Monday, August 24, 2009
And the games begin…
Today is the first day of the grand MasterCard luxury fashion week in Hong Kong, and being a young designer it is always interesting to go along to the events and see how the big brands are doing their thing.
Intriguing to learn from the more experienced....so I went along to the briefing by Proff Michel Phan which talked of << The Luxury Industry: Lessons Learnt from Past Crises.>>
Luxury is a magical world......with the uber chic-ly dressed guests , the paparazzi snapping away and the perfectly adorned ball room where the event is held makes me strive harder so that one day in the near future Kanchan Couture will too be able to hold these events.
Wanted to share some wise learnings from Dr.Phan.
Four Key Strategies adopted by the major luxury groups during a crisis:
1. Develop its retail network through new stores openings and / or refurbishing in key strategic locations/ cities
2. Launch of new products to continuously stimulate consumer demand
3. Improve financial health by cutting costs, creating greater efficiencies and savings and better managing logistics / supply chain
4. Diversify into strategic but complementary businesses, or acquire greater control of current businesses.
Keep pushing ahead was the main message I took away...looking forward to the week full of events!!
Long Live Luxury!!