In the excellent article “Luxury Institute Reveals 7 Major Improvements Store Managers Recommend to Drive Sales Performance Right Now,” Milton Pedraza, CEO of Luxury Institute, LLC, shares results of an intimate focus group he conducted with store managers of premium and luxury brands and shares their best practices and recommendations to improve sales. Continue reading
Luxury service doesn’t always mean expensive or posh; sometimes luxury service can be found in less grandiose surroundings. On a recent business trip to London, I was pleasantly surprised by the service I received in a small restaurant serving Venetian fare. The eatery was a bàcaro—a Venetian word used to describe a humble restaurant serving simple food and good, young local wines. If you’re familiar with Spanish tapas, then you have the idea. Continue reading
As usual, last Sunday’s New York Times featured the Tiffany & Company advertisement regularly found at the top of page 3. This time the image was of the multi-heart Return to Tiffany (RTT) bracelet (shown). Seeing as it was January 3rd, I wasn’t sure if someone in Tiffany’s advertising department might have a sense of humor. This particular bracelet, with all those little RTT hearts, and the timing of the ad made me think of all the post-holiday customers “returning” their unwanted presents to Tiffany. Though it’s hard to imagine someone wanting to return a Tiffany gift, it does happen. During my tenure there, we were especially concerned at this time of year about keeping up sales associates’ spirits while ensuring customers still received exceptional service. Continue reading
Daniel Humm is the chef and owner for the Michelin three-star restaurant Eleven Madison Park and The NoMad in New York City. He’s also the recipient of six James Beard Awards, four stars from the New York Times and the S. Pellegrino Chef’s Choice 2015 award. Mr. Humm was recently interviewed by New York Magazine and asked how me keeps his team motivated. He replied:
We treat every service as if it’s the only one that matters, the same way a sports team prepares for a championship match. Everything we do is done with intention and the desire to make the guest’s experience the best it can be.
This great infographic came into my LinkedIn feed and I thought it worthwhile to share with you. Hope you think so too!
With over 90 properties and over 40,000 employees Ritz-Carlton consistently earns top honors in most rankings of luxury hotels. And so it’s no surprise that Ritz Carlton earned top honors a study conducted by Luxury Branding, a London-based consultancy that specializes in the global luxury market. Yet other well-recognized luxury hotel brands, such as Four Seasons and Peninsula, did not fare so well (13th and 20th, respectively), with the Waldorf Astoria rating an embarrassing 50th. By using TripAdvisor rankings as its data source, the study examines whether luxury hotels are truly delivering 5-star service or are just resting on their laurels. The study’s results are sampled from over 2.25 million public reviews on TripAdvisor. (The study is available as a free download from the website). Continue reading
Does your heart quicken when you see someone carrying a Chanel bag? Do your eyes widen when you spy a Lexus LS turning the corner? It’s been said that luxury is not defined by need but by desire. There’s a certain feeling you get when wearing, driving, or obtaining the luxury item. You feel special.
Many of the posts in this blog talk about the role desire plays in luxury sales and customer service (see What’s it to you?” – Igniting Customer Desire and The Value of Luxury). The CEO of Hermès, Axel Dumas, understands how integral creating desire is to his company: Continue reading
The website Business of Fashion (BoF) has just announced its “Online Learning” platform. I use quotes since these are not true online courses that are interactive, test your knowledge, and track your completion. Rather, they are a series of articles covering topics related to the fashion industry, such as:
- Fashion Business Basics
- Fashion Marketing & Communications
- Fashion History
- Fashion Entrepreneurship
The topics are meant to give insight into how the fashion industry works,how to grow your business and advance your career in fashion.
Though I wish there more articles in the Fashion History section – and there really should be – it was fun to read well-written biographies of Paul Poiret, Jeanne Lanvin, Madeleine Vionnet, and Coco Chanel.
Click here to access the free courses.
My husband and I recently spent a week vacationing on the beautiful island of Crete. Despite the financial challenges the citizens of Greece are facing, we were unfailingly welcomed with smiles, generosity and meraki. ‘Meraki’ is a Greek word that is somewhat difficult to translate. Perhaps the best definitions of meraki are “to do something with soul, creativity, or love,” or in other words “to put something of yourself into what you’re doing.” Continue reading
While luxury brands are starting to understand the importance of creating a seamless brand journey through omni-channel marketing, the luxury consumer still enjoys the personal, white glove treatment. According to a new report by the Luxury Institute, consumers rely more on the knowledge and service expertise of the in-store sales associate for their purchasing decisions than they do on their laptops or cell phones. That means luxury brands should be investing in training their sales personnel to deliver a unique and superior customer experience. Continue reading