Called on to reinvent itself by a public that is less and less captive and more and more concerned about environmental issues; jostled by agile new entrants who are looking to the future: traditional luxury houses are forced to go back on a number of supposedly inalienable gains. Forced to venture into territories that were until recently, completely unknown to them, they are reinventing themselves today in order to hope to exist tomorrow. The wave of “luxury start-ups” They are in tune with the times, breaking the codes in the world of jewelry, fashion or leather goods with daring.

Natively digital, headed by young and inspired designers, they are shifting the lines. It is even said of them that they are shaping the Israel Phone Number List future of luxury. They are the young houses, these small brands that are still confidential but which each year nibble an ever larger share of the luxury market. Once looked at with disdain, then irony, they are now watched and copied by traditional luxury players, who do not hesitate to seek collaborations to take advantage of their vitality. In the race for GenZ, these new entrants have clearly gained an advantage. However, they remain very fragile in the face of iconic houses, known the world over.

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As proof, 10 French groups are today in the Top 100 luxury companies (Deloitte 2016), representing nearly 24% of total sales worldwide. When traditional luxury brands are content to defend their territory, these young entrants are still building theirs. More conservative than revolutionary, the big houses are nevertheless obliged to leave the comfortable cocoon they had woven to embrace a new stage in their history. Mixture of genres In all sectors of the economy, new brands and new economic models are disrupting the economy: Airbnb , Uber , Alibaba , Netflix, etc. The luxury sector is therefore no exception to the rule and must relax the entry rules. in his exclusive club.

Apple is now as desirable as Dior , if not more for Millennials and GenZ. This new clientele is forcing luxury brands to take an interest in consumers, to explore their behavior and mentality. Gone are the days when the customer’s opinion mattered little or so little. Trendwatching’s Future of Luxury report thus describes that growing wealth and mobile consumption has created an “ epic shift towards more varied, complex, individualized and meaningful forms of luxury consumption” . Image credit : Pharell Williams capsule for Chanel. As Bain & Co underlines in its “ Luxury Study 2017 Spring Update ” report, “ brands must rethink their strategies and adapt to a Millennial mindset ”.

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But attracting a younger audience also requires re-examining its brand with a magnifying glass and making severe cuts! In a redesigned competitive landscape, where quality and craftsmanship are taken for granted, and are therefore no longer the main elements of choice, traditional brands are looking for a new lease of life. And they find it in the collaboration with artists, celebrities, influencers, but also new entrants. The objective: to highlight their originality, their freedom of mind and their openness to novelty. Image credit : Nicolas Guesquière’s Instagram account , Louis Vuitton X Lightning (Final Fantasy) In 2016, Louis Vuitton thus broadened its communication as part of its spring women’s campaign , which featured both Jaden Smith , a young man of 17, wearing clothes intended for women, and Lightning , a virtual heroine.

of the video game Final Fantasy, which has since become one of the new muses of the trunk maker. According to Vogue, the creative director of the house Nicolas Guesquière , commented on this decision with these words: “ We all live with this new dimension. We all manage to integrate these new notions of digital, virtual and cyber into our real life.”. In reality, what is at stake here is not so much the modernity of the brand as the desire to reach out to young consumers. A seduction operation since renewed by the brand as part of a collaboration with Sophie Turner from Game of Thrones. Image Credit : Jaden Smith for Louis Vuitton Women’s Collection ( GQ ) According to the True-Luxury Global Consumer Insight 2019 .

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