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Adapting fast to the new normal

  1. 1. Adapting fast to the NEW NORMAL
  2. 2. Adapting fast to the new normal Table of contents Our ESSENTIAL sources As we have entered 2022, luxury found its feet again, and its growth was driven by RISING GENERATIONS and OMNICHANNEL distribution Key TRENDS accelerating in the new normal Zooming in on GUCCI, a luxury brand which has consistently embraced rising trends INSIGHTS on the FUTURE of LUXURY from leading executives CALLS-FOR-ACTION revolving around ADAPTING FAST to the new normal, attracting YOUNGER GENERATIONS and BEING READY FOR THE NEXT CRISIS
  3. 3. 1Interviewing EXECUTIVES from the luxury & fashion sectors Our essential sources This SlideShare is derived from multiple sources 3Select REPORTS, ARTICLES, and WEBINARS 4Articles published from interviews by our Founder and CEO, YVES HANANIA 2 TEACHING AT KELLOGG Students served as eye- openers by providing insightful perspectives and points-of-view in their business projects for global brands across luxury sectors
  4. 4. Interviews and conversations with key executives Across multiple sectors Alexis LE PRADO South Europe Director Bang & Olufsen Marni FUTTERMAN Chief Communications and Marketing Officer Kellogg School of Management Beryl de LABOUCHERE Founder & CEO Tilli Vincent MONTALESCOT Executive Vice President Marketing Montblanc Alexandre FAUVET CEO Fusalp François RUAULT Chief Sales & Marketing Officer Devialet Francesco PESCI former CEO Georg Jensen Angelic VENDETTE VP & Head of Marketing Alo Yoga Andrea COLLESEI CEO Viktor&Rolf OTHERS FASHION ELECTRONICS Jose Manuel ALBESA President of Brands, Markets and Operations Puig Shannon WASHBURN CEO Shinola Mathilde CAZENAVE Europe Head, Retail, Apparel and Luxury practice Egon Zehnder ACTIVEWEAR Leslie SERRERO General Director France & Monaco Fendi Julien TORNARE CEO Zenith **Non-exhaustive list
  5. 5. “2022 verra naître un renforcement des écosystèmes de marque.” December 2021 “Le jeu vidéo : un secteur lucratif pour les géants de la mode November 2021 “Alessandro Bogliolo, a luxury expert, leaves Tiffany, bought by LVMH” December 2020 / January 2021 Articles featuring and written byYves Lighthouse “At the Corner of Business Boulevard and Creative Street” Limited edition Lighthouse x Simon drawings “Le luxe après* : Les marques, nos intimes?” December 2020 / January 2021 “Behind the Price Tag of the Most Expensive Watches in the World” February 2021 190k views on YouTube
  6. 6. As well as business projects conducted by students at Kellogg Delivered to global brands across luxury sectors Students coming from all over the world proved to be great insiders, and most importantly, seeing as they are HENRYs, they served as eye-openers to provide insightful perspectives and points-of-view on how younger consumers apprehend and see luxury and fashion, now and before.
  7. 7. Reading multiple reports and attending webinars The main reports used in this presentation include… Business of Fashion and McKinsey & Co. The State of Fashion Watches & Jewellery June 2021 Business of Fashion VOICES 2022 Simplifield The Future of Luxury Retail June 2021 McKinsey & Co. and Global Fashion Agenda Fashion on Climate 2020 ThredUp 2021 Resale Report June 2021 Business of Fashion The Sustainability Gap March 2021 …as well as select webinars... Vogue Business and Google Summit November 2021 Global Web Index Everything You Need to Know About Gamers August 2021
  8. 8. Understanding the CONTEXT
  9. 9. Luxury was hit hard at first, but reacted fast Proving its agility to reboot, reset and rebound The average market capitalization of fashion & luxury players dropped almost 40% between Jan & March 2020, a steeper decline than the overall stock market1 reported a 15% decline in revenue in the first half of 2020 Despite acquisition challenges and revenue challenges, ended 2020 without losses Revenues at bounced back in Q1 2021, jumping 32% compared to the same period in 20202 Revenues at sharply climbed in Q1 2021, up almost 26%, on a comparable basis4 Initially, the luxury industry was hit hard… …But leading players managed to rebound and show their agility in the new normal 1 BoF & McKinsey & Co: The State of Fashion 2021 (Dec 2020) 2LVMH: Good start t the year for LVMH (April 2021) 3 Robb Report: Like LVMH, Kering’s Revenues Declined 15% Due in Q1 Due to Coronavirus (Apr 2020) 4 Kering: Sharp revenue rebound in the first quarter of 2021 5BoF: Chanel Sales Bounce Back After Heavy Pandemic Hit (June 2021) revenues decreased by 15% in Q1 2020 due to Covid-193 fell 18% in 2020 to $10.1 billion During the first half of 2021, revenue rose by a double-digit percentage over 2019′s pre-pandemic levels5
  10. 10. As restrictions eased, luxury’s recovery went right under way Yet challenges will remain in an ever-evolving new normal As resilience has emerged, and vaccines were distributed globally, luxury retail markets recovered and rebounded. Pent-up shopping demand brought flocks of shoppers starving for physical shopping experiences back to stores, but this key question remains: how can luxury retailers prepare and act to overcome these challenges? Luxury consumers emerged from a long period of lethargy and dormancy with reassessed values, priorities, and spending habits. The severe disruption to their lifestyles and the vulnerability that consumers experienced will not be forgotten.1 After a sharp contraction in 2020, the personal luxury goods market grew by 29% at current exchange rates to hit €283 billion in 2021 1 SimpliField: The State of Fashion 2021 (Dec 2020) 2Bain & Company: Pandemic Spurs a Transformation of the Luxury Market (Dec 2020) 3Bain & Company: Luxury market rebounds in 2021, set to return to historic growth trajectory (Nov 2021) The core personal luxury goods market fell by 23%in 2020, to about €217 billion from €281 billion in 20192 For the future, Bain & Company estimates that the personal luxury goods market could reach €360-380 billion by 2025 with a sustained growth of 6-8% annually3
  11. 11. Luxury’s engine will be propelled by these main growth drivers in the new normal CHINESE CONSUMERS YOUNGER GENERATIONS OMNICHANNEL DISTRIBUTION 2 OMNICHANNEL DISTRIBUTION The share of online sales in the global luxury goods market is predicted to go from 12% in 2019 to 30% in 2025 3 YOUNGER GENERATIONS Generation Y and Z consumers will make up 70% of the luxury consumer base by 20251 1 CHINESE CONSUMERS Chinese consumers made up about 33% of luxury goods sales in 2019, and are expected to account for 48% of sales in 2025 1 Bain-Altagamma: 2020 Worldwide Luxury Market Monitor (Nov 2020) 2Bain & Company: Pandemic Spurs a Transformation of the Luxury Market (Dec 2020) In 2020, China was the only global region to see a growth in sales, increasing by 45%, spurred by an accelerated shift to local purchasing Digital doubled its share of the luxury personal goods market to 23% in 2020, up 12% from 20192 Younger consumers were more resilient than older generations in 2020 and are poised to spark the rebound
  12. 12. Key TRENDS accelerating
  13. 13. Covid-19 accelerated trends already in motion before the crisis All impacting the new normal and calling companies to act fast and with force #1 Joy dressing #4 Resale is soaring (for solid reasons) #2 Versatility of products #5 Virtual fashion taking on real fashion #3 Brand universes are new playgrounds for gamers
  14. 14. #1 Joy dressing Consumers want to express a sense of celebration, yet not lose comfort and feel-good fabrics After long periods of confinement, a pool of consumers emerged ready to travel the world and follow new dreams. In this, a fashion shift has emerged, called joy dressing. It is true that consumers use clothing to mark significant events, such as making it through a global pandemic.1 Consumers want to go out, feel beautiful, yet not lose the comfort and feel-good fabrics that they became accustomed to from their loungewear uniform. Customers are demanding tactile pieces which uplift their mood and bring joy.2 Zimmermann, a fashion brand offering spirited prints, swishy-tiered skirts, and jubilant ruffles dominated the Net-A-Porter platform in Spring 2021, according to senior fashion-market editor 3 Acne Studios collaborated with L.A.-based artist, Grant Levy-Lucero, in which the garments literally told customers to “Enjoy Acne Studios Everyday.” 1 Crossroads: What is Joy Dressing? (July 2021) 2Financial Times: Feel-good Fashion: Designers keep in touch with the times (Feb 2021) 3 The Wall Street Journal: Why ‘Joy Dressing’ Is Summer’s Biggest Fashion Trend (May 2021) Balmain’s Chocolat bags looked like giant 3D sections of glossy chocolate
  15. 15. #2Versatility of products Customers demand functionality as a result of their fluid lifestyles The luxury market has increasingly become casualized in recent years, especially during Covid-19 as consumers were searching for products that can be worn from day to night and from home to work. Consumers will seek products to wear as they multitask throughout the day (i.e. working, running errands, or picking up their Amazon delivery from the front porch). Months prior to Covid-19, there was a distinction between dressy, casual and office attire. In today’s environment, people live their life in a more fluid way, accelerated as people were forced to stay at home. The status quo of dressing and accessorizing will continue to be challenged. In Winter 2021, the mini Ugg boot reached a peak offering a sleek and discrete, yet a still cozy shoe. This shoe was styled both up and down as by street style stars such as Kendall Jenner and Joan Smalls, wearing them with blazers, hoodies and athleisure.1 1 Vogue: Honey, They Shrunk the Ugg Boot (Jan 2021) Loro Piana released a lace-less shoe that is meant to be easily worn for multiple occasions
  16. 16. #3 Brand universes are new playgrounds for gamers As brands find new ways to bring their heritage and DNA to life More and more, consumers are embarking on fully digital consumption experiences, meaning that they discover, purchase, wear and dispose products online. This results in a full circle of ownership and consumption online and is an expression of how a luxury brand can go beyond a traditional luxury product by giving customers an experience that they can consume with the rest of the members of the brand’s community. Through games, brands can immerse customers, especially from younger generations, into their universe in a new, entertaining way. Balenciaga released its fall 2021 collection in the form of an online video game titled Afterworld: The Age of Tomorrow 1HypeBeasat: Ralph Laurent Moves In on the gaming Industry with G2 Esports Partnership (June 2021) 2 Wired: Luxury Fashion Brands Turn to Gaming to Attract New Buyers (May 2021) In June 2021, Ralph Lauren partnered with European esports giant, G2, to be their “exclusive fashion outfitter”1 Burberry has its own range of website games like “B Surf,” a Mario Kart character, and the brand created skins for Tencent’s Honor of Kings characters2
  17. 17. #4 Resale is soaring (for solid reasons) Prompting brands to act fast as the resale is making a significant impact on consumer purchasing decisions With the excess time that consumers had in 2020 and 2021, they began purging their closets, seeking bargains, and selling unworn clothes online. They became increasingly conscious about the origin of their clothes, fueling scrutiny for fashion’s throwaway culture. Equally, consumers are seeking used products across sectors including accessories, furniture, and electronics. Buying second- hand items is no longer considered a taboo. Younger consumers especially are increasingly looking at durability, incentivizing companies to design long-lasting products. By building circular business models around second-hand offerings, businesses can create new value for their customers and themselves. 36.2 million first-time resale sellers in 2020; 52.6 million total resale sellers in 2020 43% of consumers say they are more likely to shop with a brand that lets them trade in old clothes for brand credit 118.8 million anticipated future (re)sellers, 76% of this number are people who have never resold clothing and are open to trying it 5.4x is the amount resale is projected to grow over the next 5 years, accelerating post-covid 1 in 3 retail executives say resale is becoming table stakes for retailers ThredUp: 2021 Resale Report (June 2021)
  18. 18. #5 Virtual fashion taking on real fashion Reinventing consumption for an audience seeking newness and more responsible fashion The dematerialization of fashion accelerated during Covid-19 as brands use the digital space to creatively express themselves and their personality, and consumers, notably Generation Alpha, are turning to the digital sphere to enhance their wardrobe and express their style. Brands selling virtual-only items, are ones to follow as they are satisfying consumers’ need to for newness while relieving the increasing pressure consumers feel to multiply their physical wardrobe with the latest pieces to then project on social media. The Fabricant, founded in 2016, a digital fashion house with 68k followers on Instagram, seeks to “upload humans to the next level of existence” Founded in August 2020, DressX produces digital fashion under its own label in partnership with a variety of designers and is a selling platform for designers and brands selling digital products. It raised $2 million in funding in July 20211 Specialized in “contactless cyber fashion,” gaining 28.9K followers, Tribute Brand is operating strictly virtually, founded in April 2020 Virtual-only brands are emerging, especially during Covid-19… 1Business of Fashion: Digital Fashion Player DressX Raises $2 Million (July 2021)
  19. 19. ZOOMING in on GUCCI as a brand which has embraced key TRENDS
  20. 20. Zooming in on Gucci A luxury leader who has always acted fast upon rising trends and emerging generations’ tastes and lifestyles Advertising campaigns have included famous faces such as GUCCI MANE, LANA DEL REY and JARED LETO Released a UNISEX fragrance reflecting the shifting identities among younger consumers1 Opened GUCCI PINs, a series of pop-ups, featuring branded pins on Google Maps Launched GUCCIFEST, a week-long virtual fashion film festival, hosted on a Gucci micro-site2 Collaborated with The North Face and unveiled the new collection on Pokémon Go! “HACKED” Balenciaga’s codes for a fashion show, whose hashtag #GucciAria gained 28 million views on Weibo the day before the show was shown Leveraging inclusivity and individuality… Generating hype and attracting younger generations… 1 Luxury Daily: Gucci is 2019 Luxury Marketer of the Year, (Dec 2019) 2 HighSnobiety: Special Report: When Fashion Brands Become Media, The Rules Change, 2020
  21. 21. INSIGHTS on the FUTURE of LUXURY from leading executives
  22. 22. LOOKING AT THE FUTURE of LUXURY in the EYES of EXECUTIVES “The goal today is winning SHARES OF LIFE.” “To be a leader for today, to resist tomorrow, it is all about your ability to MASTER AND MANAGE COMPLEXITY. “It’s simply about the HUMAN relationship.” “Polarization of having a ‘SPARKLE’ and being sustainable.” “Like a flower after winter, BEAUTY IS READY TO BLOSSOM as soon as COVID goes away.” “Become ANCHORED IN SOCIETY.” Andrea Collesei CEO Viktor&Rolf Jean-Paul Agon CEO L’Oréal Mathilde Cazenave Europe Head, Retail, Apparel and Luxury practice Alexandre Fauvet CEO Fusalp François Ruault Chief Sales & Marketing Officer Mathilde Cazenave Europe Head, Retail, Apparel and Luxury practice “It’s all about PROXIMITY.”
  23. 23. “Winning shares of life, not market shares” Customers want brands to become their life companion, sharing special moments and memories Corneliani rightly states, “we want to design a new experience, one that embraces our ‘savoir-faire’ to empower our clients’ ‘savoir faire.” 1 Now more than ever, customers want brands to be there with them during multiple moments of their lives. “The goal is winning shares through a share of life, not just a share of the market. Otherwise, everybody is fighting for the same thing.” Bang & Olufsen cultivates it portfolio to become consumers’ life companion, offering products to be used at various moments of their work and personal life. This is about moving beyond a transactional relationship to create and intimacy with your brand. 1 Fabrik: What is a lifestyle brand? When brands become a way of life… In today’s world where people are consistently trying to improve their health, Nike tells customers to “Just Do It”, empowering customers to share their goals and achievements with friends on the Nike+ app1
  24. 24. Polarization of having a “sparkle” and being sustainable Increasing technicity and sustainable are emphasized in emerging brands, sometimes lacking the “dream” The Nike House of Innovation has that sparkle for Millennials as there is a dream which is still linked to sustainability: it promotes its Zero Waste initiatives as well as its core value of achievement, showcasing the evolution of Nike sneaker designs There has begun a polarization of brands who have a “sparkle” and those who are born on sustainability. As the digitally-native market became increasingly saturated during Covid, especially with the rise of sustainable brands born online, these brands are missing a “sparkle of interest” that heritage brands embody. Emerging brands are increasingly emphasizing technicity and innovation, causing an imbalance between the luxury appeal, or “dream” they want to sell. 1Business of Fashion: Pangaia Won Over Consumers. Can It Do the Same for Businesses? (March 2021) Hundreds of labels have surfaced over the past few years using their products to promise a new vision of sustainability. Few have reached the same level of early success as Pangaia which used the success of its initial offering, the celebrity-loved sweatsuits, to prove its innovative fabrics while also selling the dream of a greener world through its slew of initiatives and funds offsetting its environmental impact and increasing consumer goodwill 1
  25. 25. Brands have a bigger field to express their dream Prompting them to be more creative than ever Digital has opened a much bigger field for brands to express their dream that they incarnate. For example, online games are becoming a new playground and imaginary universe for consumers to interact and engage with the brand. Digital will continue to be a powerful creative medium for brands to express themselves and engage with their customers, cementing a direct-to-consumer approach that was lacking before the crisis. To keep the dream rolling, luxury brands have been more creative than ever. Hybrid fashion shows are becoming a new space for brands to express their essence and dream. Saint Laurent presented a spectacular online collection in the middle of the desert with the closing line, “I wish you well.” Released during the height of Covid-19, the fashion show became an occasion for viewers to feel good and aspire to something that was a true dream at that specific moment in time. A pace setter of creativity, Gucci’s Creative Director, Alessandro Michele, tapped into the mind of Balenciaga’s Demna Gvasalia for Michele’s “hacking lab” for his “Aria Collection”.1 1 Tatler: Gucci ‘Hacked’ Balenciaga For New Aria Collection and the Internet Went Wild (April 2021)
  26. 26. “Sustainability is a table stake” Being sustainable is no longer a differentiator, but a must-have Consumers see sustainability as a prerequisite to purchasing. It is a must-have in today’s world; acting upon sustainable principles has become so necessary that it is no longer a differentiator, but a must-have. Emphasizing sustainability as a differentiator will put more scrutiny on a brand, risking to be called out for “greenwashing”, as Everlane previously was. Brands need to act upon this and integrate sustainability in order to be on par with the standards. Customers are not asking brands to be perfect, but to make a meaningful, transparent effort towards sustainability. 2/3 of consumers say it has become even more important to limit climate change following Covid-191 45% of millennials and Gen Z say they refuse to buy from non-sustainable brands and retailers2 1 McKinsey&Company and Global Fashion Agenda: Fashion on Climate (2020) 2ThredUp: 2021 Resale Report (June 2021) Danish contemporary fashion brand, GANNI, anticipated this by clearly stating that they are not a sustainable company, yet recognizing “the inherent contradiction between the current fashion industry that thrives off newness and consumption, and the concept of sustainability.”
  27. 27. The awakening of conscious luxury Brands are not just selling products anymore, they are selling meaningful value A company that is going to be remembered is a company that is not going to push you to buy one more item, but that is going to push you to buy a better item. Less is going to be more. The transition from product-centric to human- centric luxury is focusing on creating new, more meaningful value - such as belonging and impact. Luxury brands must move beyond just ingredients or the magic formula. They must move towards meaning as people are looking into what companies are projecting and what they stand for. Consumer reactions to the pandemic are just the tip of the iceberg of a broader movement of social change. During Mental Health Awareness Week in 2019, The Nue Co. brand launched a wellness campaign with billboards posted on New York buildings1 Companies creating meaningful value and impact… 1 Fashion For Breakfast: The Awakening of a Self-Conscious Fashion (April 2021) 2Forbes: Patagonia Closes Between Christmas And New Year As It Takes A Human-Centric Approach To Business (Dec 2021) In December 2021, Patagonia announced it was closing all stores, offices and warehouses in the U.S. and Canada from December 25 through January 2 “because our people need a break.”2
  28. 28. Luxury filling its duty in people’s lives Consumers are demanding that brands speak out and not remain purely profit-driven entities For the future, it will be hard for luxury to be acceptable by the majority if it’s not meaningful, purposeful, or responsible altogether. We think of luxury as a privilege for those who work for it and for those who consume it. How luxury manages its associated privilege is important, otherwise its unacceptable to many. As such, luxury can leverage its privilege to act with duty and purpose. This is a challenge for luxury brands which have been previously reluctant to take a firm position on political and social matters. Customers will choose to purchase from a brand who acts responsibility and upon societal, environmental and political topics. Luxury brands are projected as the “best of the best,” and therefore, should pave the way, acting with purpose and responsibility. Approximately 1/3 of consumers said they are willing to boycott brands that don’t align with their values1 1Euromonitor: Consumers look to brands that are socially responsible (Feb 2021) 2 Marketing Dive: Kantar: Consumers want brands to take stance on social issues, but demographic divides remain (June 2020) 3AdAge: A Regularly Updated Blog Tracking Brands' Responses To Racial Injustice (Jan 2021) In Vanity Fair’s September 2020 special issue, “The Great Fire,” a portrait of Breonna Taylor covered the piece3 54% of consumers expect brands to take an active role in social conversations about issues like #MeToo and racial injustices2
  29. 29. To be a leader, it is about your ability to manage complexity While creating value and story-telling To be a leader for today, to resist tomorrow, it is all about your ability to master and manage complexity. Complexity in terms of the entire ecosystem surrounding you, including the environment, customers, employees, local communities, journalists, partners, etc. In an ever-changing environment, it is not about transforming your brand. Rather, more than ever before, it is about the ability to drive value-creation and storytelling. As the barriers to enter the market are blurrier than they have ever been before, leaders must have the curiosity, humility, flexibility and creativity to take on these opportunities of disruption, impacting your business both positively and negatively, to imagine the inconceivable and unthinkable Key dimensions that leaders are balancing in this notion of complexity… Disruption in your competitive landscape Sustainability and the paradox it presents Leaders are having to manage how they can help shape the world and build a better future while still making a profit. C-suite leaders are responding by prioritizing short-term profits while preparing for the future investment of the environment
  30. 30. CALLS-FOR-ACTION on adapting to the NEW NORMAL, attracting the YOUNGER GENERATION and being ready for the NEXT CRISIS
  31. 31. Calls-for-action Adapting fast to the new normal (1/2) Think of growth as a consequence, not as a goal Focus on creating emotions for your customers by crafting exceptional products and experiences, and growth will come consequently. Authenticity comes from this focus on value-creation and putting your growth in the hands of your consumers. That authenticity drives your growth in the end, and it makes every product cross-sell with each other “You cannot think in isolation anymore, you need to think in ecosystems.” Make sure that your mission statement makes everything that you do, your partners and content creators, makes sense. Become obsessed with doing right with your partners. To win in this business is to make your partners win Pravaig, the self-proclaimed “Indian Tesla,” offers a rentable electric fleet of cars ensuring that their utilization is maximized, a service that is meaningful to the environment, the brand, its partners, and its customers Devialet did this exactly by adopting obsession into their product design, taking one year to paint on speaker black
  32. 32. Calls-for-action Adapting fast to the new normal (2/2) The spirit of your brand should be your compass As brands seek to remain relevant today, it is critical to stay faithful to your spirit. In a world with so much innovation, it is easy for brands to want to jump on trends, eventually being lost in all the directions that the world is going today. Be guided by your brand’s spirit, serving as your moral compass. If you know this, you will be able to speak to your audience in the right way. Having this guideline will result in authenticity and the right flow of actions and initiatives Become life-centric Think of moments in consumers’ lives where you can be by their side and generate emotions to make them live their dream. It is no longer about selling beautiful products, it is about selling beautiful experiences, moments and enhancing and empowering your customers’ lifestyles Alo Yoga reflects the aspirational L.A. lifestyle revolving around well-being and mindfulness while marrying yoga practice with functionality and design. Its has been able to develop a life-centric brand ecosystem with multiple products and services offering serving an engaged community
  33. 33. Calls-for-action To further attract Generation Z and the HENRYs Give customers what they want, when they want it Fulfill clients’ needs for instant gratification. Find customers in a space of where they are and where they want to be. Focus on direct-to-consumer to make customers feel like they are one-on-one with your brand Rebecca Minkoff helped lead the way on this trend, launching the #SEEBUYWEAR initiative in which 70% of the items featured in her runway show were available for immediate purchase Your sales associates are paramount (even more) Sales associates are on the front line in increasing personalization of the experience. They can create more integrated omnichannel selling experience, blending tradition and technology to deliver an elevated customer experience Glossier’s “g-Team” is an experience team which focuses on delivering Glossier’s values and voice in every interaction it has with customers Use a different lens when looking at the role of your retail store Think of your “store as a billboard,” incorporating and replicating digital content into the store. Curate the retail space to bring a new dimension to life in the customer journey that might not manifest itself so immersively in a digital world Condé Nast’s Allure magazine is opening its first store in July 2021 in New York City, offering customers a physical way to shop its products, as well as testing the power of its content and existing relationships with readers to further drive sales
  34. 34. Calls-for-action Keeping your brand future-proof Be ready for the next crisis Do not forget what you learned during this period. Do not lose your agility as there will be more unexpected circumstances to come. Read our upcoming book “The luxury empire” to be published in 2022 Build an emotional commitment and become anchored in society Think of moments in consumers’ lives where you can be by their side and generate emotions to make them live their dream. It is no longer about selling beautiful products, it is about selling beautiful experiences, moments and enhancing and empowering your customers’ lifestyles Since its inception, Shinola has been doing this, founded on the purpose to create jobs for the people in Detroit, Michigan
  35. 35. Headquarters: 25, Rue du Bois de Boulogne 92200 Neuilly-Sur-Seine, France -------------------------- Office: +33 1 46 37 70 85 Cell: +33 6 82 82 28 83 E-mail: yves@lighthouse.fr To find out more about the future of luxury: www.luxedemain.fr Lighthouse is a Strategy & Branding Consultancy born to reveal and leverage the potential of daring companies for long-term growth. We assemble international teams of action-driven people to reveal and leverage the assets of our clients, building brand ecosystems for the future. We are highly recognized and worked with prestigious global companies such as Hennessy, Kenzo (LVMH), Bally, Corneliani (Investcorp),Bang & Olufsen, Longchamp, onefinestay (AccorHotels), Nihiwatu (Burch Creative Capital) Nikki Beach Worldwide, Zenith, Lacoste etc.