Resilience of luxury companies in times of change
Resilience of luxury companies in times of change
- Berlin ; Boston De Gruyter, 2021
- 1 volume : illustrations (black and white, and colour) ; 24 cm
1 The Fundamentals of Luxury 2 Key Strategic Paradoxes in the World of Luxury — 3 Old Worlds and New Worlds — 4 The Value of Country of Origin — 5 The International Spread of Luxury — 6 Innovation, Creativity and Management of Luxury Product Portfolios: What's New and What is Not — 7 Sustainability in the Luxury Context — 8 New Business Models of the 21st Century.
Why do some luxury companies remain resilient through times of change, while others do not? The reason is that these companies have unique skills to diversify their revenue generation by being ambidextrous. Luxury companies today cannot depend on their reputation or their creativity alone to remain resilient, rather they require the ability to be ambidextrous - to explore new trajectories for future growth and exploiting their iconic values. In past decades, the industry has shifted from product to customer centric and forced companies to adopt new strategies and approaches to succeed. This includes the adoption of digital platforms such as ecommerce, social media and mobile enabled tools to continually elevate customer experience. In addition, new business models have emerged to address growing pains, particularly in inventory issues, over manufacturing and sustainability. Brands today are forced to adopt evolution through innovation that is anchored by new values without compromising their DNA. Based on in-depth research and interviews with CEOs from leading luxury companies, Lojacono and Pan show how companies can hedge their risks and remain resilient in times of change.
9783110723236
Luxury goods industry
1 The Fundamentals of Luxury 2 Key Strategic Paradoxes in the World of Luxury — 3 Old Worlds and New Worlds — 4 The Value of Country of Origin — 5 The International Spread of Luxury — 6 Innovation, Creativity and Management of Luxury Product Portfolios: What's New and What is Not — 7 Sustainability in the Luxury Context — 8 New Business Models of the 21st Century.
Why do some luxury companies remain resilient through times of change, while others do not? The reason is that these companies have unique skills to diversify their revenue generation by being ambidextrous. Luxury companies today cannot depend on their reputation or their creativity alone to remain resilient, rather they require the ability to be ambidextrous - to explore new trajectories for future growth and exploiting their iconic values. In past decades, the industry has shifted from product to customer centric and forced companies to adopt new strategies and approaches to succeed. This includes the adoption of digital platforms such as ecommerce, social media and mobile enabled tools to continually elevate customer experience. In addition, new business models have emerged to address growing pains, particularly in inventory issues, over manufacturing and sustainability. Brands today are forced to adopt evolution through innovation that is anchored by new values without compromising their DNA. Based on in-depth research and interviews with CEOs from leading luxury companies, Lojacono and Pan show how companies can hedge their risks and remain resilient in times of change.
9783110723236
Luxury goods industry
