Luxury Industry slow to embrace the internet
Most industries are harnessing the internet, social media and mobile tools to build their brand image and increase sales. But the luxury jewellery and watch industries have been slow to adapt. ...
“The majority of these brands are run by [baby] boomers and are family controlled, which can result in an unhealthy level of insularity. And since most are privately owned, there are no financial analysts breathing down their necks to answer difficult questions about their lack of digital strategy,” says Prof Galloway. ...
Jonathan Chippindale, chief executive at Holition, a UK-based company that specialises in 3D augmented reality, says that, ultimately, it is the consumer, not the luxury brands, who will decide what he or she is willing to purchase online. ...
During a presentation at the 2010 FT Business of Luxury Summit, he challenged luxury executives to get more involved with digital media, in particular social media, saying: “If you decide not to be there, you are totally losing what can be said about you and therefore I think you’re not facing your responsibilities as a brand manager.” ...
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