MONTE CARLO, Monaco — The global luxury industry has descended on the luxurious and beautiful principality of Monaco to discuss the future of luxury at the Financial Times Business of Luxury Summit at a time when there seem to be far more questions than answers. I am delighted to be representing Luxury Society, which is an official media partner of the conference.
To start off the conference, we heard from Bernard Arnault, Chairman and Chief Executive of LVMH, who sounded an optimistic tone, but acknowledged that the luxury industry will never be the same as it has been in recent boom times. He also touched on the crucial importance of the internet, sustainable development and selective distribution (i.e. the ongoing battle with the EU over distribution of luxury goods online) in the coming years. You can get a taste of Mr. Arnault's speech from this video on the FT site and this article by the FT's Vanessa Friedman.
Yesterday, with some encouragement from other participants, we set up a hashtag for our BoF Twitter reporting. For more reporting from the conference and to join the ongoing dialogue going on in the stunning Salle des Etoiles at Le Sporting Monte Carlo, check out the Twitter hashtag, #montecarlux, where you can also find tweets on the Summit from fellow conference attendees Alexandra Wilkis Wilson of Gilt Groupe, James Gardner of CreateThe Group, Oliver Walsh of Wednesday, and Susan Tabak of Chic in Paris, amongst others.
Finally, please be sure to check out our latest contribution to the Financial Times which was published in today's Business of Luxury supplement, discussing the Power of Pricing for luxury brands in today's environment of wild currency fluctuations.