What are the specific skills of a manager who wants to work/who works in the luxury sector?
In luxury business, the best manager is the one who cares about details and is able to manage growing targets without impoverishing the brand image. The rule in luxury is avoid the double digit growth.
What is the recipe of a successful luxury manager in the contemporary economic scenario?
Look at future trends, especially e-commerce where is not possible to live the B&M experience. This is a key aspect especially for those brands which do not have direct shops.
What are the qualifications/specific skills of emerging leaders in the luxury goods business?
Luxury business seems to be very easy because the manager has behind himself the power of the brand. Again, the good manager needs to take care of details, spreading the value of the brand in distribution so that the message coming from the company is able to reach the final consumer in a proper way. This is possible thanks to training departments, partnership with retailers, and media ... strong media investments.
What are the emerging trends in the luxury industry today?
Talking about cosmetics, technology is moving a step ahead. The future is not only linked to technology inside the products, but devices + products. Devices to detect and scan needs. Specific taylor made cosmetic products to answer those needs.
How is the international luxury goods market evolving?
Internet is becoming the breaking rule in the market. Especially in southern countries in Europe, companies are working to build structures to compete for the future. E-Commerce is still low, but it is becoming stronger and stronger year after year (cosmetic business +30% on year base). We have to look at the US and UK, but also Germany, to make the correct adjustments to this new business model. E-Commerce and E-Retailer should move their business model from price (I buy because it is cheaper) to service (I choose Internet because it is convenient for me, the delivery, and I can get in touch with experts who are able to recommend the correct product). In this sense, I would say, to compete for the future, the brands should maintain " brand value gravity."
Luca Lomazzi
- Italian
