As the luxury-market slump continues, 25 business leaders have offered their advice on how to achieve success in a new book from the Institut Supérieur de Gestion, a business school in Paris.
“Les Horizons Du Luxe: 25 Grands Professionals Partagent Leur Vision,” or “The Horizons of Luxury: 25 Leaders Share Their Vision,” (FYP; 24 euros, about $26) was conceived by Véronique Lepinay, the communications director of the school’s luxury management program. The interviews with executives in fields such as hospitality, communications and fashion were conducted by Gabrielle de Montmorin, a French journalist who has written books about the luxury sector.
Here are three leaders’ comments on the need for exclusivity, the change in luxury’s clientele and the importance of keeping high prices high. The excerpts, translated by Ms. Lepinay, have been edited and condensed.
Richard Mille
Co-founder of the Richard Mille watch brand
Mr. Mille’s strategies for business survival include expanding slowly. He said that when the brand was established in 2001, he deliberately divided its initial production among global markets: “This cautious approach resulted in a well-balanced revenue distribution worldwide, limiting risks and ensuring a strong global presence. Thanks to this strategy, the brand now has untapped potential, particularly in Eastern and Northern Europe.”
He also recommended that brands stay exclusive, and expensive: “Our clients are extremely loyal. They know we will never succumb to the temptation of introducing an ‘entry-level’ product to increase volume. Since the brand’s inception, we have only sold around 60,000 watches. In 2024, we produced just 6,000.”
And he discouraged the use of waiting lists: “When an RM 56-02 Tourbillon Sapphire ‘Limited Edition’ sells for over $3 million at Christie’s New York in June 2024, it proves that people are willing to pay two or three times the retail price to obtain a piece without waiting lists.”
Bénédicte Épinay
Chief executive of the Comité Colbert, a French association of more than 100 luxury companies
According to Ms. Épinay, the challenges facing luxury brands include regulatory pressures (“Over 150 legislative texts are currently under discussion in Brussels”), recruiting and retaining artisans, and finding a new generation of sales associates for luxury boutiques.
She also commented on luxury’s changing client base: “Over the past 30 years, Japanese, American, Russian, Arab, Korean and Chinese consumers have taken turns as the industry’s primary drivers, depending on the economic health of their respective markets. Today, Thai, Singaporean, Saudi and Indian consumers are emerging as the next wave of luxury buyers.”
Christian Selmoni
Style and heritage director at Vacheron Constantin
Mr. Selmoni noted that the luxury industry should continue to promote its heritage and that, in the case of Vacheron Constantin: “This can be through a book, but also through visits to our archives, which span 420 meters [1,380 feet] of shelving, and our private collection of 1,600 watches dating from 1755 to the present day. We increasingly encourage this kind of journey into our manufacturing world, as it creates a deeply personal connection.”
He said that brands should engage in visible events, such as the Met Gala — the Metropolitan Museum of Art’s annual fund-raiser for its Costume Institute — and in social media: “Our Instagram account, which has a million followers, perfectly illustrates this dynamic of exclusivity and visibility.”
And he encouraged businesses to focus on humanity: “In an increasingly digital and A.I.-driven world, the watch remains one of the last purely mechanical objects we use daily. It reminds us that we, as humans, come from a lineage of craftsmanship — through the Stone Age, the Bronze Age and beyond.”
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