June 24, 2011
Luxury brands, whether justified or not, do not have a reputation for understanding digital marketing. These concerns will be addressed at the Luxury Interactive conference in New York.
Brands such as Jaguar Land Rover, Louis Vuitton, American Express and the Luxury Collection will be attending the invitation-only conference in Bridgewaters in New York's South Street Seaport district, June 28-29. Thought leaders in the luxury industry will be there to analyze and explain what is moves the needle for upscale brands using digital media.
“I hope that [the conference] sheds some light on luxury retailers and what they could be doing with digital marketing,” said Vic Drabicky, Luxury Interactive panelist and vice president of strategic accounts at iProspect, New York.
“Also, I’d like to see some things that luxury is doing well and how others can apply it to non-luxury brands,” he said. “I’d like to find a balance between the two.”
Worldwide Business Research is handling this show. The firm recently hosted a version of this conference in London on May 24-25 (see story).
Brand stand
New York is one of the main centers of luxury in the world, which is most likely a reason why the second part of the conference is held there.
“There is a lot innovation online in the United States and it’s easier to get some thought leaders to come and attend,” said Milton Pedraza, CEO of the Luxury Institute, New York and speaker at the show.
“The fact that there is so much innovation in the online and retail space is exciting,” he said. “You can gather those players here more easily.”
Luxury Interactive, has speeches, case studies and presentations from those who are in the front lines of a brand's strategy and in the industry, per Mr. Pedraza.
“Rather than topline speeches by senior executives, you get real practical best practices and advice from people in the front lines,” Mr. Pedraza said.
Most conferences focus on the missteps of luxury brands in digital marketing, which is sometimes justified and other times not, per Mr. Drabicky.
“When I go to this conference, I hear what luxury is doing this year and what the rest isn’t,” Mr. Drabicky said. “You always walk away with one or two things that they are doing well that I wish a non-luxury brand could do as well.”
Bleeding edge
The fact that the luxury industry suffered a bad patch during the Great Recession is not a secret.
“The entire world is not bleeding money right now,” Mr. Drabicky said.
However, there are reports that luxury consumers are ready to start spending again, despite the stagnant economy.
In past conferences, some experts focused luxury woes or that the industry will never be the same. Most executives who previously attended were convinced that some luxury consumers would never pay full price again.
However, things may have changed.
“The luxury industry is in a place right now to re-prove to their customers why they should shop at branded stores and why a certain brand is luxury,” Mr. Drabicky said. “This is a chance to further solidify themselves in each of their customers’ lives.”
Indeed, Mr. Pedraza said that the conference does not hide these facts.
Instead, it acts as a forum for a hundred of the industry’s best thought-leaders to break barriers, confront issues and face the ugly truths of the luxury world today.
“The world keeps evolving and this conference gives that opportunity and candid truths that other conferences ignore,” Mr. Pedraza said. “There are some real issues that participants are willing to confront and are absolutely critical to thriving in the 21st century.”
Final take
Rachel Lamb, editorial assistant on Luxury Daily, New York
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