Why are you taking part in the Walpole Summit?
As much as I’m looking forward to the official programme of thought leadership, the thing I dare say many of us are most excited for is the space in between; the opportunity to meet and greet audience members, to share insights and to raise any burning questions directly with other speakers. As connecting as video conferencing has been, seamlessly plugging us in with industry experts around the world, nothing quite beats the effectiveness (and frankly, enjoyment) of an in-person event.
What do you see as the greatest challenges ahead for both your brand and the luxury sector?
China is on track to become the largest global market for luxury goods by 2025. Much of this growth will be fuelled not by ‘traditional’ buyers of high-end products, but by a new generation of shoppers. China’s Gen Z will as a result become the world’s biggest demographic of luxury consumer within the next few years. The demands and formats in which these consumers engage with brands will reshape retail at the global level. The extent to which brands are able to weather this sea change and adapt accordingly will likely dictate their ability to thrive in the 2020s and beyond. Investing early in understanding and catering to the unique needs of China’s Gen Z is by far the biggest opportunity facing any luxury brand right now.
What do you see as the greatest challenges ahead for both your brand and the luxury sector?
In the China space, there are two interrelated challenges that impact every brand looking to develop in-market. The first is cultural sensitivity. The road to successful localisation in China is littered with brands that have fallen victim to an increasingly culturally-confident consumer, who is no longer willing to tolerate the insensitivity of foreign companies that fail to invest properly in getting to know their target market. The second challenge is in part a consequence of this. As foreign brands falter, domestic competition has risen dramatically. Local brands know their end consumer far better than most non-Chinese companies could ever hope for. Learning from the messaging, positioning and distribution strategies of such businesses is key.
Why are these events so important to you, your business and the sector as a whole?
Events like the Future of British Luxury Summit offer an important venue in which to troubleshoot common challenges and draw inspiration from our peers. I’m sure I am not alone in looking forward to getting back to the world of physical events.
