CoVid19 is accelerating a paradoxical trend towards convergence and divergence. In the globally connected world, lifestyle in cosmopolitan cities has become increasingly similar, with the same international hotels, restaurants and shops. Yet these cities are increasingly different from local ones.
Luxury brands are no exception to this dual movement. For the past 30 years, international Maisons worked hard to share a consistent image via their retail network and communication campaigns. However, to stay relevant everywhere, they must adapt to local ecosystems and change their representation models. They must find the balance between consistency and diversity in countries, cultures, genders and age groups.
CoVid-19 has spread all over the world, generating an unprecedented cooperation. Yet it is also expanding gaps between countries coping well or not, as well as gaps between Luxury Maisons.
The CoVid crisis reshuffles the market, clientele, product and network mix, with a phenomenal progression of domestic China and digital. When we can travel again, the luxury landscape we will discover will be both familiar and substantially different. A new reality will have emerged, shaping now in this converging diverging movement. – according to Cyrille Vigneron, CEO of Cartier, a company fully owned by Richemont
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