Resilience of Luxury Companies in Times of Change by Gabriella Lojacono (English

Description: Resilience of Luxury Companies in Times of Change by Gabriella Lojacono, Laura Ru Yun Pan In recent times, the luxury industry has experienced immense growth and its ability to remain resilient throughout such turbulent times has been impressive. The shift in the consumer paradigm combined with various socioeconomic changes has allowed l FORMAT Paperback LANGUAGE English CONDITION Brand New Publisher Description 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. Author Biography Gabriella Lojacono is Associate Professor at the Department of Management and Technology and Director of the Made in Italy Vertical, B4I, Bocconi University.She is a senior researcher of the Gucci Lab, Bocconi University. From January 2017 to December 2020, she was Faculty Deputy of the Strategy and Entrepreneurship Knowledge Group. She has been the Director of the Executive Master EMiLux, SDA Bocconi since 2016. She has run several executive education open programs and custom initiatives with some of the leading companies in apparel and leather goods, design, jewelry, hospitality, F&B, automotive, eyewear, and cosmetics. Her research projects have focused on the international growth of the Made in Italy industries and companies as well as on luxury strategy and business models. She is the author of numerous books and articles on her topics of interest. Her works have been published in Economia & Management, Sloan Management Review, Long Range Planning, and International Business Review, among others. She has authored numerous case studies, filed in international databases, about multinational companies such as Farfetch, Starbucks, Davines, Inditex, Ferrari, Illy, Gucci, and Valentino. Table of Contents Introduction Part One – Was the luxury industry built on resilience? 1) Fundamentals of the Luxury industries 1.1) Traditional Business Model Structures in their respective industries1.2) From Family Businesses to Major Conglomerate1.3) Power structure in luxury companies (creative directors vs. CEOs, Entrepreneurs vs. Shareholders, CEOs vs. Chairman, role of private equity) 2) Dilemmas in the luxury Industry 2.1) The age-old debate: Heritage vs. Modernity2.2) Innovation vs. Tradition2.3) Craftmanship and Industrialization 2.4) Growth in the business of rarity vs. accessibility (e.g. Ferrari Case) 2.5) Timelessness and Contemporary 2.6) An inclusive approach with an exclusive experience (e.g. Gucci Case) 3) The old world vs. new world (Matured vs. emerging) 3.1) Europe – the epicenter of luxury3.2) United States – The big bang of luxury consumption3.3) The Middle East – A different kind of consumer3.4) Japan – How companies can learn from the maturing consumers3.5) China becoming more local 3.6) The up and coming emerging markets 4) Country of Origin4.1) The value of where it is made4.2) Chasing quality and prestige4.3) Sourcing the best materials and savior-fare (e.g. sourced from Mongolia, Made in Italy or sourced from Italy, made in Morocco) 4.4) Evolution of Country of Origin – Can brand equity be more important? (e.g: Louis Vuittons Made in the USA) Part Two – The inevitable evolution to remain resilient 1) Luxury is a crisis proof industry – or is it?1.1) Nimbleness to short term strategy in a state of emergency1.2) Flexible long-term strategies that adapt to change1.3) The v-curve / revenge buying1.4) New types of human capital 2) New business models of the 21st century2.1) Omni-channel2.2) Pre-order 2.3) Merchandising 2.4) Digitalization 2.5) Personalized experiences 2.6) Gamification 2.7) Capturing the moment (a new form of travel experience retailing) 3) Ambidexterity 3.1) Essential consideration in the fast-changing world3.2) Differences across country and adaptation strategy3.3) Embracing new codes 3.4) New organizational structures (splitting the roles and responsibilities) 3.5) Ambidexterity: How to excel in all aspects 4) Values that guide the change4.1) Culture4.2) Patriotism4.3) Brand meaning 4.4) Sustainability / Ethics 4.5) Inclusivity4.6) Empowerment (women and creativity) 5) Trading up and trading down5.1) Premiumization in the luxury industry5.2) Shifting your product offering 5.3) A focus on accessories and other services Part Three – Creating a path towards resilience 1) Innovation that drives preparedness 1.1) Forecasting the market 1.2) The need to be proactive rather than reactive 1.3) Dominating the market through innovation (how brands who innovate can dominate the market) 2) Multi-channel and Omni-channel: CRM touchpoints at every level 2.1) The importance of customer engagement 2.2) Moving past data, and going back to the basics 2.3) Making the customer the focal point 2.4) Capturing value at every point 3) Cost saving to market seeking: Re-organizing the supply chain3.1) Off-shoring, back-shoring &… 3.2) A supply chain that complements your business model 4) Transparency & Sustainability4.1) Starting from the beginning – the start of your production process is the key to driver in creating a sustainable business 4.2) Sustainability is no longer a buzzword, it is essential 4.3) Why sustainability is not enough 4.4) Incorporating sustainability into the financial results 4.5) Blockchain as a new frontier 5) How it all comes together: Resilience in a time of crisis Review "In this book, Gabriella Lojacono and Laura Pan are brightly analyzing the new luxury world taking shape in front of us." Cyrille Vigneron, President and CEO, Cartier Long Description Resilience of Luxury Companies in Times of Change is a book for executives and Masters level students taking courses in luxury management. It offers an insight into the current and emergent business models and strategies luxury companies apply to remain resilient in times of change. It explores a variety of business models answering the following key questions: What is each brands value proposition used to attract a consumers willingness to pay? What is each brands target audience? How do brands navigate and expand their markets? And how do luxury companies organize their resources to design and develop products and services to continually sell to their customers? The answers to these questions provide the foundation of a luxury companys business strategy and, as a result, its brand architecture. The authors also explore the patterns that have emerged in the ownership, management and the manufacturing in luxury goods companies, where dominance is usually found in certain countries. This book focuses on six key industries in the luxury product sector: fashion, automotive, hospitality, furniture, cosmetics and jewellery. It provides an international perspective with examples drawn from Europe, USA, the Middle East, China and Japan. Through these examples and cases, the authors analyze how luxury companies are facing the challenges posed by external shocks and an extensive need for digitalization. Using concepts and theories from macroeconomics (such as globalisation) and corporate and business strategy, the book aims to connect the dots between theory and practice. Resilience of Luxury Companies in Times of Change provides perspectives of the past, present and future - how luxury companies have evolved over time and managed to stay resilient despite the challenges they have faced through the different eras. Review Text "In this book, Gabriella Lojacono and Laura Pan are brightly analyzing the new luxury world taking shape in front of us." Cyrille Vigneron, President and CEO, Cartier Details ISBN3110723239 Author Laura Ru Yun Pan Language English Year 2021 ISBN-10 3110723239 ISBN-13 9783110723236 Format Paperback Publisher De Gruyter Imprint De Gruyter Place of Publication Berlin Country of Publication Germany Illustrations 54 Illustrations, color; 9 Tables, black and white; 3 Illustrations, black and white Pages 336 Publication Date 2021-08-23 UK Release Date 2021-08-23 Birth 1958 Death 1855 Affiliation San Diego State University Position Professor of English Qualifications BSc (Hons), PhD, Grad Cert Tertiary Education Alternative 9783110760712 DEWEY 338.47 Audience Tertiary & Higher Education We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:132824382;

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