My last post talked about educational institutions that now offer Luxury MBA degrees. This led to the question—what happens once you have such as degree? Interestingly, I just ran across an article from the Boston Consulting Group titled, “Minding the Talent Gap: Fashion and Luxury’s Greatest Challenge for the Next Decade.” The article reveals that luxury companies are struggling to find the right talent. What a perfect time to evaluate whether those Luxury MBA programs provide the same skills and knowledge that luxury and fashion brands seek today. For example, needed skills at the executive level are: analytical and creative skills; retail, product, and brand expertise; and international experience. Continue reading “Finding Luxury Talent”
Month: November 2014
Luxury Institute’s Seven Trends Shaping Luxury in 2015
Following is a link to the seven tr
ends the Luxury Institute forecasts for 2015:
Click here to view the Luxury Institute’s Seven Trends Shaping Luxury in 2015.
After reading through the list, some of my key takeaways are:
- There is over saturation in the luxury sector. Brands will need to do an even better job of differentiating their products and services. Customer service, relationship building and social outreach are critical.
- Leaders must strive to inspire, empower, measure and reinforce best practices.
- It’s all about developing relationships, particularly across channels. (See my previous post What the Luxury Sales Associate Needs to Know in an Omni-Channel World).
Also, and very importantly, look for luxury brands to empower store sales associates who have multi-channel clients to reach out and build human relationships after the client purchases in any channel.
What the Luxury Sales Associate Needs to Know in an Omni-Channel World
More and more luxury and fashion brands are using omni-channel retailing to maximize their brand exposure and increase purchasing opportunities for their customers. For omni-channel to work successfully, the brand message needs to be consistent across all consumer touch points, including in-store, online, mobile apps, social networking, etc. In order to deliver a seamless customer experience, sales associates will need a new level of training in technology, product and processes. Continue reading “What the Luxury Sales Associate Needs to Know in an Omni-Channel World”
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