A lowered people frequency, expensive rent and online shopping trend are to be blamed…
Financial Times hosts 2015 Business of Luxury Summit in Monte Carlo
The Financial Times hosted its 11th annual Business of Luxury Summit 7-9 June 2015 at Sporting Monte Carlo on the Côte d’Azur.
Co-chaired by FT editor Lionel Barber and fashion editor Jo Ellison, the premier event gathered senior executives, industry leaders, corporate decision makers and financiers from the global luxury sector for discussions on the themes of technology, legacy and the new consumer. Entering its second decade, the summit has attracted the world’s most influential people in the luxury industry to debate the global financial crisis, innovation in technology and the rapidly changing habits of the luxury consumers. Lionel Barber said: “All industries have had to adapt to the digital age, and the internet has now emerged as a major driver of growth in the luxury sector. At the FT Business of Luxury Summit, industry leaders will discuss the potential for the global luxury market online, and how legacy brands can embrace new technologies and engage new consumers.
- Jonathan Akeroyd, President & CEO, Alexander McQueen
- Gillian de Bono, Editor, How To Spend It
- Frédéric de Narp, CEO, Bally
- John Elkann, Chairman, Fiat Chrysler Automobiles
- Gian Giacomo Ferraris, CEO, Gianni Versace SpA
- Richard Geoffroy, Creator and Chef de Cave, Dom Perignon
- Federico Marchetti, Founder & CEO, YOOX Group
- Chris Morton, Founder & CEO, Lyst
- José Neves, Founder and CEO, Farfetch
- Johann Rupert, Executive Chairman, Compagnie Financière Richemont SA
- Sir David Tang, KBE, Founder, Shanghai Tang
- Mario Testino, Photographer
Previous Summits have been held in Vienna, Marrakech, Lausanne, Los Angeles, Las Vegas, Shanghai, Venice, Tokyo, Monte Carlo and Mexico City.
Cris Egger, Senior VP of DeGorsi Luxury Consulting, attended the summit and exclusively for LUXURY TOPICS, is sharing her impressions about the conference.
The Opening of the Conference was quite remarkable. In the course of the day numerous important speakers took the floor among which the opening address of Johann Rupert of Richemont, was particularly interesting and inspiring. Mr. Rupert touched some fundamental topics such as brand equity, e commerce etc. However his views on the progression of the economic sistem as we know it are quite grim.
On the other hand Andrea Morante, CEO of Pomellato, shared an anecdote about the market of fake stones, that he named ROUGE passion.
Some of historical jewelry shops in the EU, refused to sell fake stones used in Pomellato deigns, like some of his big clients in Vienna.
But after a few years, the son of the owner called him, to ask if he can get some pieces of this collection.
That was an Example of how Luxury business of Jewelry can change.
But, maybe for Pomellato only, because their clients are oriented also on DODO Silver and Young collection.
That is more YOUNG and fashion.
After his speach, I asked Gaia Repossi, young designer from the Repossi maison "What she thanks about the replacement of real stones with fake”
She told us that is very dangerous and that she was against it. She is more oriented to change the Classic design to contemporary and minimalistic...But Leave the top Quality of stones!
Mario Testino was for me, absolutely the best speaker.
After 35 years in Vogue, 18 in Burberry, he is living with Instagram and he explained how important social media is today, especially Instagram.
Entering the room he was holding an iPhone, and clicking photos of audience. Talking about his numerous collaborations, he reflected one with Tom Ford, as he explained, the designer who gave him the most creative freedom.
Next morning, Pierre Casiraghi (young heir of Grimaldi family) who attended the morning session with his future brother in law, John Elkann, Agnellis’ grandson and Fiat’s chairman, shared his views on possibility of Luxury Electric car (Fiat). He was not really sure about. He thinks that the best Luxury cars, are the classics and old-timers , that can’t be replaced with electro cars. Even though Casiraghi family is connected to Elkann (Fiat), Pierre was driving an Audi…
One of highly anticipated panels was surely a Chinese one, moderated by FT’s Asia bureau chief.
It was very interesting to hear, that Luxury Items in China are not going so fast and easy as we think.
Selection in their Stores is not as good as in US and EU.
Sir Tang said, that richest families from China, are travelling a lot and the first thing they ask in branded shops is HOW MUCH discount They Will Get.
Armani developed a special policy for China…
If you buy an evening gown from couture collection, you will not get a discount, but a present, pair of shoes and evening Clutch that goes with dress and shoes.
In the evening at the Sporting Monte Carlo, a fabulous dinner for all guests ensued, underlining the importance of FT in the world of Luxury, being able to bring such an impressive group of speakers and professionals in one place.
A place to be, indeed.
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