Last week Buzztech, as a IACC member, proudly participated in the Luxury Summit, organized by the Italy-America Chamber of Commerce and the Luxury Institute, host by KPMG US in its New York City headquarters.
It was a great opportunity to meet highly regarded professionals in the industry, gathering together to discuss and offer their unique experiences and perspectives on “Defining the toolkit for the next generation of renaissance leaders in luxury”.
The panels of experts ranging from educators, renowned business leaders, venture capitalists, and researchers, shared the skills-set and knowhow that will be crucial to form the next generation of executives across luxury brands.
It was adamantly clear that the evolving luxury landscape, is and will be strongly influenced by the #Millenials and #GenZ’s buying habits. They are not loyal, they have high-expectations in terms of #sustainability #diversity #inclusion. They buy #experiences vs things, they love rituals, they look for deeper meaning, therefore luxury brands, more than ever, have to re-think their #storytelling.
The theme of the summit was broken down in 4 main topics:
– Educating the leaders of luxury brands during the next decade. Key assets: flexibility, high-level skills in communication, being humble and self-confident, being authentic.
– Do Italians do it better? There is a new wave of Italian executives in the most prominent positions in luxury companies, leading luxury brands into the future (mainly beauty & personal care, fashion). Creativity, thinking outside the box, Italians have an instinctive capability to connect with others, with a sense of collegiality, they are known for their passionate leadership. They are strong in strategy (vision), and recognize that collaboration with others is a mandatory to drive strong execution into the marketplace. These some of the reasons that make Italians unique in their approach to business and leadership.
– Luxury innovators: a candid conversation with leading luxury entrepreneurs. Women entrepreneurs shared their experiences launching their respective start-ups, from having a business idea for a luxury service or a product, to look for seed funding.
– Keynote remarks and takeways. Some provoking thoughts and predictions around the future of #dataportability #datamanagement: the power will be back into consumers’ hands, in fact they will be able to share their data only with the brands they trust and love.
In a landscape in which understanding consumer’s needs is the key to adapting communication and to engaging with future generations, the capability to listen to what shoppers really want through the different social channels is, and will be, even more integral to the success of luxury brands.
Buzztech has experience in working with this cohort, through their preferred media channels. Please let us know if you would like to learn more about our approach and how we can help you.
Are you future ready?