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30 key leaders discuss the future of luxury market at FKCCI’s Luxury Committee, co-organized with Bluebell Korea

30 key leaders discuss the future of luxury market at FKCCI’s Luxury Committee, co-organized with Bluebell Korea

On Nov. 3rd, French and Korean luxury brands gathered to listen to Dr. Jean-Noël Kapferer’s insights.

On November 3rd, 2022, the French Korean Chamber of Commerce and Industry gathered close to thirty French and Korean luxury key leaders such as Cartier, Chanel, Gucci, Hermes, Christian Dior Couture, Louis Vuitton, and more, at Josun Palace in the heart of Seoul, for the new edition of its Luxury Committee.

Organized with the kind support of FKCCI member and luxury market expert Bluebell Group, and introduced by Mr. Daniel Mayran, head of the Luxury Committee and Chairman of Bluebell Korea, the event invited participants to listen to the insights of world-renowned expert Dr. Jean-Noël Kapferer. HEC Paris and Kellogg Business School graduate, Dr. Kapferer, has researched luxury for many years and taught in numerous countries, including Korea. Armed with his cutting-edge knowledge of the field in Europe and Asia, he delivered an insightful presentation to attendees, during which he addressed the key challenges ahead of the luxury sector: its positioning between uniqueness and diversity, its relation to time in a faster-paced world, the future social acceptance of luxury, and the challenges of selective distribution.

“There is a paradox unique to the luxury sector”, Dr. Kapferer explained. “On the one hand, it is a small sector with a 5% maximum market penetration. On the other hand, luxury brands enjoy an exceptionally high visibility and are in the spotlight of the media to monitor new trends and innovation.”

He also reminded his audience of the field’s specificities and DNA.

“The luxury sector is highly symbolic in the sense that it is targeting the world’s most influential people. It is European countries such as France and Italy’s stronghold of soft power, and it is at the confluence of art, culture, fashion, creativity, history, the media, economics, and market finance”, he declared.

He also underlined that the luxury field is at odds with the market forces currently at work:

“The luxury sector is unique as it follows the reverse of classic globalization. Contrary to most sectors that delocalize production in Asia before selling back to Europe and the USA, it sticks to its ‘made in Europe’ roots to then sell in Asia, a fast-growing market for luxury brands.”

He however underlined that such dynamics are starting to change, with countries like Korea increasingly emerging as new producers of luxury items later distributed in the rest of the world – innovative cosmetics and hotel brands of high standing especially.

Last but not least, Dr. Kapferer reiterated the importance of time for the luxury industry: the past, in which luxury brands find their roots; the present, that they contribute to shape; and the future, in which they must project to maintain their sought-after status.

Following this insightful presentation, members of FKCCI’s Luxury Committee could partake in a Q&A session, before being given the opportunity to network over a delightful luncheon generously provided by Bluebell.

 

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