On a recent business trip to Manhattan, we took in a half-day conference on Innovation sponsored by the Luxury Lab.
The concept was intriguing and The TimesCenter venue was quite nice (despite the lack of AT&T connectivity that precluded iPhone users from live-Twittering the event). The finely dressed crowd quickly registered and settled in to listen to series of nine minute talks. We enjoyed the forum and especially a few stand-out speakers: Henry Blodget, CEO of The Business Insider; Scott Harrison, Founder, CharityWater.org; Cindy Gallop, CEO of IfWeRanTheWorld; and Chandler Burr, Perfume Critic for the New York Times.
Gallop was especially interesting — not only for her colorful language and snakeskin pants, but also for her observations that luxury brands have become diluted by democratization. Her predictions? Luxury brands of the future will be elitist and empathetic, and allow consumers to act immediately upon their desires. “That’s what e-commerce is about,” she commented. “Luxury brands are bad at that.”
Underscoring the importance of an ecommerce focus on customer interaction, keynote speaker and founder of Luxury Lab, Scott Galloway, noted in opening remarks, “Luxury brands who have an ecommerce presence scored 22 points higher on the Digital IQ Index.” He also encouraged luxury brands to connect with consumers through social media, adding that it will be harder and more expensive in the future to attract fans and keep their attention.
Scott Harrison elicited audible sighs and probably even a tear or two during his talk about his work with CharityWater.org, a non-profit that helps provide clean water to the one in six people who need it — a billion worldwide. It made for an arresting moment in the program when he deftly illustrated with heartrending video that something Americans take for granted is such a luxury in other countries.
Perfume critic Chandler Burr was a breezy and knowledgeable presenter who gave everyone in the audience an olfactory experience as he presented his talk about innovation in the perfume industry in three “acts” complete with scent strips to sniff. His books on the perfume industry have already made it into our Amazon cart for holiday reading.
Finally, you’d have to be dead (or at least have non-functioning taste buds) not to have enjoyed the Vosges chocolate tasting table. The organic peanut butter sea salt truffle — we could have used about 76,452 more of those. And really, who can resist the power of excellent chocolate in a beautiful box?
Our thanks to Scott Galloway and Luxury Lab for an enlightening (and delicious) seminar.
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