Complex Made Simple

Future of luxury: “Retailers need to create more engaging experience”

Luxury brands have to create more personal experience for its customers and they have to make full use of latest technology that will allow shoppers to interact with brands and among each other more effectively. This will eventually ensure increased footfall in the luxury stores in the region that have started facing the brunt of global financial slowdown, fluctuating oil market and weaker consumer sentiments.

These sentiments echoed in Dubai during the fourth edition of two-day Arab Luxury World, the Middle East’s leading luxury business conference that was kick-started on Monday.  The conference featured more than 30 separate activities, with participation from industry leaders, luxury brands, distributors, agents, retailers, mall operators, service providers and media representatives to lend greater depth to the sessions

Efficient platform for networking

“Arab Luxury World event is a place to learn and grow together. We are in an era of new reality and therefore it is the time to rethink and learn from each other. We have to accept that no industry can live in isolation,” said Julien Hawari Co-CEO of Mediaquest Corp, organizer of Arab Luxury World, while giving the opening speech on Monday.

Emphasizing up on the need for luxury brands to transform strongly, Hawari said: “Old business models are breaking down in the region but still there is a hope. A new class of consumers is emerging and we have to move together.”

Thought-provoking sessions

Some of the subjects and topics that will come up for debate in the panel discussions, presentations and private sessions include: ‘Mall Tracker’, ‘Future of Retail’, ‘Building Brand Experience’, ‘Saudi Vision 2030’, ‘Passions and Emotions’, ‘New Models in a Digital Creative System’, and ‘Innovation and Creativity’.

Take risks

 Advising the luxury market leaders to experiment and take calculated risks, Jean-Claude Biver, LVMH’s watch division president and a veteran in the Swiss watch-making industry, said: “If you are the first, different and unique, how can you fail? Take risks and you will be always rewarded.”

“Committing mistake is a learning process that will eventually bring you closer to success. We should accept the ongoing disruption, which is a culture, and in fact an attitude. We should understand that disruption is a way of living but not a provocation,” he pointed out.

The event has grown into a global networking platform that is generously supported by key movers in the industry, including Gold Sponsors Laha magazine, Jamalouki magazine and OMD; Bronze Sponsor AMEX; Official Car Sponsor INFINITI; Nespresso; and Trade Association Partner The American Business Council of Dubai and Northern Emirates.

(This article first appeared on AMEinfo’s sister title TRENDS)