I returned to New York on Wednesday after several days at The Financial Times’ Business of Luxury Summit in Monaco. It was a nice break from the terrible weather we’ve had on the east coast lately! More than that, though, the conference was a valuable exchange of luxury news, forecasts and ideas. There were about 400 attendees and an impressive mix of panelists and speakers.
Bernard Arnault
The Summit was held at The Monte Carlo Bay Resort and kicked off with key-note speaker Bernard Arnault. Speaking in French, the head of LVMH Möet Hennessy Louis Vuitton (the largest luxury company in the world) expressed the importance of quality, above all. He suggested that luxury companies should develop not just a three year plan or even a five year plan, but “a generation plan.” Meaning that it takes a luxury brand a generation of time to achieve what he feels is real “legitimacy.”
Angela Ahrendts of Burberry gave one of the more upbeat and exciting presentations. She noted that luxury has expanded beyond the old money customer: Advertising and digital media connect with consumers beyond their classic trench coat core. “In a digital space, unlike a store, the brand is always open,” she said. Though I don’t wear a lot of Burberry myself, I was very impressed with the company’s presentation and progressive approach.
Artist, entrepreneur and former Sex Pistols manager Malcolm McLaren was the last speaker of day one, and he was definitely a departure from the rest of the day’s line-up! His art professors instilled that it was better to be a flamboyant failure than a benign success. He also commented that “luxury today is like a karaoke culture – mouthing the words of other people’s songs.” He loosened up the vibe of the conference, and his message to be creative and to mean something was inspiring. It’s cool that the Summit included him — Malcolm reminded us that real luxury is rooted in art, and all of this talk doesn’t mean much if there’s no passion and originality behind the products.
Day two included a speech by Diego Della Valle, Chairman & CEO, Tod’s Group, and I also liked his energy and outlook. He suggested that the luxury industry should focus on the tangible aspects of their companies, not just the images. Know the DNA of your company. Reputation, relationships, quality of product and lasting investments are key. Click here to watch an interview between Della Valle and Vanessa Friedman, Fashion Editor of the The Financial Times.
Though most of the discussions were held inside at the hotel, there were some nice events outdoors and off-site. The gala dinner in the Salle des Etoiles was lovely. Prince Albert was the guest of honor, attending with Charlotte Casiraghi who wore a gorgeous airy black evening dress. It was great to finally meet Imran Amed, Editor and founder of Business of Fashion (as well as the Luxury Society of which I’m a member). He’s amazing — super-smart and the speediest twitterer I ever saw! Read some of his awesome coverage from the Summit here. Shenan Reed of Morpheus Media, who I met on the plane ride over there, also provided great twitter coverage @shenan. I was thrilled to meet Vanessa Friedman and to catch up with Alexandra W. Wilson of Gilt Groupe, whose company has skyrocketed since we last saw one another.
All in all, The Summit was a nice balance between information and socializing. As I move forward with new business developments, it was an opportunity for me to reflect on the real heart and soul behind the best luxury goods. I believe that with creativity and continued innovation, luxury will endure.
