2020 Retail & Luxury Goods Conference
The 2020 Retail & Luxury Goods Conference took place on Feb. 23 at Harvard Business School. The event held discussions about the retail ecosystem, from brick and mortar stores to digitalization, from mass market to luxury fashion.
The conference started with Alexandre Arnault, CEO of Rimowa, presenting a general overview of the LVMH group. Later on, he focused on the business of travel retail and how Rimowa evolved from a low-level brand to one of the most desirable brands in the market. The company saw an opportunity to offer functional desirability to consumers, potentiating financial discipline, digitalization, sustainability, and reinforcing their differences. In order to achieve that, Arnault emphasized the importance of creativity, innovation, entrepreneurship, and commitment to succeed in a changing business environment.
The second panel was about consumer insights. Leading industry consultants, advisers, and investors talked about how loyalty is understood in a multigenerational consumer base. In addition, they discussed the importance of developing omnichannel strategies to stay up-to-date in responding to consumers' requests, while focusing on new trends in the retail industry such as digitalization and sustainability.
Then, a fireside chat took place with Jean-André Rougeot, CEO of Sephora Americas. Rougeot talked about the importance of strategy in the retail industry, how the company embraced the digital revolution, and the development of its e-commerce and a successful omnichannel experience. Moreover, he discussed how Sephora invested in data and spent resources on the digital parts of the business while differentiating from powerful brands and potential competitors.
Jean-André Rougeot strongly believes in the profitability of brick-and-mortar brands and that is why he prioritizes social contact and human relationships in Sephora’s strategy. He says that engagement is the future of the retail industry.
After a networking lunch that gave attendees the opportunity to meet students, professionals, and people interested in the retail space, some panels, chats, and discussions took place.
Several entrepreneurs talked about their own experiences creating their businesses and how they managed to focus on consumer’s needs. The main topic of the section was innovating for today’s consumers and how to respond successfully to their needs.
Later on, leaders from Procter & Gamble, McKinsey’s Modern Retail Collective, and others discussed rehabilitating brick and mortar. In general, all of them agreed that retail is alive, but it is changing. Omnichannel is moving forward but consumer experience is essential to increase engagement.
The next panel focused on the importance of business values and how sustainability and socially conscious initiatives are a must to engage with the target market. Founders and leaders from several companies discussed their mission and values and how they are able to connect with their audience throughout brand culture.
Finally, the last topic was the importance of data and technology and how to include digital technologies in the business strategy. Data scientists from companies such as Instagram and Estée Lauder discussed the importance of customer experience, personalization, and experiential engagement in this digital marketing environment.
The conference was a great opportunity to learn more about the future of the retail environment and how companies have adapted to the digital revolution that is present in society nowadays. In general, industry experts gave attendees some insights about business strategy, innovation, and the key issues that companies need to understand in order to succeed in the retail industry.
