By Jonas Hoffmann, Laurent Lecamp
Lately, luxurious manufacturers have deviated from the foundations of workmanship, rarity, area of expertise and history. Conglomerates reminiscent of LVMH and Richemont have grown at an unparalleled velocity and express no signal of slowing. This booklet explains the significance of innovation and argues why self sustaining manufacturers are important to the survival of the undefined.
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Extra resources for Independent Luxury: The Four Innovation Strategies to Endure in the Consolidation Jungle
In 2014, Ulysse Nardin was sold to the French luxury group Kering, completing the group’s watch division already composed of Girard-Perregaux and Jeanrichard. Once again, an independent brand was absorbed by a group. 17 Luxury Landscape: Challenges and Opportunities Other independent companies, headed by entrepreneurs, will face a more difficult situation, especially if they are positioned at the low to mid-range, both in production and in distribution. They are weakened by their size, which fails to give them any real bargaining power with either distributors or suppliers.
This is a movement already observed in mature luxury markets such as Japan and Europe and it is not new per se. What is new is the scale brought by the arrival of Chinese luxury consumers. g. spas, yachting 50 11 Technology Total ~ a1,300 bn 13% Source: BCG-Ipsos Market Research (2014), Shock of the New Chick. Italian companies such as Armani and Bulgari have been among the first to stretch their brands to include service offers in hospitality. The “Battle of the Palaces”56 in Paris is a fascinating showcase at the high end of this spectrum.
Th do e m en wn ark po tra he et c ex sse nts avil om w y pe ss e rti th ho on s se e n do ne ec w es not sa ry Even if luxury entrepreneurs know how to learn from their failures, to assimilate them in order to reconstruct and reinvent, one obstacle remains, an obstacle that cannot be overcome by sheer force of conviction and passion – that of cash – the cash needed to put convictions into practice. Even as recently as 2005 it was possible to launch a watch brand without having one’s own movements or a specific “watch” image.
Independent Luxury: The Four Innovation Strategies to Endure in the Consolidation Jungle by Jonas Hoffmann, Laurent Lecamp