IFA Paris launched its first Panel discussion to address fashion and luxury related issues and future concerns.
The first panel discussion was entitled “Key Strategic Issues in Luxury Marketing”. Six panelist from various segments attended this interesting event. This panel was led by Adile Cretallaz, IFA Paris’ Director of Career Services & Industry Relations.
The starting point was based on the following assumption:
The luxury goods sector has now passed the mid-point of what we have previously termed the ‘decade of change’ – during which there will be a remarkable difference between 2010 and 2020. The first half of this period was characterized by the Chinese consumer and the explosion in the use of digital technology. This period has offered strong growth, new markets and exciting channels. It brought with it an avalanche of exciting new technologies and platforms for brands to play on, and experiment with. – Deloitte Global Powers of Luxury Goods 2016
After a presentation from Javier Calvar, COO (Chief Operating officer) of Albatross Global Solutions on consumer’s behavior in today’s luxury market in China, the panelists started to discuss on the main challenges that luxury has to face today.
Edoardo Tocco, Regional Director of TOD’S Group insisted on empathy and how a warm attitude and quality of advice was vital in concluding a sale because at the end of the day, it is all about people.
Everybody emphasized on the importance of consistency and how personalization became very important today for luxury brands.
The most radical change in today’s luxury marketing is to admit that everything is now advertised via digital media which creates new and different strategies of communicating to the consumers as Winston Ho, Business Development Manager of CURIOSITY CHINA stated.
Fiona Shang, Senior Digital Account Manager of Digital Luxury Group insisted on that through this change, people become more demanding about brands social activity. Jeffrey Wang, CEO of Meici.com added that today, it is not about the product but about the brand and the romance.
To conclude this discussion, Shreya Bondre, Brand Manager of Conoisseur Group opened new questions for next panel discussions insisting on the importance of Millenials.