It’s not surprising that a CTO who worked at Tesco and Unilever before leaves Richemont after five months in the role.
The most relevant luxury companies should innovate in their own way, not following the FMCG.
Luxury groups and brands, to continue to be successful, should make sure they manage their own evolution following the 5 key rules:
- Train and nurture talents at all levels inside the company and the industry. Sponsor fashion and luxury schools with relevant programs. Create internal academies for keeping managers in-the-social-flow.
- Have clear what a “luxury mindset” means and clearly put it as a priority in the recruitment profile. Being specific and clear means to be respectful of a luxury entity priorities, which are very different from mass market.
- Be open-minded about what’s happening on the market. Stay outside the ivory tower of a male-only, uber exclusive luxury approach. Federico Marchetti YNAP is teaching a great lesson about selling hard luxury online
- Contaminate the industry with the right talents but integrate them with a great support and lots of vision
- Have clear what it means to manage a luxury brand and how it is different compared to managing a mass market company.
Food for thought.