What is IMD’s Reinventing Luxury Lab?
Reinventing Luxury Lab is an experiment-based strategy program that enables you, an executive or professional from the luxury industry, to prototype and field-proof the key elements you need to make your brand resilient and enduring. The program is designed to help you build on your luxury brand management capabilities.
Each Reinventing Luxury Lab explores a different theme in cutting-edge luxury management. Combining the latest research, a review of best practices, and new business cases, the program also provides a stimulating environment for peer-to-peer conversations about ways to gain and maintain relevance while keeping your brand promise.
Your participation in Reinventing Luxury Lab gives you life-long access to the IMD Luxury 2050 Forum, a vibrant community of professionals that offers opportunities for learning and development, networking, peer-to-peer exchanges, and mentoring.
2023 theme: What’s next for growth? Implications for luxury management
Luxury sales have never been as strong as they were in 2022. Why, then, will the 2023 Reinventing Luxury Lab focus on “What’s next for growth?”
While brands have started to take drastic measures to reduce their carbon footprint, their scope 3 greenhouse gas emissions, according to the GHG Protocol Corporate Standard, are rising to unprecedented levels. The impact could be devastating for social acceptance of luxury. In this context, can we even continue to talk about growth? And if so, what should the new conditions for sustainable growth be? You will bring answers to this question in three ways.
IMD’s Reinventing Luxury Lab will help you identify new approaches to growth for your brand. You will start by deep diving into the ins and outs of circularity and sufficiency-based business models including their implication for financial performance.
Considering sustainability as the continuous renewal of your brand’s desirability and relevance, growth will also entail diversifying risks and developing new opportunities and capabilities. You will examine how to win the battle for experiential luxury in the digital age, including in the metaverse, and how to scale new artificial intelligence capabilities such as Chat GPT.
Thirdly, bringing the sustainability and digital lenses together, you will look at how you can use digital technology for positive impact, and mitigate the negative impact of digital on nature and the environment.
Topics you will focus on:
- Green growth from circular business models and practices
- Experiential luxury for growth
- Harnessing the power of digital for sustainable growth
Executives from across the luxury sector join Reinventing Luxury Lab to answer the questions posed by today’s challenges and discover practical solutions to reinvent their approaches. Hear what some participants say.
Isabelle describes the importance of meeting and networking with other luxury industry professionals and how this, combined with other aspects of the program, makes for a truly enriching experience.
Philippe shares his experience of the program and describes how he was inspired by the rich agenda, insights, and interaction with other participants.
Edith explains how learning with and from others in the luxury industry not only enhanced her program experience, but also gave her the tools to impact change in her own organization.
Riccardo details how being stimulated by subjects that are relevant through the industry is a very powerful tool for management to rethink the way they do business.
A core team of professionals and experts will join Prof. Stéphane J.G. Girod for this event.
Among a wide range of topics and speakers at the 19th Financial Times Business of Luxury Summit in Monaco – a genial event where 450 high-quality delegates gathered against the backdrop of a city that is looking increasingly like Singapore or Dubai thanks to the amount of new high risers – five key lessons stood out.
Leaders in the luxury sectors should explore turning the technological, customer and sustainability challenges presented by the metaverse into opportunities if they want to unlock its potential and shape its future.
For all the question marks hanging over the metaverse, it’s likely to have staying power for luxury brands, who are aligning strategic vision and strategic execution in efforts to operate in it.
As the luxury sector comes under pressure to reduce emissions, CFOs will play an important role in measuring progress and making sure that asset allocation has a positive impact on broader society, said CHANEL Global CFO Philippe Blondiaux in the …
Leaders must strategize on ways to put sustainability at the core of luxury brand desirability.
