Pole Position for Bespoke Luxury The global luxury car market is projected to recover from the 2020 fall back and grow 38%, reaching USD 566 billion in 2026. The sector is becoming increasingly dynamic with innovation being catalysed by growing environmental concerns and increasing fuel prices. State of the art partnerships elevate the conversation and open the horizons for cross-sector collaborations. McLaren has partnered with Hermes to build the bespoke Speedtail, a one-ofa-kind hypercar that features one-off touches and a V8 engine which marries the most iconic features of the two houses. Rolls Royce, instead, has gone green: nodding to the “Silver Shadow’’ heritage, the British marque has launched “Silent Shadow”, its first electric vehicle. The growing trend for electric luxury car vehicles is driving renewed demand for production. There is a strong need to balance the consciousness and luxurious elements and we’ll continue to see companies incorporate both into their brands. NewWays to Be Hospitable Luxury hospitality is constantly innovating the standards of experiential delight. From the aesthetic appreciation of culture and creativity, such as the collection of 100 art pieces at the Dolder Hotel in Zurich, to the ultimate royal experience at Le Grand Controle, located in the premises of Versailles; or the unique shopping experience, such as the Dioriviera, the Dior pop-up store at the Rosewood Miramar Beach in California. Nowadays more than ever, the luxury hospitality sector is porous to what is changing in our definition of luxury and creatively catering to all senses in enveloping narratives. Relevance is the New Legacy Through the pandemic, the watch sector has proved to be one of the most resilient of the luxury industry leaning on the investment acumen of iconic pieces. The adoption of an innovative online sales format has allowed Sotheby’s to set new sales records, with an ultra-rare Rolex Cosmograph Daytona JPS fetching $1.5 million at auction last August. At the same time, startups like A Collected Manare tapping into a younger market with lower discretionary spending, and yet still looking for distinguished pieces and sustainable ways of accessing luxury. Sustainable jewellery and gender-fluid jewellery are opening new avenues of growth for the market. Cartier and Kering, the owner of Boucheron and Pomellato recently signed a pact that addresses three areas: building climate resilience, preserving resources and fostering inclusiveness. The initiative is open to all watch and jewellery players across value chains in an effort to build momentum and empower profound change across the industry. Conclusion: Takeaways for Success in Luxury Business From a niche industry, luxury is headed to become one of the most relevant business activities at a global level. It has also shown incredible resilience during the COVID-19 crisis, with the main luxury companies (Hermes, Louis Vuitton, Chanel) already bouncing back to their pre-pandemic sales levels. What does it take to build a successful career in an industry that never ceases to reinvent itself? Going forward, luxury businesses will have to maintain meaningful connections with their environmental and social communities; champion ethical business practices; and catalyse responsible behaviours. Capture what is current and relevant for their customers, audiences and communities. Liaise with other creative and cultural sectors to make luxury current, exciting and unconventional – luxury companies already have specific professional roles to manage their special projects, while business consultancies have started appointing Creative Chairmans to drive creative excellence and customer experience. Ultimately, the expectation is for luxury companies to further build their social leadership and become activists for change. The next generation of luxury professionals will need to understand the wider role that the luxury business plays for the environment and our society at large.
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