The most prestigious Luxury Business Summit in the world, organized by the Financial Times and under the patronage of the Grimaldi royal family of Monaco, was held in Monte Carlo. This year our company had the honor of being invited as the sole representative of the Adriatic region.
Located in the glamorous principality on the French Riviera, Monaco, the Financial Times Luxury Business conference encompassed three days of interactive panels, debates, and presentations by leading representatives of luxury companies who spoke about the latest changes and trends in the luxury industry.
“The basic principle of our team is to monitor and understand the trends and challenges of the luxury sector, which is constantly evolving, in order to keep up with the world. Through direct work with global policymakers in the luxury industry, we gain invaluable knowledge and expertise that we can provide to our esteemed clients at both the local and global levels,” emphasized Ivana Laković, the director of Luxury Integrated.
Among the numerous speakers, special attention was drawn to Sidney Toledano, President and CEO of LVMH Fashion Group, Diane von Furstenberg, designer and founder of the Diane von Furstenberg brand, Frédéric Arnault, CEO of Tag Heuer, Yves Piaget, President of Piaget, Oswald Boateng OBE, founder and creative director of Oswald Boateng, Gianluca Toniolo, CEO of Dolce Gabbana Beauty, Stefano Caselli, Dean of the School of Management at SDA Bocconi University, and many others.
A particularly interesting panel was dedicated to the watch industry, with the participation of Frédéric Arnault, CEO of Tag Heuer and heir to the LVMH conglomerate, and Austen Chu, a twenty-six-year-old millionaire who launched the first platform for reselling unique collectible luxury watches. Chu highlighted that even 70% of luxury watch buyers and collectors are under the age of 35, and he himself was listed on the Forbes 30 Under 30. Younger generations are taking over the watch market, both in consumption and in brand leadership. An interesting trend is that young consumers still value traditional mechanical watches while considering digital advancements more as gadgets than luxury goods.
Diane Von Furstenberg, a fashion icon and the creator of the famous Wrap dress, reminded us of the importance for women to believe in themselves, pursue their dreams, and be independent through her inspirational story about her career path and romantic reflection on her marriage to Prince Egon Von Furstenberg. In her hometown, Brussels, at the Museum of Art, you can visit the Woman Before Fashion exhibition dedicated to the 50th anniversary of the iconic Wrap dress that forever changed fashion and the way women dress.
Christie’s auction house revealed that watches and handbags are becoming dominant objects of desire among contemporary collectors. Experts from auction houses advise ladies to start their collection with a black Birkin 30 Rose Gold Hardware, although the Mini Birkin 25 is gaining increasing popularity on the secondary or resale market. However, in the spirit of the city where the conference takes place, special attention was given to the Hermes Kelly 28 Sellier Biscuit Epsom Gold Hardware.
Intagible luxury in the form of experiences, travel, and hospitality is experiencing significant growth compared to the previous year, and in line with that, the director of Luxaviation and the director of Marriott International Luxury brands such as St Regis, The Ritz Carlton, and W hotels revealed the intriguing demands of their clients for highly personalized experiences, as in today’s world of luxury, it is not only important to possess but also increasingly important to experience.
As the culmination of the event, the Grimaldi royal family of Monaco hosted a fairy-tale dinner on the seaside. Prince Albert and Princess Charlene welcomed over 250 international industry representatives in the largest hall overlooking the French Riviera, under the open sky and decorated with thousands of red roses. For this occasion, a special perfume was launched to remind all attendees of this unique experience, and the perfume is actually the personal fragrance of the prince’s mother, Princess Grace Kelly, which she wore on the day of her wedding to Prince Rainier III. The perfume recipe was revealed for the first time after her wedding for this occasion. Prince Albert raised a special toast to all participants for their knowledge exchange and creativity that perpetually inspires the world of luxury, as well as to the organizers for choosing the Principality as the host of their gathering for the third time.
This unique gathering brought together not only representatives of the world’s largest brands but also notable art auctioneers, diamond traders, designers of royal yachts and vessels, famous international personalities, and once again confirmed the authenticity of the glamour of the French Riviera.