valle, Chairman and CEO at Tod’s Group says companies need to “maintain their DNA and have product with focus. We were a seasonal company, but now we need to be monthly and give new product every 40 days. It is important to think before the product, take 6 months to think and then market the product. With mobile within 3 days it’s old news”.
2. Sustainability and collaboration
Marie-Claire Daveu, Chief Sustainability Officer and Head of International Institutional Affairs at Kering encourages businesses that sustainability is “not only good for ethical reasons but also good for business”. Customers are buying heritage however also buying and expecting sustainability at the same time. Daveu goes on to encourage businesses to work collaboratively within themselves, gender, pay and hierarchy should not get in the way of the collaborative process. Not about one-off collections – it has to be embedded in the supply chain.
3. Keep the craft Alive
Craftsmanship and imperfection is human. Alberto Galassi, CEO at Ferretti Group asks if luxury is over industrialised. “If people want something that nobody has, what are they demanding? They are demanding the best designers, style and above all craftsmanship”.
4. Stay close to your customers
Harvey Spevak, Executive Chairman at Equinox says, “health is wealth, it’s not a trend, it’s a reality”. After the financial crisis, people started prioritising themselves and family. Community and experience was more important. They want fitness to be available in their daily routines. When they travel.
5. Luxury isn’t a noun it’s a verb
Janey Whiteside, Executive Vice President at American Express says, “luxury isn’t a noun it’s a verb”. Consumers are immersive and sensory. “Luxury is about expressing yourself not expressing status”.
6. Made by human hand or robots?
Diego Della Valle was asked what keeps him up at night, he replied “I’m an old wolf at this game, I’m looking at the company for the next 10 years”. He admits, robots are good for some things, however when working with leather it’s harder. “I think you need to touch the leather with your hands, you need to choose the leather”. Marcantonio Brandolini D’Adda – owner and creative director of glass maker – LagunaB explained for him it’s not about products that are uniform or perfect. The imperfections are part of the craft and quality in hand blow glass making. If you want them all to be same – get a machine to make them.
7. Disrupt respectfully
Paul Andrew, Women’s Creative Director at Salvatore Ferragamo says to disrupt respectfully, as it’s never going to be revolution. “My job is to continue the vision that Salvatore created. We have to question if something is right for our brand. Not just do something because other brands are doing it”.
8. Is heritage too old? Or the new too new?
Marco De Benedetti, Managing Director at The Carlyle Group says they are looking at companies that millennials are buying. “We are looking at how the experience has changed. Consumers want everything now. It used to be a two collection model, but they want it immediately. Another trend is emerging. Maybe people don’t want heritage! It’s seen as old and people want something new”.
9. Fuel the creative vision
Cedric Charbit, CEO at Balenciaga said “The success of the sneaker at Balenciaga only happened because our creative director Demna Gvasalia brought the attitude with him. We’ve never had a product meeting,” adds the former executive vice-president of product and marketing at Saint Laurent. “Design has to be an instinct.”
10. Planting new or cultivating evergreen
Luca Cordero di Montezemolo, Elio Milantoni says “there are fast cars, fast trains and fast fashion, but evergreen luxury will always win the race… Evergreen isn’t old. As long as they have passion, quality, attention to detail and innovation
