The Digital Frontier in Luxury
Raina Khumush & Britany Larsen
Issue date: 11/17/09 Section: News
On Friday morning, November 6th, the luxury, fashion and media world's most influential thought leaders and executives gathered at The Times Center in midtown Manhattan for Innovation Forum, an unprecedented half-day summit addressing the changing luxury landscape. Professor Scott Galloway's LuxuryLab, in partnership with the Stern Luxury & Retail Club served as hosts to the 15 speakers. One speaker remarked he'd never seen so many Louboutin's and Kelly bags in his business school days - a sign of the growing interest among MBA's to gain entrée into the luxury and retail world. The conference surely afforded students access to network with attendees from all areas of the industry.
Professor Scott Galloway started the morning off by welcoming guests and setting the tone for the rest of the day. He emphasized findings from his "Digital IQ" report, and the importance of luxury brands continuing to strengthen their digital footprint and engagement of consumers on the Web.
John Demsey, Group President of Estee Lauder Companies, described the phenomenon of authentic viral content. He used the example of "Chantal's Smokey Eye," a home video made by a M.A.C. makeup artist getting millions of unaided views on YouTube, to talk about the growing trend of more personal heroes in the cosmetics world. Chantal, along with others like Lauren Luke, are YouTube phenoms that ordinary women can related to. In the case of Luke, she now has her own line of cosmetics at Sephora.
According to Gina Sanders, the publisher of Lucky magazine, print is not dead - it's print "AND" digital - and how they work together. Lucky's new iPhone application instantly connects consumers to the products featured in editorial and advertising content in the magazine and gives them the power to buy and pick up same day all at their fingertips.
Milton Pedraza, CEO of the Luxury Institute, wanted to buck the old adage that money cannot buy happiness. Through his research, he has discovered that wealthier consumers are generally more secure, and thus satisfied, than their less affluent counterparts.
Professor Scott Galloway started the morning off by welcoming guests and setting the tone for the rest of the day. He emphasized findings from his "Digital IQ" report, and the importance of luxury brands continuing to strengthen their digital footprint and engagement of consumers on the Web.
John Demsey, Group President of Estee Lauder Companies, described the phenomenon of authentic viral content. He used the example of "Chantal's Smokey Eye," a home video made by a M.A.C. makeup artist getting millions of unaided views on YouTube, to talk about the growing trend of more personal heroes in the cosmetics world. Chantal, along with others like Lauren Luke, are YouTube phenoms that ordinary women can related to. In the case of Luke, she now has her own line of cosmetics at Sephora.
According to Gina Sanders, the publisher of Lucky magazine, print is not dead - it's print "AND" digital - and how they work together. Lucky's new iPhone application instantly connects consumers to the products featured in editorial and advertising content in the magazine and gives them the power to buy and pick up same day all at their fingertips.
Milton Pedraza, CEO of the Luxury Institute, wanted to buck the old adage that money cannot buy happiness. Through his research, he has discovered that wealthier consumers are generally more secure, and thus satisfied, than their less affluent counterparts.
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posted 12/03/09 @ 9:17 AM EST
Innovation Forum was a useful disscussion.
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