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Sarah, welcome.
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What are the marketing trends in luxury
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that you are most excited by at the moment?
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Hi, Georgie.
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Thanks for having me.
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I'm excited by a lot, I mean, in some ways,
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luxury will continue doing what it's great at doing,
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investing in inspiring consumers and not pulling back,
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because actually, luxury's never been about
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just performance marketing.
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It's been a much more about brand and product marketing
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as well as sales.
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I think some of the trends I'm most excited by
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would be 360 brand building.
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So, we see a continued investment in experiences,
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things that bring together community,
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destination shows, things like that.
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So, I think there's a lot of,
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now that we're well post-Covid,
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bringing everyone to back in-person around experiences.
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There is a doubling down on VIC,
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so, Very Important Clients,
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and that's somewhat a sales and a marketing initiative,
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but it's certainly, a one-to-one relationship
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that's invested in from a marketing perspective.
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I am personally still excited by Web3
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and what that's going to mean.
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I know we often speak about
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the crypto winter or the Web3 winter,
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but actually, as a tool for digital identity
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and customer experience and engagement,
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I do believe that's going to continue
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being important for luxury.
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Are you seeing an impact now with gen AI
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or is it more about what you think
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the impact will be on the future?
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Both, most brands, with gen AI,
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most brands in luxury are testing and trialing things.
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But actually, as I always say,
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the biggest challenge with gen AI
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is not necessarily the technology
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although that's certainly evolving.
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It's actually changing the processes in the organization,
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because at the end of the day,
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you're adapting how someone does their job.
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And hopefully, you're taking away
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some of the more repetitive things
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and giving more time to spend
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on higher impact, more creative things.
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But if you think about in luxury for things like
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initial drafts of copy editing,
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different versioning of assets,
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these are things where generative AI
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will be able to help us.
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I think then in the future,
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it'll be much more embedded into many aspects,
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but in luxury, I hope that
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we always focus on quality and creativity and design
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and some of that could, obviously, be done by gen AI,
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but it's also going be about
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the vision of the creative director
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and about the design and creativity of the brand.
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In terms of the current economic climate
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and the last few years have been incredibly disruptive.
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We're expecting that to continue.
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Tough, uncertain economic times and social times.
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How has luxury managed that, weathered that storm?
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How has it changed?
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How do you see the future?
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Well, so luxury has thus far weathered the storm very well
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as you've probably seen
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by any of the companies who report publicly.
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To some extent, it's been a huge period of growth
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and actually, luxury recovered more quickly
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than many other industries.
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It's very volatile right now.
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It's volatile not just from an economic perspective,
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but a geopolitical perspective.
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Some of the ways they're weathering are scale.
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Scale is tremendously important
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and there are a number of big conglomerates
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that have many brands and in some ways
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that scale is really enabling them
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to weather the storm well.
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We're seeing a lot of supply chain consolidation.
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So, continued vertical integration
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and owning your manufacturing and things like that.