Luxury Brands Are Exiting 2020 With A Wealth Of Covid Lessons Learned
The market for personal goods and experiential luxury will have contracted by EUR1tn come the end of this month, Bain estimates. In this context, for which there was “no lookbook”, flexibility and agility emerged as the key differentiating capabilities.
What do the professionals make of this year? CEOs and senior executives of major luxury brands taking part in the 4th Reinventing Luxury: Strategic Conversations event at the International Institute for Management Development (IMD) in Lausanne, Switzerland, just pondered exactly this question.
Here are seven conclusions they drew:
1. Finding growth opportunities beyond the obvious.
2. Watching the increasing dependence on China.
3. Taking customer intimacy to the next level.
4. Leveraging brand pricing power — with care.
5. Creating purposeful brands.
6. Consolidating the gains of e-commerce.
7. Learning to let go of previous habits.