Click here to read a brilliantly researched WWD article on the future of the luxury landscape. It includes interviews with major industry figures, including Karl Lagerfeld, plus C.E.Os from LVMH, Gucci, Yves Saint Laurent, Chloé, Hermes, Prada, Versace and Coach.
Many important issues are raised in the article. One point that caught our eye was that “consumer expectations are likely to be higher than ever, with craftsmanship, service, heritage, and longevity among new priorities.”
Pierre-Yves Roussel, C.E.O of the fashion division at LVMH, said customers “want it all: the quality, the creativity, the exclusivity, and the service. You tend to forget that in good years because in good years it’s easier. Being in luxury, we have to be perfect in everything we do.”
The “growth of e-commerce and social networking and eco concerns” were also mentioned as factors that will shape the luxury industry in years to come.