Mode - Luxe
Luxury Brands Explore Tech Opportunities in Korea at FKCCI's Luxury Committee
On June 13th, the FKCCI hosted its first Luxury Committee of 2024, with the kind support of its partner Luxury Business Group and its sponsor OnTheList. Around 40 leaders of luxury brands such as Swarovski, Grand Hyatt, Sofitel, Bluebell, Josun Palace, gathered at Maison Le Cercle by Pernod Ricard in the center of Seoul, to explore tech opportunities for luxury brands: How Tech Elevates the Luxury Experience.
As the president of the FKCCI Luxury Committee, Mr. Daniel MAYRAN, Chairman of Luxury Business Group (LBG), extended a warm welcome to the attendees of the event, including Mr. Diego Dultzin, OnTheList Co-founder & CEO, and the guest speaker of the day, Mr. Nicolas Mercier, Strategic Advisor at Baracoda Group and Co-President of La French Tech Seoul.
With the rapid rise of new technologies such as the metaverse, Web 3, and AI, digital transformations have garnered significant attention, and luxury brands are no exception. Tech specialist Mr. Nicolas Mercier delivered an insightful presentation to attendees, highlighting how luxury brands can leverage these technologies to create exclusive and immersive luxury experiences.
Mr. Nicolas Mercier emphasized a significant shift in the luxury industry from ostentatious displays of wealth to creating deeper brand connections. He highlighted the importance of using data to personalize experiences and satisfy customers' unique desires. Using examples from several brands, he explained how luxury brands have already ventured into the digital world. This includes offering VIP-only digital fashion shows and fashion piece NFTs for the metaverse.
“The future of luxury is not just about what you sell but it’s about how you make your customers feel.”
Mr. Mercier also addressed the specificities of the Korean market, noting that consumers in South Korea are particularly open to embracing new technologies. Unlike in many Western countries, both individuals and companies in South Korea are more willing to take risks and invest in innovative technologies. An idea shared by Mr. Olivier Mouroux, Asiance CEO, that stressed that:
“Korea has long been a country open to technological advancements and possesses the infrastructure needed to support their development. People are constantly seeking new technologies and experiences, as evidenced by the numerous pop-up stores flourishing in Seoul today. The country has achieved a level of seamless integration between online and offline experiences that even the US has yet to match.”
Following Mr. Mercier's enlightening presentation and an engaging Q&A session, members of the FKCCI Luxury Committee had the opportunity to network while enjoying delectable finger foods provided by France Gourmet. Guests also had the opportunity to discover three of LG’s newest transparent displays, which are set to elevate the retail experience for luxury brands, and received exquisite gifts to take home.
