Conference at EHL: “Today’s winning luxury strategies”.
Heure
09:00
Lieu
EHL, campus École hôtelière de Lausanne
On Wednesday November 22, 2023, Cristina D'Agostino, our editor-in-chief, gave a lecture on the luxury industry in Europe to an audience of Chinese students from the HEMBA class at the EHL Hospitality Business School. The event was part of the HEMBA program, a collaborative initiative between EHL and the China Europe International Business School (CEIBS).
The lecture began with a broad overview of the luxury sector, identifying the major players and their roles in driving industry trends. Key facts and figures about booming segments within the luxury market were shared, with examples of brands excelling in hospitality and creating exceptional customer experiences in Europe. The discussion emphasized the expansive reach of luxury brands across diverse industries, from automobiles and fashion to watches, jewelry, and even space travel, highlighting Prada's partnership with NASA for the Artemis missions.
Addressing the recent slowdown in the luxury market, the presentation highlighted the macroeconomic and geopolitical challenges impacting consumer confidence worldwide. Detailed analyses of key markets, including China and the USA, highlighted the deceleration of the personal luxury goods market in 2023 compared to previous years. The performance and future prospects of specific sectors such as leather goods, beauty and fragrances, eyewear, and travel and leisure were also closely examined.
In the beauty and fragrance sector, major mergers and acquisitions have been mooted due to the high margins and relative ease of development of fragrances compared to cosmetics. Notable strategic moves included Richemont's optimization of its beauty divisions and Kering's acquisition of the Creed luxury perfume brand. The eyewear segment also saw major developments, with luxury giants such as LVMH and Kering making acquisitions to strengthen their positions.
Travel and leisure emerged as areas of significant growth potential for luxury brands, with developments such as the luxury cross-country train in Saudi Arabia and new exclusive itineraries by Belmond. The continued expansion of luxury hospitality was highlighted, with brands like Louis Vuitton and Dior opening hotels and the growing trend of luxury brands establishing a presence on private beaches and in exclusive dining experiences.
Overall, the conference provided an in-depth exploration of the luxury industry's current state and future direction. The session emphasized the importance of understanding and adapting to the changing dynamics of the luxury market, making it a relevant educational experience for HEMBA students.
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