Innovation in the Luxury Sector: The Key Role of Independent Firms
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London College of Fashion, 20 John Prince's Street, London, W1G 0BJ
Guest speakers: Jonas Hoffmann and Laurent Lecamp
Chair: Lucy Kimbell, University of the Arts London
Luxury goods and services are associated with craftsmanship, rarity, uniqueness and heritage but is this at odds with what is happening in the sector? Four firms currently dominate, whose rapid growth has been achieved in part via acquisition. What does this mean for the smaller, niche players who have traditionally been associated with luxury products? What are the opportunities for brands aiming to create new offerings?
Based on their original research with businesses around the world, in this talk Jonas Hoffmann and Laurent Lecamp present four strategies for firms wanting to innovate in this sector. Sharing insights from their recent book Independent Luxury (Palgrave, 2015) www.theindependentluxury.com, they argue that independent brands are key to the survival of the industry.
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