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18 SEPT EMBER 2015
MRS LUXURY CONFERENCE
Modern Luxury & Attracting New Audiences
Nick Cooper
2
AGENDA - Modern Luxury & Attracting New Audiences
Analysing Generation Y’s attitude toward luxury2
Encapsulating the importance of experience in modern luxury brands3
How to modernise classic luxury brands to make them relevant to different audiences4
Connecting with consumers using their preferred channels5
Classic and modern luxury and implications for attracting new audiences1
INTRODUCTION
SUMMARY
3
INTRODUCTION - a regular check on luxury brands comes from the
BRANDZ™ Top 100 Global Brand Ranking
BrandZ™ database covering:
• 14 categories
• 50 markets
• 100,000 brands
• over 3 million people
Includes predictive metrics that allow us to pinpoint
brands likely to increase in value in the near future
PUBLISHED BY
4
Rank Brand Brand Value $M vs. 2014
1 246,992 +67%
2 173,652 +9%
3 115,500 +28%
4 93,987 -13%
5 91,962 +16%
6 89,492 +15%
7 86,009 +36%
8 83,841 +4%
9 81,162 -5%
10 80,352 +19%
INTRODUCTION – the BRANDZ™ Top 100 rankings contain a wide range
of categories and industries
Source: Millward Brown Vermeer (including data from BrandZ, Datamonitor, and Bloomberg)
• Very long-established brands
• Relatively new brands
• Affordable brands
• Premium brands
BRANDZ™ Top 10 Most Valuable Brands
5
INTRODUCTION - BRANDZ™ Luxury Rankings show the evolution of the
leading brands
2013: Inclusive and Exclusive
Experience
Total Value: $96.4bn
2014: Indulgence and
Expression
Total Value: $111.6bn
2015: Economic Weakness in
Key Markets
Total Value: $104.6bn
Rank Brand
1 Louis Vuitton
2 Hermes
3 Gucci
4 Prada
5 Rolex
6 Chanel
7 Cartier
8 Burberry
9 Fendi
10 Coach
• Digital driving more integrated
experience
• Personalised brand experience
Key Dynamics:
• Younger consumers
• Concerns about living responsibility
• Preference for discrete logos
Key Dynamics:
• Economic slowdown in BRICS
• New generations and aspirations
• Unique and more discrete luxury
Key Dynamics:
Rank Brand
1 Louis Vuitton
2 Hermes
3 Gucci
4 Prada
5 Rolex
6 Cartier
7 Chanel
8 Burberry
9 Coach
10 Fendi
Rank Brand
1 Louis Vuitton
2 Hermes
3 Gucci
4 Chanel
5 Rolex
6 Cartier
7 Prada
8 Burberry
9 Michael Kors
10 Tiffany & Co
6
Five key trends shaping modern luxury and new audiences
Analysing Generation Y’s attitude toward luxury2
Encapsulating the importance of experience in modern luxury
brands3
How to modernise classic luxury brands to make them relevant to
different audiences4
Connecting with consumers using their preferred channels5
Classic and modern luxury and implications for attracting new
audiences1
7
Luxury in the 21st Century: Modernising luxury while maintaining
timeless trademarks
:
• Campaign around
travel
• Fondation Louis
Vuitton
• Art museum in Paris
• Creation of Louis
Vuitton hotels
• Series 1 campaign
release
HIT: Louis Vuitton
Louis Vuitton has brought to
life their classic customer
experience across diverse
touchpoints and product
ranges to modernise the
Louis Vuitton brand, while
maintaining its essence
Recent
Developments:
Consumers looking for more
emotional connection to the brand
Need to create greater authenticity and
individuality
8
Luxury in the 21st Century: Modernising luxury while maintaining
timeless trademarks
:
• Campaign around
travel
• Foundation Louis
Vuitton
• Art museum in Paris
• Creation of Louis
Vuitton hotels
• Series 1 campaign
release
HIT: Louis Vuitton
Louis Vuitton has brought to
life their classic customer
experience across diverse
touchpoints and product
ranges to modernise the
Louis Vuitton brand, while
maintaining its essence
MISS: Prada
Prada failed to extend the
brand beyond its mainstay
fashion lines, remaining
overly focused on geographic
expansion for growth, rather
than seizing on modern
category opportunities
• Overinvested in
China
• Stacked to
traditional
distribution
• Overlooked
customer needs
Recent
Developments:
Recent
Developments:
9
Five key trends shaping modern luxury and new audiences
Comparing the difference between classic and modern luxury and
the implications for brands in attracting new audiences1
Encapsulating the importance of experience in modern luxury
brands3
How to modernise classic luxury brands to make them relevant to
different audiences4
Connecting with consumers using their preferred channels5
Analysing Generation Y’s attitude toward luxury2
10
Why Gen Y matters: 80 million people in the USA with over $200bn of
buying power
Drivers
• Peer pressure
• Real life experience
• Social media buzz and worth-of-mouth
• Real locations must be entertaining enough to
compete with online shopping
• Social conscious & commitment
• Luxury needs to be a meaningful experience
Born in the 80’s and 90’s
Ambitious, Communicators
Like to be loved
Tech/Web savvy
11
Total Transparency: Gen Y demands stronger transparency; luxury with
social commitment
Gen Y consumers want transparency more than ever before; luxury brands are now providing
self-service knowledge management tools that keep their customers in-the-know
Galeries Lafayette has designed an app to enhance the
customer shopping experience:
• Product availability
• Interactive maps
• Personal Planner function
• Consumers are empowered to shop with efficiency and
autonomy
Stella McCartney has maintained a commitment
to cruelty-free designs and maintains detailed
product information on its website:
• McCartney does not use leather, skins or furs
• All wool suppliers are required to prove that
their sheep are treated humanely
• Transparent practices beyond product
information into the words and actions of
Stella McCartney
DETAILS
This bag is made from non-leather, cruelty-free
materials using highly skilled manufacturing
techniques. The lining has been created from
recycled plastic bottles. This is part of our ongoing
commitment to animal and eco-friendly fashion.
Total
Transparency
With customers craving
greater transparency, luxury
retailers are investing in
knowledge management
tools to keep customers
informed
12
Five key trends shaping modern luxury and new audiences
Comparing the difference between classic and modern luxury and
the implications for brands in attracting new audiences1
Analysing Generation Y’s attitude toward luxury2
How to modernise classic luxury brands to make them relevant to
different audiences4
Connecting with consumers using their preferred channels5
Encapsulating the importance of experience in modern luxury
brands3
13 Unleashing brand-led business growthUnleashing brand-led business growth
Luxury fashion houses are revolutionizing the in-store shopping experience with fascinating
“retail destinations” that foster deeper connections between the brand and consumer
Louis Vuitton has collaborated with acclaimed artists
and architects to create state-of-the-art interior designs
and show windows that delight in-store shoppers
• Louis Vuitton unveiled its ‘Townhouse’ inside
Selfridges department store in London.
• The space showcases an art deco-style entrance
and spiral-shaped glass tube elevator
• Louis Vuitton has also collaborated with Yayoi
Kusama to create store designs that reflected the
artist’s capsule collection for the fashion house
In-store
Adventures
1
With online-shopping on
the rise, enticing
customers in-store has
become increasingly
difficult
In-Store Adventures: Lure customers in-store with the promise of an
imaginative and engaging retail destination
14 Unleashing brand-led business growthUnleashing brand-led business growth
Over the past few years, Burberry has led the development of “phygital” retail in the luxury
industry - it is now leading the way across almost all industries
Burberry is blurring the lines between the physical and
digital shopping experience by creating high-tech brick
and mortar stores – “phygital” retail:
• Integrated RFID microchips in clothing items which
transform mirrors into screens when worn, showing
how clothes look on a catwalk
• The 44,000-square-foot store in London includes
100 screens, the tallest indoor retail screen in
the world and 500 speakers
Going beyond
purchase
1
With online-shopping on
the rise, enticing
customers in-store has
become increasingly
difficult
Going beyond purchase: incorporating pre-sale, purchase and after-
purchase experience
15 Unleashing brand-led business growthUnleashing brand-led business growth
Quintessentially, a luxury lifestyle management service,
providers concierge services to its high net worth
clientele
• The company, which boasts 86,000 subscribers –
including 800 billionaires – takes care of anything
from attaining access to sold-out concerts to
supplying kangaroos for a toddler’s birthday party
Magic, a concierge service app, promises to fulfill any
request – as long as it is legal
• Consumers can send Magic requests at any hour of
the day or night
• All communication is over text, and payments are
processed by Stripe
Concierge services have adopted a “yes” policy towards customer satisfaction;
now, no request is impossible – for the right price
Going beyond
service
Some companies have
set out to accomplish
even the most
“impossible” requests
Wish Fulfilment: Exclusive concierge services are pushing the
boundaries of luxury, delivering magical results
16
Five key trends shaping modern luxury and new audiences
Comparing the difference between classic and modern luxury and
the implications for brands in attracting new audiences1
Analysing Generation Y’s attitude toward luxury2
Encapsulating the importance of experience in modern luxury
brands3
Connecting with consumers using their preferred channels5
How to modernise classic luxury brands to make them relevant to
different audiences4
17 Unleashing brand-led business growthUnleashing brand-led business growth
Burberry has launched a number of ranges to extend its
appeal and enable it to successfully stretch the brand
further from its core:
• Heritage – focused heavily on the trenchcoat
• Prorsum – wider range, more modern, more affordable
• Brit – younger, more casual
• London – sartorial, elegant
Updating classic designs is often the greatest challenge, which Burberry has addressed
through the launch of ranges segmented by style, price and genderFinding the
Perfect Match
2
The Trenchcoat sits at
the heart of the
Burberry brand
Modernising through product: creating new and modern styles
whilst rejuvenating the link with the past
Heritage
Brit
Prorsum London
18 Unleashing brand-led business growthUnleashing brand-led business growth
Sephora has developed a user-friendly tool to help
customers find the perfect foundation
• The Color IQ device pinpoints customers’ Pantone
SkinTone number using composite images, then
matches it to foundation formulas from Sephora
• The tool solves one of the largest beauty challenges
– finding the right shade of foundation – thereby
simplifying the shopping experience
Companies are using new technologies to provide precise and informative recommendations,
creating a kinship between brand and consumerFinding the
Perfect Match
2
Retailers are
developing unique
solutions to simplify
the purchase process
for consumers
Modernising through technology: Linking customer needs to
product in-store using advanced technologies
19 Unleashing brand-led business growthUnleashing brand-led business growth
Starwood, Hyatt and Hilton recognize that the meaning
of quality customer service can vary by individual.
Created an app that give customers autonomy over their
hotel experience:
• Guests enrolled in their loyalty programs check in via
the app and use their mobile devices as room keys
• Customers are able to circumvent the traditional
check-in process and manage their own level of
human interaction
Drawing 40,000 visitors per day, Louis Vuitton has
worked hard on innovative customer service in its
“Townhouse” store in London:
• consumers are invited to a "Digital Atelier" of table-
mounted multi-touch screens
• there is no "bag bar“ which has been criticized for its
"over the counter," transactional feel
• the atmosphere is more personal and lounge-like,
together with iPad-wielding sales associates offering
personalisation services
Premium service today is about putting the customer in the driver’s seat. With innovative digital
technologies, consumers can connect with brands on their own terms
Empowering
Autonomy
With increasing access to
integrated technology
consumers are becoming
more empowered to set
their own level of human
interaction with the brand
Modernising through service: building upon traditional service
techniques to provide personalised customer service
20
Five key trends shaping modern luxury and new audiences
Comparing the difference between classic and modern luxury and
the implications for brands in attracting new audiences1
Analysing Generation Y’s attitude toward luxury2
Encapsulating the importance of experience in modern luxury
brands3
How to modernise classic luxury brands to make them relevant to
different audiences4
Connecting with consumers using their preferred channels5
21 Unleashing brand-led business growthUnleashing brand-led business growth
Michael Kors has integrated social content with
commerce
• #InstaKors asks consumers to sign up, linking
their Instagram handle with an email address
• sends them an email when they like a
shoppable image on the brand’s Instagram feed
• Instagram typically does not allow for clickable
links within individual posts, so this feature
solves the path to purchase roadblock
Tom Ford has optimized its digital platforms to
tell a compelling brand story, rather than simply
sell products
• The website serves as a hub for all things
Tom Ford
• The site also offers exclusive customer
service offerings
Digital platforms offer a unique opportunity to reach consumers at various touch points,
beyond brick-and-mortar stores
Omni-channel
Experience 2.0
3
Luxury brands are
finding distinctive ways
to deliver customer
experience in the
digital realm
Omni-Channel Experience 2.0: Harness digital channels to extend
the customer experience beyond bricks-and-mortar stores
22 Unleashing brand-led business growthUnleashing brand-led business growth
Soul Cycle has transformed the fitness landscape by
creating a social experience with effective retail and
marketing strategies
• SoulCycle creates exclusive sportswear collections
every month in collaboration with established labels
such as Jonathan Adler and Lulu Lemon
• Consumers don their apparel to classes, as if in
uniform, creating a sense of community
Some brands are going beyond Lifestyle and into Community.
With shared routines and ethos, customers feel a stronger connections to these brands
Cultivating
Communities
2
Lifestyle brands have
evolved into community
marketplaces, where
consumption experiences
unite customers beyond
the product
Cultivating Communities: Best-in-class brands are cultivating
communities to attract larger and more loyal followings
Burberry pioneered the presence of digital luxury and
luxury online with “Kiss with Google” and “Burberry
Acoustic”
• Burberry remains a leader in this field
• However the pace of change is incredibly rapid and
there are many innovations from other sectors that
can be transported to luxury
23
Summary
• Find the right balance between TRADITION which provides the emotional connection with
consumers, and MODERNITY which provides more of a rationale justification for purchase
• Brands that are succeeding with Gen Y most are those that are embracing transparency and
social commitment
• The role of experience is huge and growing exponentially:
• across pre- and post-purchase as well as point of purchase
WISH FULFILMENT is the next phase
• Successful brand modernise their offering through product , technology and service innovation:
• recent focus has been heavily on technology
the reinvention of SERVICE is the next phase
• Creating touchpoints that appeal to Gen Y means that digital has come to the forefront:
• the luxury industry has caught up other sectors very rapidly
• however, digital is the enabler, not the end in itself
creating COMMUNITIES is the next phase
24 Unleashing brand-led business growth
THANK YOU

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Nick Cooper

  • 1. 1 18 SEPT EMBER 2015 MRS LUXURY CONFERENCE Modern Luxury & Attracting New Audiences Nick Cooper
  • 2. 2 AGENDA - Modern Luxury & Attracting New Audiences Analysing Generation Y’s attitude toward luxury2 Encapsulating the importance of experience in modern luxury brands3 How to modernise classic luxury brands to make them relevant to different audiences4 Connecting with consumers using their preferred channels5 Classic and modern luxury and implications for attracting new audiences1 INTRODUCTION SUMMARY
  • 3. 3 INTRODUCTION - a regular check on luxury brands comes from the BRANDZ™ Top 100 Global Brand Ranking BrandZ™ database covering: • 14 categories • 50 markets • 100,000 brands • over 3 million people Includes predictive metrics that allow us to pinpoint brands likely to increase in value in the near future PUBLISHED BY
  • 4. 4 Rank Brand Brand Value $M vs. 2014 1 246,992 +67% 2 173,652 +9% 3 115,500 +28% 4 93,987 -13% 5 91,962 +16% 6 89,492 +15% 7 86,009 +36% 8 83,841 +4% 9 81,162 -5% 10 80,352 +19% INTRODUCTION – the BRANDZ™ Top 100 rankings contain a wide range of categories and industries Source: Millward Brown Vermeer (including data from BrandZ, Datamonitor, and Bloomberg) • Very long-established brands • Relatively new brands • Affordable brands • Premium brands BRANDZ™ Top 10 Most Valuable Brands
  • 5. 5 INTRODUCTION - BRANDZ™ Luxury Rankings show the evolution of the leading brands 2013: Inclusive and Exclusive Experience Total Value: $96.4bn 2014: Indulgence and Expression Total Value: $111.6bn 2015: Economic Weakness in Key Markets Total Value: $104.6bn Rank Brand 1 Louis Vuitton 2 Hermes 3 Gucci 4 Prada 5 Rolex 6 Chanel 7 Cartier 8 Burberry 9 Fendi 10 Coach • Digital driving more integrated experience • Personalised brand experience Key Dynamics: • Younger consumers • Concerns about living responsibility • Preference for discrete logos Key Dynamics: • Economic slowdown in BRICS • New generations and aspirations • Unique and more discrete luxury Key Dynamics: Rank Brand 1 Louis Vuitton 2 Hermes 3 Gucci 4 Prada 5 Rolex 6 Cartier 7 Chanel 8 Burberry 9 Coach 10 Fendi Rank Brand 1 Louis Vuitton 2 Hermes 3 Gucci 4 Chanel 5 Rolex 6 Cartier 7 Prada 8 Burberry 9 Michael Kors 10 Tiffany & Co
  • 6. 6 Five key trends shaping modern luxury and new audiences Analysing Generation Y’s attitude toward luxury2 Encapsulating the importance of experience in modern luxury brands3 How to modernise classic luxury brands to make them relevant to different audiences4 Connecting with consumers using their preferred channels5 Classic and modern luxury and implications for attracting new audiences1
  • 7. 7 Luxury in the 21st Century: Modernising luxury while maintaining timeless trademarks : • Campaign around travel • Fondation Louis Vuitton • Art museum in Paris • Creation of Louis Vuitton hotels • Series 1 campaign release HIT: Louis Vuitton Louis Vuitton has brought to life their classic customer experience across diverse touchpoints and product ranges to modernise the Louis Vuitton brand, while maintaining its essence Recent Developments: Consumers looking for more emotional connection to the brand Need to create greater authenticity and individuality
  • 8. 8 Luxury in the 21st Century: Modernising luxury while maintaining timeless trademarks : • Campaign around travel • Foundation Louis Vuitton • Art museum in Paris • Creation of Louis Vuitton hotels • Series 1 campaign release HIT: Louis Vuitton Louis Vuitton has brought to life their classic customer experience across diverse touchpoints and product ranges to modernise the Louis Vuitton brand, while maintaining its essence MISS: Prada Prada failed to extend the brand beyond its mainstay fashion lines, remaining overly focused on geographic expansion for growth, rather than seizing on modern category opportunities • Overinvested in China • Stacked to traditional distribution • Overlooked customer needs Recent Developments: Recent Developments:
  • 9. 9 Five key trends shaping modern luxury and new audiences Comparing the difference between classic and modern luxury and the implications for brands in attracting new audiences1 Encapsulating the importance of experience in modern luxury brands3 How to modernise classic luxury brands to make them relevant to different audiences4 Connecting with consumers using their preferred channels5 Analysing Generation Y’s attitude toward luxury2
  • 10. 10 Why Gen Y matters: 80 million people in the USA with over $200bn of buying power Drivers • Peer pressure • Real life experience • Social media buzz and worth-of-mouth • Real locations must be entertaining enough to compete with online shopping • Social conscious & commitment • Luxury needs to be a meaningful experience Born in the 80’s and 90’s Ambitious, Communicators Like to be loved Tech/Web savvy
  • 11. 11 Total Transparency: Gen Y demands stronger transparency; luxury with social commitment Gen Y consumers want transparency more than ever before; luxury brands are now providing self-service knowledge management tools that keep their customers in-the-know Galeries Lafayette has designed an app to enhance the customer shopping experience: • Product availability • Interactive maps • Personal Planner function • Consumers are empowered to shop with efficiency and autonomy Stella McCartney has maintained a commitment to cruelty-free designs and maintains detailed product information on its website: • McCartney does not use leather, skins or furs • All wool suppliers are required to prove that their sheep are treated humanely • Transparent practices beyond product information into the words and actions of Stella McCartney DETAILS This bag is made from non-leather, cruelty-free materials using highly skilled manufacturing techniques. The lining has been created from recycled plastic bottles. This is part of our ongoing commitment to animal and eco-friendly fashion. Total Transparency With customers craving greater transparency, luxury retailers are investing in knowledge management tools to keep customers informed
  • 12. 12 Five key trends shaping modern luxury and new audiences Comparing the difference between classic and modern luxury and the implications for brands in attracting new audiences1 Analysing Generation Y’s attitude toward luxury2 How to modernise classic luxury brands to make them relevant to different audiences4 Connecting with consumers using their preferred channels5 Encapsulating the importance of experience in modern luxury brands3
  • 13. 13 Unleashing brand-led business growthUnleashing brand-led business growth Luxury fashion houses are revolutionizing the in-store shopping experience with fascinating “retail destinations” that foster deeper connections between the brand and consumer Louis Vuitton has collaborated with acclaimed artists and architects to create state-of-the-art interior designs and show windows that delight in-store shoppers • Louis Vuitton unveiled its ‘Townhouse’ inside Selfridges department store in London. • The space showcases an art deco-style entrance and spiral-shaped glass tube elevator • Louis Vuitton has also collaborated with Yayoi Kusama to create store designs that reflected the artist’s capsule collection for the fashion house In-store Adventures 1 With online-shopping on the rise, enticing customers in-store has become increasingly difficult In-Store Adventures: Lure customers in-store with the promise of an imaginative and engaging retail destination
  • 14. 14 Unleashing brand-led business growthUnleashing brand-led business growth Over the past few years, Burberry has led the development of “phygital” retail in the luxury industry - it is now leading the way across almost all industries Burberry is blurring the lines between the physical and digital shopping experience by creating high-tech brick and mortar stores – “phygital” retail: • Integrated RFID microchips in clothing items which transform mirrors into screens when worn, showing how clothes look on a catwalk • The 44,000-square-foot store in London includes 100 screens, the tallest indoor retail screen in the world and 500 speakers Going beyond purchase 1 With online-shopping on the rise, enticing customers in-store has become increasingly difficult Going beyond purchase: incorporating pre-sale, purchase and after- purchase experience
  • 15. 15 Unleashing brand-led business growthUnleashing brand-led business growth Quintessentially, a luxury lifestyle management service, providers concierge services to its high net worth clientele • The company, which boasts 86,000 subscribers – including 800 billionaires – takes care of anything from attaining access to sold-out concerts to supplying kangaroos for a toddler’s birthday party Magic, a concierge service app, promises to fulfill any request – as long as it is legal • Consumers can send Magic requests at any hour of the day or night • All communication is over text, and payments are processed by Stripe Concierge services have adopted a “yes” policy towards customer satisfaction; now, no request is impossible – for the right price Going beyond service Some companies have set out to accomplish even the most “impossible” requests Wish Fulfilment: Exclusive concierge services are pushing the boundaries of luxury, delivering magical results
  • 16. 16 Five key trends shaping modern luxury and new audiences Comparing the difference between classic and modern luxury and the implications for brands in attracting new audiences1 Analysing Generation Y’s attitude toward luxury2 Encapsulating the importance of experience in modern luxury brands3 Connecting with consumers using their preferred channels5 How to modernise classic luxury brands to make them relevant to different audiences4
  • 17. 17 Unleashing brand-led business growthUnleashing brand-led business growth Burberry has launched a number of ranges to extend its appeal and enable it to successfully stretch the brand further from its core: • Heritage – focused heavily on the trenchcoat • Prorsum – wider range, more modern, more affordable • Brit – younger, more casual • London – sartorial, elegant Updating classic designs is often the greatest challenge, which Burberry has addressed through the launch of ranges segmented by style, price and genderFinding the Perfect Match 2 The Trenchcoat sits at the heart of the Burberry brand Modernising through product: creating new and modern styles whilst rejuvenating the link with the past Heritage Brit Prorsum London
  • 18. 18 Unleashing brand-led business growthUnleashing brand-led business growth Sephora has developed a user-friendly tool to help customers find the perfect foundation • The Color IQ device pinpoints customers’ Pantone SkinTone number using composite images, then matches it to foundation formulas from Sephora • The tool solves one of the largest beauty challenges – finding the right shade of foundation – thereby simplifying the shopping experience Companies are using new technologies to provide precise and informative recommendations, creating a kinship between brand and consumerFinding the Perfect Match 2 Retailers are developing unique solutions to simplify the purchase process for consumers Modernising through technology: Linking customer needs to product in-store using advanced technologies
  • 19. 19 Unleashing brand-led business growthUnleashing brand-led business growth Starwood, Hyatt and Hilton recognize that the meaning of quality customer service can vary by individual. Created an app that give customers autonomy over their hotel experience: • Guests enrolled in their loyalty programs check in via the app and use their mobile devices as room keys • Customers are able to circumvent the traditional check-in process and manage their own level of human interaction Drawing 40,000 visitors per day, Louis Vuitton has worked hard on innovative customer service in its “Townhouse” store in London: • consumers are invited to a "Digital Atelier" of table- mounted multi-touch screens • there is no "bag bar“ which has been criticized for its "over the counter," transactional feel • the atmosphere is more personal and lounge-like, together with iPad-wielding sales associates offering personalisation services Premium service today is about putting the customer in the driver’s seat. With innovative digital technologies, consumers can connect with brands on their own terms Empowering Autonomy With increasing access to integrated technology consumers are becoming more empowered to set their own level of human interaction with the brand Modernising through service: building upon traditional service techniques to provide personalised customer service
  • 20. 20 Five key trends shaping modern luxury and new audiences Comparing the difference between classic and modern luxury and the implications for brands in attracting new audiences1 Analysing Generation Y’s attitude toward luxury2 Encapsulating the importance of experience in modern luxury brands3 How to modernise classic luxury brands to make them relevant to different audiences4 Connecting with consumers using their preferred channels5
  • 21. 21 Unleashing brand-led business growthUnleashing brand-led business growth Michael Kors has integrated social content with commerce • #InstaKors asks consumers to sign up, linking their Instagram handle with an email address • sends them an email when they like a shoppable image on the brand’s Instagram feed • Instagram typically does not allow for clickable links within individual posts, so this feature solves the path to purchase roadblock Tom Ford has optimized its digital platforms to tell a compelling brand story, rather than simply sell products • The website serves as a hub for all things Tom Ford • The site also offers exclusive customer service offerings Digital platforms offer a unique opportunity to reach consumers at various touch points, beyond brick-and-mortar stores Omni-channel Experience 2.0 3 Luxury brands are finding distinctive ways to deliver customer experience in the digital realm Omni-Channel Experience 2.0: Harness digital channels to extend the customer experience beyond bricks-and-mortar stores
  • 22. 22 Unleashing brand-led business growthUnleashing brand-led business growth Soul Cycle has transformed the fitness landscape by creating a social experience with effective retail and marketing strategies • SoulCycle creates exclusive sportswear collections every month in collaboration with established labels such as Jonathan Adler and Lulu Lemon • Consumers don their apparel to classes, as if in uniform, creating a sense of community Some brands are going beyond Lifestyle and into Community. With shared routines and ethos, customers feel a stronger connections to these brands Cultivating Communities 2 Lifestyle brands have evolved into community marketplaces, where consumption experiences unite customers beyond the product Cultivating Communities: Best-in-class brands are cultivating communities to attract larger and more loyal followings Burberry pioneered the presence of digital luxury and luxury online with “Kiss with Google” and “Burberry Acoustic” • Burberry remains a leader in this field • However the pace of change is incredibly rapid and there are many innovations from other sectors that can be transported to luxury
  • 23. 23 Summary • Find the right balance between TRADITION which provides the emotional connection with consumers, and MODERNITY which provides more of a rationale justification for purchase • Brands that are succeeding with Gen Y most are those that are embracing transparency and social commitment • The role of experience is huge and growing exponentially: • across pre- and post-purchase as well as point of purchase WISH FULFILMENT is the next phase • Successful brand modernise their offering through product , technology and service innovation: • recent focus has been heavily on technology the reinvention of SERVICE is the next phase • Creating touchpoints that appeal to Gen Y means that digital has come to the forefront: • the luxury industry has caught up other sectors very rapidly • however, digital is the enabler, not the end in itself creating COMMUNITIES is the next phase
  • 24. 24 Unleashing brand-led business growth THANK YOU