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- Journal article (8)
Luxury Experience as a Modus Vivendi
On April 11, 2020, upon reopening in China after the first Covid-era lockdown, the Hermès Taikoo Hui store in Guangzhou generated $ 2.7 million in sales in a single day. This result was largely due to the sale of rare items, among which, in particular, a diamond-studded Himalayan Birkin bag.[1] This news is highly emblematic in representing the transformations, new configurations, and at the same ...
Global Players are Shopping for Smaller Businesses
The analysis of key factors influencing the evolution of the luxury sector will focus on the unique characteristics of the described market. This sector is distinguished by its resilience, driven by the exclusive and distinctive nature of its products, customer loyalty, and the global presence of luxury brands (McKinsey & Company, 2020). Value and Key Trends in the Luxury Goods Market The luxury ...
A Growing Market Despite Uncertainties
The personal luxury goods segment, in particular, recorded an acceleration this year, following the rebound achieved in 2021. Supported by strong market performance in all quarters and despite worsening macroeconomic indicators globally and challenges in China, the personal luxury sector is set to reach a value of 353 billion euros in 2022, marking a 22% acceleration at current exchange rates (or ...
Luxury Hospitality: Challenges, Trends, and Good Practices
The luxury market is undergoing a significant shift, as the upcoming generations of consumers are expected to dominate the market in the future. Generations Y and Z, born between 1981 and 2012, are set to represent 80% of the global personal luxury goods market by 2030 (Bain & Company, 2023). These young consumers have a different approach to luxury than older generations. They value meaningful luxury ...
Personalizing the Product, but with Moderation
Traditionally, for the high-end consumer, the value of a product typically stems from its high price and limited accessibility, including in terms of distribution, generally accompanied by superior quality and a legitimacy often deeply rooted in the brand's heritage, that is, its history, that is extraordinarily important to confer desirability to the goods or services and boost the self-esteem of ...
NFTs for a New Customer Relationship
The first reported use case for NFTs in the luxury industry was announced in May 2019, when specialty watch brand Vacheron Constantin announced that it would enlist the skills of the French tech start-up Arianee to develop its digital certificate of authenticity using Blockchain technology (Arianee, 2019). Up until then, the luxury industry had relied on paper certificates and serial numbers etched ...
Jewelry between Continuity and Transformation
First paradox: What is new and what is not The pandemic crisis has accelerated a trend that was already visible before: the dominant presence of iconic products lines, which have been in the market for years. The Cartier Love or Juste un Clou, Van Cleef Alhambra, Bvlgari B01 or Serpenti, Tiffany T, and others have earned an increasing market share on the global scene. New lines are emerging ...
The Growth of Fine Dining: the Case of Langosteria
Fine dining grew by 12 percent in 2022 (a higher increase than luxury cars, for example), reaching a global market value of 57 billion, representing 4 percent of the overall luxury market.[1] The brilliant post-pandemic recovery can be attributed to both the desire to spend quality time outside the home and the experience of food as an important moment for socialization. Especially in sophisticated ...