Fashion, design, and technology experts discuss the industry's evolution and current events' impact on business.
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INSIGHTSCruz LorenzFuture of Luxury Symposium Explores Critical Needs within The Luxury Industry, The ‘Future of Luxury’ symposium successfully concluded, highlighting new trends, insights, and the impact of current events on the luxury industry., Words By CRUZ LORENZ ILLUSTRATION by Danerick PERALTA, Luxury award-winning global strategy and marketing agency, Issa PR, hosted its highly anticipated “Future of Luxury” symposium in New York City on March 22, 2023. The annual seminar featured leaders and visionaries from the world’s top luxury brands and media companies who discussed today’s evolving landscape and the industry's future. The symposium was moderated by the founder and CEO of Issa PR, Viet N’Guyen, who has lectured at New York University’s School of Business, Stern, on “The Intersection of Luxury & Philanthropy.”, Fashion, design, technology, photography, culture, and media experts gathered in person for this exclusive thought-leadership event. Issa PR launched the symposium in 2021 and has a wealth of global experience representing and collaborating with some of the world's largest companies, including Vogue Italia, Fendi, Absolut, Davidoff Cool Water, Warner Music, Def Jam Records, and The United Nations., The annual symposium, co-headquartered in London and New York, is an opportunity for leaders in the luxury industry to discuss the evolution of the sector and the impact of current events on the business. The event explored prevalent themes and critical needs within the industry, including the importance of philanthropy and CSR, diversity and inclusion, and future forecasts for 2023. The New York City panel, which took place at Spring Place, featured an impressive lineup of panelists, including Bear, Founder & Chief Innovation Officer of Ear Micro & T10 Bespoke, Casey Klugman, Founder & Creative Director of Les Monts Luxury Handcrafted Sunglasses, Elizabeth Suda, Founder of Article 22 Jewelry, and Igee Okafor, Founder & Editor-In-Chief of BOND OFFICIAL. Continue reading for what they each had to say about driving meaningful dialogue and reshaping the blueprint for the industry's future., On Changes in strategy “There are major world issues from war to recession to political turmoil. Capital can afford to be patient and cherry-pick opportunities while regular folks run for cover. The biggest big-money players will come out benefitting. Put your time, effort, and money into marketing good products to those at the very top of the market, and you’ll never go wrong.” On Authenticity “One of the most important things for the coming year is authenticity. Being authentic in your brand, message, and beliefs - is key to creating any successful campaign. It’s one thing to be authentic with your vision and voice, but it’s equally important to be authentic in presence and execution. Authentically leveraging new digital media tools should also be considered, meaning more than simple influencer marketing.” On Appreciation of the craft “After speaking with Alex Mille of Richard Mille, one of the greatest uber-luxe brands to have ever been built, I learned that “As a true artisan, the biggest mistake you can make is to undervalue your time and artistry. We do not make that mistake.” My takeaway: fashion and luxury and jewelry making etc. — they all start as artists with a vision. As an industry, we would all do better to ensure we aren’t underpricing our art form.” Casey Klugman Founder & Creative Director, Les Monts Luxury Handcrafted Sunglasses, On THE Financial impact of current events “For brands, the focus should be on maintaining the quality and authenticity of their respective labels. In at least one instance, the war in Ukraine has impacted our material costs. Our glass lenses are manufactured using rare earth minerals sourced from several areas of the world, including Ukraine. Because of this, our manufacturer implemented a cost increase for this special material. However, these lenses are an important product component, so we’ve absorbed the cost without raising our price to consumers.” On What makes a brand special “The world has plenty of eyewear brands, plenty of which are doing amazing work. However, mass-produced objects tend to feel cold. People gravitate towards objects of meaning that incorporate some level of handcrafting. In terms of design, brands should unplug when it comes to trends. Handcrafted goods, like that of Les Monts, are beautifully imperfect.” On Corporate social responsibility integration: “Research shows that brands integrating CSR initiatives have become increasingly desirable to consumers. For many traditional fashion houses, CSR might’ve been less important when they entered the market. Several have incorporated CSR in the past years, but many have not. It does allow new brands to capitalize on. It is our customers who keep us in business. Without them, there is no brand, so brands should feel obligated and thankful for the opportunity to give back to their community.” Elizabeth Suda Founder, Article 22 Jewelry, On Maintaining a Luxury Brand with a Story “Consumer awareness of supply chains and their current fragility due to Covid-19 or the war in Ukraine will be key issues this year. Consumers will be more aware of how and by whom their things are made. Important characteristics of a company such as a background, natural history, and impact will appeal to both customers and collaborators.” On Transformation in Luxury “The arms industry is $550 billion - multiple wars in many places, so the general story of transforming weapons into symbols of love is appealing and has resonated. Additionally, the message of transformation connects - transforming something negative into something positive is universal and something everyone can relate to in one way or another.” On Relevance & Collaboration “How products appeal to customers matters - our jewelry appeals to Laos Americans, Veterans, current soldiers, millennials, and Baby Boomers alike. Instead of being politically red or blue, we are purple. Brand collaborations are also a part of ARTICLE22’s DNA. Since our inception, we’ve partnered with artisans and non-profits. It’s impossible to clear 80 million unexploded bombs in Laos without collaboration - the same way we can’t address climate change without collaboration.” On Business consciousness “How to balance business and growth with limits to what our earth can handle is vital today. This and all CSR efforts need to be genuine. We will see more promotion of maintenance along with quality over superficial branding. Less is more - less of a frenzy over label association and more about quality, material, and impact. Lastly, self-care messaging should be integrated into products from food to beauty and clothing.”, Igee Okafor, BEAR Chief Innovation Officer, Ear Micro & T10 Bespoke, IGEE OKAFOR Founder & Editor-In-Chief, BOND OFFICIAL, Elizabeth Suda Founder, Casey Klugman Founder & Creative Director