MONACO SYMPOSIUM ON LUXURY

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1 MONACO SYMPOSIUM ON LUXURY Emerging challenges in luxury marketing April 7 8, 2016 Monaco Le Méridien Beach Plaza Contact presse en Suisse Illyria Communication Illyria Pfyffer Tél.: PRESS KIT

2 INDEX PRESENTATION p. 3 OBJECTIVES p. 4 HIGHLIGHTS PROGRAM 2016 p. 5 PROGRAM THURSDAY APRIL 7, 2016 p. 6-7 PROGRAM FRIDAY APRIL 8, 2016 p. 8-9 PAPERS ACCEPTED FOR PUBLICATION p FOCUS: LUXURY ATTITUDE ACADEMY p PARTNERS p. 15

3 PRESENTATION The Symposium The Monaco Symposium on Luxury is an international event where top researchers from around the world meet and present their most recent findings on luxury, and where luxury industry professionals share insights and best practice. Jointly organized by INSEEC and International University of Monaco, the Monaco Symposium on Luxury is a high-profile academic and business event, gathering internationally renowned professors and researchers working on luxury marketing and brand management. It takes place every two years in Monaco, with the objective to launch the concept and event in other international locations. The participants and target audience The Monaco Symposium on Luxury is the unique event where the best renowned academic researchers in marketing and brand management meet with top executives. The audience is composed by international professors and specialists in luxury management, by business/marketing managers of luxury brands, strategic consultants, journalists and editors. Participants willing to attend the 2-day conference and the research presentations have to register and pay online: 3

4 OBJECTIVES Create a unique setting for international researchers and international business people to share ideas and insights on major trends in the luxury industries, thus developing mutual inspiration. Present innovative research projects, ideas, cutting-edge tools and techniques, business cases cross industries to learn about best practices. Enhance both a learning and networking experience for all the attendees. Make the symposium the not-to-be-missed event for all the people looking after industry-trends, best case studies, quantitative and qualitative research and analysis, high quality content. The first edition in 2014 addressed strategic topics around the theme, From Tradition to Innovation. The event was attended by 50 university scholars and academics from 15 countries and by 200 professionals from the luxury industry. Throughout academic and professional sessions, specialists in luxury products and services discussed about: motivations for luxury consumption, management of luxury brands, cultural differences, contribution of the luxury sector to social responsibility and sustainable development, reactions to brand counterfeiting, price perception, effects of nostalgia, luxury brands reconquering the markets and the growing importance of Internet and social media. 4

5 2016 PROGRAM HIGHLIGHTS The latest trends and emerging challenges in luxury NeuroMarketing in practice: how far does it go? The future of luxury in the automotive sectors Creating a convincing sphere of experience around luxury cars Radical shifts in media consumption What media buying Strategy for Luxury Brands today? Big Data & Luxury Fashion Using big data to strategically understand, defend and penetrate each country market Who are the (new) trend setters and influencers in luxury? With the participation of the following luxury Brands: L OREAL NIELSEN BENTLEY MOTORS LUXE TV HAVAS LUXHUB EPI COMMUNICATION STYLESAGE Innovation in customer experiences Dear Brands, please, make me feel unique Changing the scale of luxury dimensions through virtual reality Customer-centric experiences in a connected world Millennials emotions and Phygital experiences Are they truly different luxury buyers? Human dimensions of luxury First presentation of the most innovative e-learning program in luxury With the participation of the following luxury Brands: FONDAZIONE ALTAGAMMA ACCORHOTELS AIRFRANCE INITION LUXURY ATTITUDE MCKINSEY Emotion, tradition and innovation Nourishing dreams Back to the values of luxury, timeless and iconic Art and luxury Focus on Hyper Luxury : How does UNWI dream, expect, buy, consume, enjoy or invest in luxury? With the participation of the following luxury Brands: PARKVIEW COLLECTION JEAN PATOU WALLY YACHTS CHRISTIE S 5

6 PROGRAM THURSDAY APRIL 7, :15 Welcoming participants 9: 00 Welcoming speech by Catherine Lespine, INSEEC Group President 9:05 Welcoming speech by Jean Castellini, Conseiller de Gouvernement pour les Finances et l Economie Foreword by professors Jean-Louis Chandon, Gilles Laurent and Pierre Valette-Florence, co-organizers of the Monaco Symposium 9:20 Keynote Speech : Marc Dubrule, Director of Strategic development, L Oréal TOPIC 1 LATEST TRENDS AND EMERGING CHALLENGES IN LUXURY 10:00-11:30 Academic Sessions N 1: Six presentations in three parallel sessions Track A: Corporate Social Responsibility in Luxury Track B: Status and Luxury Track C: Counterfeits and Synthetic Luxury 11:30 Pause Café 10:00-11:15 Business Workshop 1 Using new technologies and neuroscience to create emotional messages. The luxury industry, more than any other category, is governed by consumer expectations and subtle unconscious motivations. As such it s imperative that premium and luxury brands capture and understand unconscious motivations and reactions (System 1 thinking) as well as conscious (System 2 thinking) when it comes down to all interactions they have with their consumers. Over the last decade Neuroscience has helped successful brands understand and test what their brand, communications and products stand for in consumers minds and hearts. As a global leader in Neuroscience, Nielsen will demonstrate the value of this methodology and share how it complements other research methodologies, specifically within the context of luxury brands. By Nielsen 11:50-12:50 Academic Sessions N 2: Six presentations in three parallel sessions Track A: Brand Heritage in Luxury Track B: Consumer Rapport to Luxury Track C: Luxury Research Landscape And Luxury Frontiers 13:00 Lunch Buffet 11:50-13:00 Business Workshop 2 The future of luxury in the automotive sectors challenges and options for creating a convincing sphere of experience around luxury cars. Now that many brands call themselves luxury, how can a true luxury brand set themselves apart? CRM in the luxury automotive sector What is the role of the luxury car in 2030, what is it and how will it fit into people s lifestyles? by Dr. Klaus-Peter Wiedmann and Bentley Motors Marketing team During both days, Bentley s models will be at the disposal of participants to allow them to get a better feel the Bentley Experience. 6

7 14:00 Keynote Speech: Jean-Noël Kapferer 14:20 15:15 Luxury & Media Trend setters, trendsanalysts, trend followers What media buying Strategy for Luxury Brands today? What business models for Media in luxury? Nearly 50% of media consumption in the United States is digital, compared to 32% in 2009, according to a new report by L2- As digital consumption has redefined consumer experiences and expectations, many individuals have become unwilling to pay for content that was once purchased, putting advertisers in a tight spot as the traditional media model stalls. Radical shifts in media consumption have torn down barriers to entry, redefined consumer expectations and forged new competitors that are siphoning audience and ad dollars from traditional media. How can traditional media adapt? What Media Buying for Luxury Brands today? Are bloggers/influencers efficient marketing tools for luxury brands? Moderator: Dr Marika Taishoff Jean Stock, CEO, Luxe TV Tammy Smulders, Global Executive Director, Havas LuxHub Laurence Genevet, Chief Editor, Epi Communication Media Director, Luxury Brand 15:15 Coffee break exhibitions 15:45-16:45 Academic Sessions N 3: Six presentations in three parallel sessions Track A: Luxury Value Track B: A Legacy of Luxury Track C: Luxury Pricing Strategies 16:50-17:50 Academic Sessions N 4: Six presentations in three parallel sessions Track A: De-Luxurisation or Still Creating Dreams? Track B: Luxury Consumption: Guilty or Not Guilty? Track C: Luxury Retailing: Pop-ups vs. Loyalty? 15:30 16:45 Business Workshop 3 Big Data & Luxury Fashion Going global using big data to strategically understand, defend and penetrate each country market StyleSage USA StyleSage delivers cutting-edge data-driven insights to help luxury and fashion retailers and brands become faster and smarter in international expansion, line planning, and in-season steering. With their innovative machine learning algorithms and technology, they collect, analyze and visualize ecommerce activity across 1000 retailers, 53,000 brands, and 100M products in over 100 countries. At two years old, StyleSage has already been profiled as a top innovator by Glamour Magazine, W Magazine, Vogue, The Financial Times and The Economist and was recently part of Techstars, the number 1 technology accelerator in the world. 18:00 Conclusions of the Day Round table Future trends and topics for Research Jean-Noël Kapferer, Brand expert Dr Arch Woodside, Boston College, Past Editor in Chief of the Journal of Business Research 18:30 Happy Hour Fashion Show in the swimming pool area 19:45 Gala Dinner 7

8 PROGRAM FRIDAY, APRIL 8, :30 Welcoming participants 9:00 Welcoming speech by Jean Philippe Muller, Directeur General, International University of Monaco TOPIC 2 CUSTOMER EXPERIENCES 9:10 Key Insights How luxury brands redefine the customer experiences of Millennials? By Nathalie Remy, Senior Partner, McKinsey 9:30-10:30 Panel Discussion Innovation in Customer experiences Changing the scale of luxury dimensions Changing Retail Landscape, phygical experiences, Managing Service excellence Moderator: Hassan Mouheb, New Verticals Europe, Nielsen Jay Short, Sales Director, Inition Virtual Reality Marine Gall, VP Long Haul Customer Experience, Air France Olivier Arnoux, Senior Vice-President, Customer Experience & Satisfaction, Accorhotels 10:30 Coffee Break 11:00-12:00 Academic Sessions N 5: Six presentations in three parallel sessions Track A: Extending Luxury? Track B: Consumers as Actors of Luxury Track C: Luxury Strategies in China 11:00-12:00 Business Workshop 4 Reputation Management and Customer-Centric experiences: from a strategic objective to practical implementation. Dream, plan, book, stay, return How to design and accompany the journey of a client within Accor hotels? How to translate the knowledge from UGC user generated content into concrete actions? by Olivier Arnoux 12:00 13:00 Academic Sessions N 6: Six presentations in three parallel sessions Track A: Luxury Online (1) Track B: Luxury: Power and the Powerless Track C: Luxury, Fashion and Masstige 12:00 13:00 Business Workshop 5 Adressing the Human challenges of Customer-centric strategies Presentation of e movie learning Le luxe c est vous, the most innovative learning tool in the luxury fields. By Luxury Attitude 13:00 Lunch Buffet 8

9 TOPIC 3 EMOTION, TRADITION AND INNOVATION STRATEGIC SHIFTS 14:00 Monaco is a luxury brand by Guillaume Rose, President, Monaco Tourism Authority 14:15-15:15 Academic Sessions N 7: Six presentations in three parallel sessions Track A: Extending Luxury? Track B: Consumers as Actors of Luxury Track C: Luxury Strategies in China 15:20-15:40 Insights: what LUXURY marketers can learn from Hollywood by Dr. Sanjay Sood, Professor UCLA 15:40-16:00 Break 16:00 Hyper luxury: unique pieces and ultimate luxury jewelry, yachts, private jets, cars, perfumes, etc. The latest trends on a more global market The global population of ultra-high-net-worth individuals grew by almost 5,200 last year, according to data prepared exclusively for The Wealth Report. This latest increase means 65,335 people have joined the ranks of the ultra-wealthy over the past decade a rise of 61%. Most notably, Asia overtook North America as the region with the second-largest UHNWI growth. How does this segment dream, expect, buy, consume, enjoy or invest? What Segmentation /CRM/Prize on these markets? Moderator: Bertrand Petyt, CEO/COO, Parkview Luca Bassani, CEO, Wally Yachts Bruno Cottard, Vice President, Jean Patou Emilie Villette, Business Development Director, Christie s 17:00 Closing Speech 17:30 Closing Cocktail Party Sponsored by Monaco Tourism Authority 18:30 End of the Day 9

10 PAPERS ACCEPTED FOR PUBLICATION w Adekanmbi & Balabanis (both from Cass, UK) Societisation of luxury: The ultimate weapon of mass seduction and class destruction w Aiello, Donvito & Vannucci (all from Florence, Italy) Price Lining and Odd Even Price Strategy in the Luxury Fashion Market: The Results of an Exploratory Research w1albalooshi Moeini-Jazani (both from BI, Norway), Fennis (Groningen, The Netherlands) & Warlop (Leuven, Belgium & BI, Norway) Virtue in Vice: Benefits of Conspicuous Consumption for the Powerless w Albrecht and Hager (Mannheim, Germany) Luxury brands: Whether and what to sell on the Internet w Arda & Eren-Erdogmus (both from Marmara University Ingilizce Isletme, Turkey) Analyzing the factors that affect the luxury brand extension attitude w Bachmann, Walsh & Hammes (all from Jena, Germany) Examining dimensions and behavioral consequences of luxury value: An owner-based perspective w BartikowSki (Kedge, France) & Cleveland (Western Ontario, Canada) Seeing is Being : Consumer Culture and the Positioning of Premium Cars in China w Beal, Romaniuk & Patrick (all from University of South Australia, Australia) Reaching luxury brand buyers and driving desire: Are Advertising and Word-of-Mouth partners or substitutes? w Cervellon, Mars (both from Edhec, France) & De Bamier (Aix-Marseille, France) Should luxury be described in concrete language? The influence of online product description on purchase behaviors in contexts of psychological distance w Chandon, Kapferer & Laurent (all from Inseec France) Is the Perception of the Minimum Price of Luxury Invariant across Countries? Configural, Metric, but not Scalar Invariance w De Angelis, Adigüzel & Amatulli (all from LUISS, Roma, Italy) Similar to Myself or to the Green? The Effect of introducing Different Types of Green New Products on Luxury Brand Evaluation and Purchase Intention w Dion (Essec, France) & Mazzalovo (Dauphine, France) Heritage action: Reviving sleeping beauties through the crafting of heritage w Dubois (Insead, France) & Anik (Virginia, USA) From Status to Power: When and Why Do Heels Make Women Feel Powerful? w Dubois & Godart (both from Insead, France) How Can Luxury Companies Induce Status Perceptions? The Role of Product Portfolio in the Luxury Watchmaking Industry w Espinoza Petersen (ESMT, Germany) & Wilcox (Columbia, USA) Education, Liberalism and Consumers Response to Luxury Brands 10

11 w Fraccaro & Macé (both from ESCP Europe, France) Odd and even pricing applied to luxury goods: effects on brand image w Gatignon (Insead, France) & Robertson (Wharton, USA) Luxury Pop-Ups: A Conceptual Framework to Understand why Pop-Ups are Effective for Luxury Goods w Gurzki & Woisetschläger (both from Braunschweig, Germany) Mapping the luxury research landscape: A bibliometric citation analysis w Haase, Wiedmann, Labenz & Hennigs (all from Leibniz, Hannover, Germany) Multisensory Marketing in the Luxury Industry Effects on Brand Experience and Customer Perceived Value w Hudson (Boston College, USA), Pecot (Aix-Marseille, France), Mir (Navarra, Spain) & De Barnier (Aix-Marseille, France) Managing Temporality to Enhance Luxury: Brand Heritage at Dom Pérignon w Humphreys & Carpenter (both from Northwestem, USA) Status games in the U.S. wine industry: Achieving market oriented outcomes without market oriented behavior w Janssen (IESEG, France), Vanhamme (Edhec, France) & Leblanc (Richrnont, Germany) Should luxury brands say it out loud? Brand conspicuousness and consumer perceptions of responsible luxury w Kapferer (Inseec, France) & Valette-Florence (Grenoble, France) Does luxury brand growth dilute the luxury dream? A cross-cultural analysis of the relevance of the rarity principle w Kapferer (Inseec, France) & Valette-Florence (Grenoble, France) The impact of increased brand penetration on the luxury dream: a dual effect w Karpova & Balabanis (both from Cass, UK) Why Italian luxury brands personalities are perceived as more aggressive than other brands: The influence of the country personality on luxury brand personality w Kaswengi (Orléans, France), Diallo (Lille, France), Akrout (Inseec, France) & Valette-Florence (Grenoble, France) Effects of marketing variables and consumer characteristics on masstige brand choice under turbulence: Evidence from panel data w Keech & Morrin (both from Temple, USA) The Effects of Materialism and Luxury Branding on the Effectiveness of Synthetic Product Positioning Strategies w Kessous (Aix-Marseille, France), Valette-Florence (Grenoble, France) & De Bamier (Aix-Marseille, France) Luxury watch possession and dispossession from father to son: A poisoned gift? w Lacroix (UQAM, Canada) & Jolibert (Inseec, France) Relationship between generative consumers and attitudes and buying intentions toward luxury brands: the mediator role of perceived value of luxury brands w Liu (IUM, Monaco) & Perry (Manchester, UK) Positioning digital within luxury branding strategy: A study of international luxury fashion brands in China 11

12 w Lu (Fudan, China), Pras (Dauphine & Essec, France) & Darpy (Dauphine, France) Virtues, Ambivalence, and Post-purchase guilt: Luxury Goods in China" w Lu (Fudan, China), Zhao (Cambridge, UK) & Shi (Cambridge, UK) Value Chain of Luxury industry Brand as an Interdependent Value Creation Step w Marticotte (UQAM, Canada) Schadenfreude and the counterfeit luxury brands w Morhart (HEC Lausanne, Switzerland), Hofstetter (Lugano, Switzerland) & Ramanathan (Texas A&M, USA) Sinful consumers, saintly brands: Why decadently wasteful consumption makes luxury brands seem more precious w Mosca, Casalegno & Rosso (all from Turin, Italy) Social commerce and luxury brands: An empirical study across different product categories w Mourad (ISCAE, Morocco) Consumer s resistance to counterfeiting of luxury products: Some antecedents and consequences on brand loyalty in a Moroccan setting w Nguyen & Balabanis (both from Cass, UK) How social status pursuit is linked to the level of luxuriousness of product purchased w Ordabayeva (Boston College), Cavanaugh (USC) & Dahl (UBC, Canada) Social Distance in Luxury Product Reviews w Pham (Parker, Switzerland) Are you in or are you out? How fashion equity and luxury brand desirability are impacting consumers commitment towards luxury brands? w Pueschel, Chamaret (both from Paris Sorbonne University Abu Dhabi, United Arab Emirates) & Parguel (Dauphine, France) Coping with copies! A study of risk perception and coping strategies in luxury counterfeit consumption among affluent consumers w Scharwey & Fassnacht (both from WHU, Germany) The effects of social status distance in a customer-service employee relationship: a luxury vs. nonluxury comparison w Sekhon, Bickart, Trudel & Fournier (all from Boston University, USA) It s OK; they do it out of love: How brand attachment moderates the negative effects of bragging about luxury brands w Shukla (Glasgow Caledonian, UK), Singh (Kingston, UK), Dall Olmo Riley (Kingston, UK) & Moore (Glasgow Caledonian, USA) It s a matter of aesthetics : Exploring the influence of local versus foreign visual aesthetics on consumers luxury purchase intentions w Stathopoulou (University of London, UK) & Balabanis (Cass, UK) The relational value of loyalty programs in luxury retailing w Woodside (Boston College), Muniz (Parana, Brazil) & Sood (Technology Sydney, Australia) Storytelling research on how luxury brands enable consumers to enact archetypes 12

13 LUXURY ATTITUDE ACADEMY The Monaco Symposium presents a brand new concept in luxury training: the Luxury Attitude Academy and its First Performance Booster Program for Certified Excellence in Luxury Customer Service. Luxury Attitude Academy new elearning Program offers innovation in the form of elearning for both service professionals and potential new employees. You Make Luxury Come True is a business accelerator program enhancing the practical and empathy skills of Luxury Industry employees. It addresses both private individuals interested in accelerating their careers and employers looking to train staff to embody the brand values in order to boost their performance. The luxury industry is constantly seeking qualified personnel in a global environment due to the sector s rapid expansion and the emergence of the middle and upper classes in highly developed countries. Luxury brands all agree that exercising a profession in contact with Luxury customers requires specific skills, yet no reference label exists in this field. And that wherever they are, Clients must receive exceptional service. In turn, the Employees must be able to evolve thoroughly and professionally in a highly emotional universe. Our new elearning Program provides consistency across a global environment and a universal standard in performance requirements. Luxury Attitude co-founder, Lionel Meyer Content of You Make Luxury Come True A two-part learning platform, the program offers learners a series of an 11-episode emovie to start with, through which they follow the story of two protagonists learning the meaning of luxury. The high point is a mix of reality and fiction, each episode revealing a distinguished guest from the luxury industry who shares his personal vision on the episode s theme. These exceptionally powerful experts come from diverse backgrounds in luxury brands, each of them bringing a unique take on the theme through concrete messages, which are then decrypted by the two co- founders: Erik Perey and Lionel Meyer. A course of educational activities is then offered to learners in the second part of the program, in order to understand, act and commit to each taught concept. This learning path immerses candidates in multiple practical luxury dimensions. The learners are then asked to contextualize their newly acquired knowledge in their own environment, where they are placed in concrete situations and can quickly reap the benefits. Upon completion of this course, the Candidates become Luxury Attitude Certified. This distinction offered by the Luxury Attitude Academy endorses the ability of the Candidate to be more effective by validating its so skills knowledge vital in a profession involving contact with Clients in the Luxury universe. Being Luxury Attitude Certified means becoming a valuable player in the Client Experience and the reputation and success of the largest hotels and luxury brands. 13

14 What are the benefits of You Make Luxury Come True program? Working in the luxury industry requires specific knowledge and skills that are difficult for employers to find on a global level. You Make Luxury Come True offers, in both English and French, a comprehensive and innovative environment that allows learners to acquire these skills and obtain the certification of the Luxury Attitude Academy, whether it is a company looking to train their staff or professionals aspiring to work in this sector. Erik Perey, co-founder of Luxury Attitude explains: This is both a business accelerator program and a true career booster, enhancing the practical skills of Luxury Industry employees and certifying them to endorse their ability to work in this sector in contact with a Luxury Clientele. Each attendee of the 11 episodes will possess the keys to increase their relational efficiency. By the end of the first episode, they will be fully aware that when working in luxury, one must embody the brand that employs them and assume a front-row role in the development of Customer Experience. This certification is the tangible proof for businesses that candidates own the soft skills necessary to provide exquisite Brand representation for Luxury Clientele and is a true performance booster, guaranteeing seamless knowledge integration and a commitment to high efficiency and ROI. By developing this online training platform, we created a model for employment that redefines the hiring process for the luxury industry learning and addresses a serious challenge facing both employees and employers today: finding qualified staff that own specific insight into the luxury industry in order to deliver an unforgettable Brand service and Client experience, said Hervé de Gouvion Saint-Cyr, Director of Luxury Attitude and Customer Experience. About Luxury Attitude Co-founded by Erik Perey and Lionel Meyer, Luxury Attitude offers consultancy and training in the field of luxury trades. Since 2012, the company is part of one of the first French higher education groups: INSEEC Group. Luxury Attitude s goal is to develop a service strategy driven by the human dimension and reducing the gap between the promise of a brand and the perception of the Customer. Thus, for over 20 years, due to its training programs for the world of hospitality and luxury, the Luxury Attitude team has helped more than 75,000 professionals worldwide understand and apply the concept of service excellence. For more information: 14

15 PARTNERS 15

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