Fashion Industry Masterclass: The State of the Luxury Industry Today

The masterclass focused on the current state of the luxury industry and included presentations from industry professionals. The new demands of luxury customers and how industry professionals navigate new challenges and opportunities in the industry were discussed throughout.

To conclude the class, students broke off into groups to apply what they learned in creating their own marketing strategies for different luxury sectors.

Key Takeaways From the Guest Speakers:

Chris Olshan - CEO and CMO of The Luxury Marketing Council  

• The pandemic made customers think about the value that luxury products or services bring to them, so the luxury market had to adapt because of it.
• SEE ME (Socially conscious, Exquisite craftsmanship and quality, Experience, Memory, Emotion), an acronym that explains what people want from luxury brands today.
• A good luxury company will tailor its approach to each individual customer.
• There’s a difference between doing business with someone versus having a relationship with someone.  

Alan Way - Executive Director of Remy Cointreau USA

• It’s important to find your niche in the luxury sector, especially if you are trying to reach a specific type of client.
• Add innovations to your products and services to differentiate yourself from other brands.
• Brand positioning and the wording you use are important, because they help define value.
• Relationship building among clients is key to creating brand loyalty. 

Kathryn Rice - Founder and CEO of Travel Transcendent  

• Make sure you are providing a product or service that has value to your consumers.
• Convey the brand vision from the top down.
• Create and keep relationships with local vendors and businesses. 
• Create a consistent brand image, but add or change elements to keep up with the times and trends.

Sandy Edry - Founder and CEO of Edry Team

• Companies have to keep up with the digital age, so make technology a part of the experience aspect of luxury.
• Consumers want genuine experiences from brands, so find a way to connect with them authentically.
• Try to look at marketing strategies and tactics from the consumer perspective.
• Continuously come up with ways to stay top-of-mind and connected to clients.