Disruptions in the Retail, Consumer Goods & Luxury Sectors

Meet Mathilde Meudec and Agathe Parette consultants at Adone Conseil, a consulting firm specialised in supporting major players from the Luxury, Retail and Hospitality sectors with their digital transformation. For this episode our two consultants explain more about the Impact of the pandemic on the customer experience.

Ten years ago luxury might have meant purchasing a gold Rolex, buying a Birkin or warming up with some Loro Piana cashmere. Customers would simply go to the store and buy a product of their choosing. Today however, luxury is being redefined as consumers put greater emphasis on experience, both digital and physical. How would luxury be defined today, how is it changing to put the message across and evoke emotional response? How would the luxury be defined today, is this definition shifting, and what role digital is playing? The RCLG Club is doing things differently on this particular year. How so? Luxury plays an integral role of the fashion business, it not only stirs, but creates the demand, the desire, it sets trends. But this year we want to open the doors to start-ups, digital leaders, and fashion industry disruptors to trigger the interesting dialogue between the two worlds.

Ten years ago luxury might have meant purchasing a gold Rolex, buying a Birkin or warming up with some Loro Piana cashmere. Customers would simply go to the store and buy a product of their choosing. Today however, luxury is being redefined as consumers put greater emphasis on experience, both digital and physical. How would luxury be defined today, how is it changing to put the message across and evoke emotional response? How would the luxury be defined today, is this definition shifting, and what role digital is playing?The RCLG Club is doing things differently on this particular year. How so? Luxury plays an integral role of the fashion business, it not only stirs, but creates the demand, the desire, it sets trends. But this year we want to open the doors to start-ups, digital leaders, and fashion industry disruptors to trigger the interesting dialogue between the two worlds.

Ten years ago luxury might have meant purchasing a gold Rolex, buying a Birkin or warming up with some Loro Piana cashmere. Customers would simply go to the store and buy a product of their choosing. Today however, luxury is being redefined as consumers put greater emphasis on experience, both digital and physical. How would luxury be defined today, how is it changing to put the message across and evoke emotional response? How would the luxury be defined today, is this definition shifting, and what role digital is playing? The RCLG Club is doing things differently on this particular year. How so? Luxury plays an integral role of the fashion business, it not only stirs, but creates the demand, the desire, it sets trends. But this year we want to open the doors to start-ups, digital leaders, and fashion industry disruptors to trigger the interesting dialogue between the two worlds.

Ten years ago luxury might have meant purchasing a gold Rolex, buying a Birkin or warming up with some Loro Piana cashmere. Customers would simply go to the store and buy a product of their choosing. Today however, luxury is being redefined as consumers put greater emphasis on experience, both digital and physical. How would luxury be defined today, how is it changing to put the message across and evoke emotional response? How would the luxury be defined today, is this definition shifting, and what role digital is playing?

INSEAD RCLG presents SUSTAINABILITY Panel: "Just a trend or true friend?" Featuring L'Oreal, Farfetch and Bain.

In this episode meet Stephanie Lefoll, INSEAD MBA alumni with 20 years of experience in the luxury and cosmetic industry at Cartier & L’Oréal.She shares her experience in both organisations, her vision for the industry and tips to succeed as a luxury manager.Interview made by Lorien Alecki INSEAD MBA student and VP at the RCLG club.

1. In a time where fast-fashion has taken the lead, High end luxury and fashion companies have gone back to the Art du Metier and the Craftsmanship of their products. Can other industries learn from that and go back to the authentic source of the products/services they sell?2. People are looking for customisation, personalisation in these days but in other industries such as Food and Beverage as well as other industries – there is still this culture of mass-production. How can other industries learn about adapting to each and every customer for a personalised journey.3. Fashion brands are investing a lot of their marketing power on digitalisation – Some industries don’t invest as much in the digital revolution, social media, programmatic media and are still promoting their products in a more traditional way – TV/Radio/Ads on the road/Door to Door

Many boutiques are investing much more on e-commerce in the time of COVID and closing down some physical stores – more data is going to be available for Luxury brands in the near future. What do you think are going to be the next big challenges vs. opportunities for companies handling this data?Luxury shoppers love the entire experience rather than just buying the product – how can data be used to cater to consumer experiential preferences?Since 2018, since the entry in force of GDPR, people argue that in Europe protecting the data of the consumers are excessively strict vs. in the US the data protection isn’t as enforced. How can luxury European brands adapt to new laws and leverage their cross-border relation/collaboration with the US.In the time of COVID, where travel has become more much restricted, how can data be used to entice the Global Shopper (Chinese) to keep purchasing as many goods and services.

Times of Change Discussion Panel - Between Traditions, Innovation and Disruption