Hard Luxury And Social Media

«The exponential growth in new social platforms, like TikTok, but also Twitch, The Little Red Book and Hero, offers food for thought on how to develop your own business model. The audience of potential buyers, especially among the younger generations, follows specific dynamics, different to those of their predecessors whose companies must adapt and find a style of communication able to unite message consistency to a new and immediate language. Take Twitch, a live streaming platform for gamers and a subsidiary of Amazon. Several luxury companies, such as Gucci, already have a significant presence and are thus addressing the public of a very specific target. The Little Red Book also has a well-defined audience since 84% are under 35 years of age. Hard luxury, nevertheless, needs what we call Uman Digital, or rather, an omnichannel experience where interaction with a person, a sales assistance, for example, is an added value when selecting and buying an important asset. One winning example to this regard is Hublot, which has created a model able to interact constantly between physical and digital and vice versa. Another extremely interesting example of a Uman Digital platform is New York-based Hero on which LVMH has also invested. Hero brings the virtual experience into the perimeter of e-commerce by creating a direct relationship between the showroom and the final customer, using instant tools such as chats, messaging systems and videos. And that’s not all. The luxury world is also discovering the importance of a more sustainable vision which is promoting the concept of second-hand. Specifically, in the watch segment, where collecting is highly popular, buying and re-selling items is growing enormously as the success of marketplaces such as Chrono24, where a personalized service follows the user every step of the way, goes to prove.»