Rosie Shephard, Founder of the LCC, shares her learnings from the Leaders Forum

1. “Scale is tacky” – Adam Baidawi, Editorial Director, GQ. Luxury brands should bring back intimacy in everything you do.

2. New luxury is about self expression and diversity of mind, body and attitude. Brands should find a particular group of people who you want to reach and hone in on them to create a community. You don’t have to be a brand for everybody. 

3. New innovative and ethical materials such as vegan leathers are not just from the fashion industry, “there is huge opportunity to be a first mover.” – Juliet Russell, Sustainability Director, Stella McCartney 

4. “TikTok is now one of the biggest search engines” – Ben Askins, Managing Director, Verb Brands. Diversification of digital channels is vital in a time when consumers are using platforms in completely new ways. Invest in channels that are not working.

5. It’s a great time to experiment with Decentraland and other metaverse worlds that are populated with early adopters and crypto wealth. Metaverse Fashion Week is an entire eco-system of catwalk shows, parties, front row hosting with designers, music and VIPs. 

6. Brands should be aware of Discord, “the Soho House for social media” – Sarah Shannon, Luxury Consultant, Former Vogue Business Editor, where Web3 enthusiasts are talking about luxury brands. TikTok is also now essential. Twitter is in decline. 

7. Previous economic crisis suggests “flight to quality” response to consumer spending – Sarah Shannon, Luxury Consultant, Former Vogue Business Editor.

8. “Despite current challenges, China is to account for 40% of global luxury spend by 2030” – Adam Knight, Co-Founder, Tong. China constitutes not only the largest global opportunity, but is also the most complex and ever shifting, with constant changes in policy and consumer sentiment.  

9. A consumer-centric approach is required to tackle the Chinese market, with the analysis beyond the flash-in-the-pan memes and micro-trends, to the undercurrents driving China’s social transformation.

10. With the cost-of-living crisis, every luxury brand communication should be scrutinised to avoid being insensitive or inappropriate. 

11. “Hospitality should be leading and anticipating consumer demands, not responding to them.” – Antonia Ward, Chief Futurist, Stylus. They should be understanding human needs and behaviours better than anyone. This is how to take advantage of the ‘revenge tourism’ of 2024.

12. “Being known is the holy grail.” – Winston Chesterfield, Founder, Barton Consulting. Having true visibility on who your customer is, is vital. It may not be the UHNWI ($30mil+) you were targeting, but a more aspirating HNWI ($1-3mil) crowd. They want a direct line to you.