Sharp Rebound Of Global Luxury Brands Explored On The First Day Of Investopia Conference 2023
The rise of ecommerce, prospects of growth and investment for the future was explored in a session titled Global Luxury Brands: Key Trends and New Governance at Investopia Conference 2023.
The session hosted industry leaders Mr. Patrick Chalhoub, Group President, Chalhoub Group and Mr. Matteo Lunelli, Chairman, Altagamma.
Patrick Chalhoubopened up a discussion on how quickly the fashion and beauty industry has been advancing across continents – prior to even pandemic-times with figures rising over 300 billion worldwide. He noted that customers’ desires within this industry are changing rapidly; they’re more focused now than ever on finding brands that are values led and engage more in purposeful purchasing habits and lean more into brands with sustainability initiatives.
He continued to explain the new generation is committed to the focus on sustainability and reaffirmed his Group’s commitment towards real sustainability initiatives. He added that the whole value and supply chain has shifted. Seeing more younger customers who are extremely committed to the sustainability drive. However, even industry leaders are taking on more onus to reach net zero through the circular economy, second life and others.
Mr. Matteo confirms that brands have to follow the movement, while finding a way to be relevant by understanding how the customers are evolving.He explains the industry, luxury goods, rebounded sharply after covid. The recovery is much stronger than anyone expected – globally reaching 1.3 trillion euros. The growth has been tremendous, 21% growth in 2022.
He ascribes the trend of the industry and sales being driven by growing digital sales – luxury sales doubled during covid. He notes a global index his group references estimates has a market size of about 400 million people, and are expected to jump to be 500 million by 2030. It’s an industry evolving rapidly he notes heavily impacted by movement towards digital and sustainably. The understanding of Luxury is changing, it’s becoming more inclusive, linked to the intrinsic quality of a brand’s creations. He explains nowadays more and more people choose a brand because it represents a value in which they believe in, so it’s more purpose driven decision.He added also that clients today are asking ‘us to be excellent in everything we do’- In terms of service, quality and sustainability. The company’s worldwide monitor tracking luxury goods estimates is 400 million reaching 500 million by 2030.
Investopia conference 2023 focuses on the theme “Envisioning Opportunities in Times of Change” and three sub-themes: Envisioning Opportunities in Today’s Economy, The Future of the Wealth of Nations, and Growth Opportunities in Times of Decarbonization. The conference this year includes35 sessions and roundtables, and brings together more than 2000 participants like investors, government officials, thought leaders and entrepreneurs, from more than 40 countries.
For detailed information about the conference agenda, kindly visit this website:
https://investopia.ae/events/investopia-2023-event
