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How Did 2020 Impact Luxury? | Transforming Luxury
How Did 2020 Impact Luxury? | Transforming Luxury
ratings:
Length:
29 minutes
Released:
Sep 13, 2021
Format:
Podcast episode
Description
Critic Robin Givhan, analyst Luca Solca, author Dana Thomas and Métier founder Melissa Morris discuss how luxury became a winners-take-all market and how growing consumer scrutiny is driving change. BoF is investigating how market disruption, new technology and increasing consumer scrutiny are driving transformative change in the $300 billion luxury goods market, in an exclusive new podcast series presented by Klarna. As the extraordinary events of 2020 — from the global pandemic, lockdowns and economic downturns to the accelerating climate crisis and social justice movements — impacted the luxury industry, scale-driven advantages widened the performance gap between the industry’s super winners and the rest of the market. In 2020, BoF reported that 75 percent of companies did not generate enough economic profit to cover the cost of their capital. Yet, the leading mega brands and conglomerates reported record sales. However, a growing dissonance is emerging between luxury’s traditional values of scarcity and exclusivity, and the emergence of a more inclusive, egalitarian and sustainable global consumer culture, making the luxury industry vulnerable to shifting consumer sentiment. Today, businesses must respond to growing consumer scrutiny around the sociological and ecological impact of how they operate and what they produce. Follow the series to ensure you never miss an episode and discover actionable insights into the opportunities and challenges a redefined industry will bring and how luxury’s transformation will impact your business. Sign up for BoF’s Daily Digest newsletter. For comments, questions, or speaker ideas, please e-mail: podcast@businessoffashion.com. For all sponsorship enquiries, it’s: advertising@businessoffashion.com.
Released:
Sep 13, 2021
Format:
Podcast episode
Titles in the series (7)
Welcome to Transforming Luxury: BoF speaks to 22 pioneering thinkers from the worlds of business, technology and luxury, creative leaders and renowned ecologists, to investigate the forces driving transformative change in the $300 billion luxury goods market over a special six-part... by Transforming Luxury from The Business of Fashion