The document provides information about a book series on luxury published by Palgrave Macmillan. It discusses the aim of the series, which is to offer an integrated perspective on luxury management by exploring topics like sustainability, counterfeiting, consumption trends, and international luxury markets from multiple disciplinary perspectives grounded in business. The series aims to fill a significant gap in understanding the unique management challenges of the luxury industry. It also provides contact information for the series editors and a link for more information about the series.
Sangyun Lee, Duplicate Powers in the Criminal Referral Process and the Overla...
NEW LUXURY MANAGEMENT
1.
2. Palgrave Advances in Luxury
Series Editors
Paurav Shukla
Department of Economics
Glasgow Caledonian University
London, UK
Jaywant Singh
Kingston Business School
Kingston University
Kingston Upon Thames, UK
3. Aim of the Series
The field of luxury studies increasingly encompasses a variety of perspec-
tives not just limited to marketing and brand management. In recent
times, a host of novel and topical issues on luxury such as sustainability,
counterfeiting, emulation and consumption trends have gained promi-
nence which draw on the fields of entrepreneurship, sociology, psychol-
ogy and operations. Examining international trends from China, Asia,
Europe, North America and the MENA region, Palgrave Advances in
Luxury is the first series dedicated to this complex issue. Including mul-
tiple perspectives whilst being very much grounded in business, its aim is
to offer an integrated picture of the management environment in which
luxury operates. It explores the newer debates relating to luxury con-
sumption such as the signals used in expressing luxury, the socially divi-
sive nature of luxury and the socio-economic segmentation that it brings.
Filling a significant gap in our knowledge of this field, the series will help
readers comprehend the significant management challenges unique to
this construct.
More information about this series at
http://www.springer.com/series/15396
4. Emmanuelle Rigaud-Lacresse • Fabrizio Maria Pini
Editors
New Luxury
Management
Creating and Managing Sustainable Value Across
the Organization
6. v
Luxury, as well as luxury markets and luxury management, has received
a growing interest in the past decade, both from researchers and prac-
titioners. This has generated a large amount of literature on these sub-
jects, covering various aspects and offering different perspectives and
interpretations. The luxury goods industry still remains a growing one,
despite the big changes that have taken place in the last few years at
economic, technological and social level, bringing some increasing tur-
bulence and calling for strategic readjustments among the industry key
players. The willingness of consultants and researchers to understand the
reasons beneath this almost endless pattern of growth partially explains
the interest in this domain. On the other hand, companies and brands
outside the traditional luxury industries progressively adopted practices
and approaches that generated in the core of luxury goods, from limited
series to customization services, in an effort to increase the overall cus-
tomer experience and differentiate from a growing number of me-too
players. This second aspect accounts for the need of a deeper understand-
ing of the processes, assets (both tangible and intangible) and competen-
cies that allow luxury companies to create value for their very particular
clientele in order to assess their replication in different industries and
price segments.
In this sense, this book presents the different aspects that make luxury
companies a sort of unique combination of competencies and assets and
Introduction
7. vi Introduction
provides a “luxury specific” understanding of how value is created in the
luxury markets. In order to achieve these goals, the authors devoted their
attention to: (i) the uniqueness and specificities that make luxury com-
panies so different from the ones belonging to other industries; (ii) the
characteristics of their most valuable assets; and (iii) the key processes in
the value chain of luxury companies and how they are managed. This
text might rely upon a unique combination of authors (coming from
French and Italian leading business schools with strong backgrounds in
luxury) who, though being experts in their own disciplinary field, share
a common vision of the luxury value creation processes and assets that
have been established through their involvement as faculty members of
IMLUX Master Programme developed by Mip, Politecnico di Milano
and Neoma Business School, and supported by companies such as Gucci
and Champagne Taittinger.
This common vision involves the description of “the new luxury”, that
is, a contemporary and comprehensive description of what creates value
in luxury markets through a comprehensive view of: (i) the value chain,
from concept to market; (ii) the unique combination of skills and assets
that make luxury products and service so special to the eyes of customers;
and (iii) the patterns and strategies for growth adopted by luxury com-
panies. The authors argue that the main characteristics of “luxury” are
linked to specific resources and competencies found throughout the value
chain within companies operating in the luxury sector and in their value
network of stakeholders. Among the key resources for luxury value cre-
ation a unique blend of knowhow and skills and strong and deeply evoca-
tive brand narratives plays a crucial role and accounts for luxury-specific
managerial practices. This mix of assets and competencies is operational-
ized in key processes that involve the creative one as well as supply chain
management, retail and communication aspects that might adapt to the
dynamic and evolving global marketplace, changing consumer behav-
iours and new technologies. The way luxury companies manage their
growth results in their uniqueness in terms of assets and key processes
and shows peculiar aspects. These aspects contribute to the definition
of organic growth options through exploitation of assets or mergers and
acquisitions that call for a specific organizational culture to preserve assets
after mergers are over.
8. vii Introduction
This book therefore presents an interdisciplinary approach for the suc-
cessful creation and management of value across the organisation: leader-
ship, human resources, financial, strategic, marketing, economic and legal
perspectives are addressed in order to understand each process in depth
and all aspects related to value creation and its management. Moving
from the creative process to the distribution of luxury products and ser-
vices, the book provides an integrated approach to the full value chain.
This includes functional processes such as design, operations, SCM, on
and off line communications and retail management from a disciplin-
ary and academic perspective. Moreover, it provides a comprehensive
approach to the management and evaluation of luxury intangible assets.
This book covers both strategic and functional aspects of luxury man-
agement providing a comprehensive yet coherent and integrated vision
on the subject. The book is divided into four parts that encompass: (i)
an operational definition of luxury and the traits of uniqueness of luxury
companies compared to the ones that operate in other sectors; (ii) the key
intangible assets and competencies that support luxury value creation;
(iii) the management of the key processes of value creation for luxury
firms (product and collection design, operations and supply chain man-
agement, service and customer experience design, store management,
integrated marketing communication); and (iv) growth issues in luxury
companies (evolution and dynamics of business models, integration of
competencies post M&As, selecting and empowering people for com-
pany growth, international retail strategies and operations for sustainable
growth).
This book is targeted at master level students, both at MSc and MBA
level, willing to gain a global overview of the key aspects that define the
process of value creation in luxury industries as well as practitioners look-
ing for an up-dated comprehensive description of the main aspects and
characteristics of luxury companies and their growth patterns and strate-
gies under a unique and common perspective.
Fabrizio Maria Pini
Emmanuelle Rigaud
9.
10. ix
The editors and authors would like to thank Margareth Henriquez and
Vitalie Taittinger for their kindness and participation in the interviews
reported in the Chap. 2 “Luxury Dynamics” and Chap. 13 “Growth
Archetypes in Luxury Companies” and Silvia Loffredo for reviewing with
passion and competence Chap. 12 “Creating a Seamless Experience for
Luxury Consumers Integrating On and Offline Communications”. A
collective thanks to all our colleagues and IMLUX students at Mip and
Neoma who provided us with valuable insights, challenged our assump-
tions and pushed us to give our best in this effort.
Acknowledgements
11.
12. xi
1 Luxury as a Construct: An Evolutionary Perspective1
Alessandro Brun
Part 1 Discovering Luxury 19
2 Luxury Dynamics21
Emmanuelle Rigaud-Lacresse
3 Global Organizational Leadership for Luxury Companies33
Karina R. Jensen
4 Financial Reporting and Communication in the Luxury
Industry47
Laurent Hervé
Contents
13. xii Contents
Part 2 Key Assets and Competencies for Value Creation
in the Luxury Company 67
5 A Narrative Approach to Luxury Brands69
Fabrizio Maria Pini
6 Financial Valuation of Luxury Brands85
María Ruiz García
7 Brand as a Legal Asset for Luxury Companies:
Brand Power103
Caroline André and Arnaud Fournier
8 Knowhow, Skills and Competencies as Knowledge
Assets for Luxury Companies125
Fabien Seraidarian and Ruxanda Kmiec
9 Luxury Prime Locations145
Stéphane Fourneaux
Part 3 Key Processes for Value Creation in
Luxury Companies 157
10 Managing the Creative Process159
Paola Bertola, Chiara Colombi, and Federica Vacca
11 Supply Chain Management in the Luxury Industry189
Alessandro Brun
12 Creating a Seamless Experience for Luxury Consumers
Integrating Online and Offline Communication217
Fabrizio Maria Pini and Valeria Pelleschi
14. xiii Contents
Part 4 Growth for Value Creation in Luxury Industries 239
13 Growth Archetypes in Luxury Companies241
Emmanuelle Rigaud-Lacresse and Fabien Seraidarian
14 Integration of Mergers and Acquisitions in the Fashion
and Luxury Industry261
Barbara Quacquarelli
15 International Retailing and Growth Paths275
Cecilia Castelli and Antonella Moretto
Index293
15.
16. xv
Caroline André is Associate professor at NEOMA Business School. Her main
research interests are in marketing law. She is co-author of: Droit du marketing,
les stratégies marketing optimisées par le droit, Ellipses, 2014. She has published
French articles in the field of marketing law covering counterfeiting (2015) and
legal risk-taking strategies concerning trademarks (2014).
Paola Bertola is Full Professor at Politecnico di Milano, Design Dept. She is
co-founder of the Fashion in Process Research Collective (www.fashioninpro-
cess.com) and Faculty Member of the School of Design, Politecnico di Milano
and MIP – School of Management. Her research focuses on creative processes,
design management and planning and design research within design driven
companies in “culture-intensive” industries, with a specific focus on the fashion
sector.
Alessandro Brun is an Associate professor at Politecnico di Milano, where he
teaches quality management. His main research streams are related to supply
chain management and operational improvements in manufacturing and service
companies, with particular focus on the luxury industry. He is co-author of two
of the most quoted scientific papers on the topic of luxury supply chain manage-
ment (Brun et al., IJPE, 2008, and Brun and Castelli, IJPE, 2008) and founder
of the International Workshop on Luxury Retail, Operations and Supply Chain
Management—the first International Scientific Conference on Luxury Supply
Chain Management.
Note on Contributors
17. xvi Note on Contributors
Cecilia Castelli works as a consultant in the Global Fashion Unit of The
European House – Ambrosetti, collaborating with both leading brands and niche
players; her expertise is mainly in business plans, supply chain strategies, opera-
tions and retail in the fashion and luxury industry. She holds a PhD in
Management and Industrial Engineering achieved at Politecnico di Milano,
where she still collaborates in teaching and research as regards supply chain man-
agement and retail strategies, with focus on the luxury market. She authored
several publications on international journals and belongs to the organizing
committee of the International Workshop on Luxury Retail, Operations
Supply Chain Management.
Chiara Colombi has a PhD in Design and is Associate Professor at Politecnico
di Milano, Design Dept. She is co-founder of the Fashion in Process Research
Collective (www.fashioninprocess.com) and Faculty Member of the School of
Design, Politecnico di Milano and MIP – School of Management. Her research
interests concern knowledge creation processes, codification of meta-design
research praxis and development of merchandising systems in “culture-intensive”
industries, with a specific focus on the fashion sector.
Stéphane Fourneaux is a professor in finance at Neoma business school. He
has had 13 years of experience in Financial Markets. He has worked on the
floors and for Exchanges like NYSE EURONEXT and MATIF. His research
interests are Real Estate Valuation, Asset Management and Derivatives. He hold
an executive MBA and a Phd in finance.
Arnaud Fournier is Professor of European Competition Law at University of
Paris (Paris XII) for MBA and teaches on luxury law in France at several business
schools (including NEOMA Business School). He is also the founder and man-
aging partner of Consultantitrust
®a compliance law firm based in Paris and
London, which helps businesses, undertakings and field teams to be fully com-
pliant with European competition law and anti-bribery law in their day-to-day
commercial, marketing and management decisions.
María Ruiz García (CFA), is a professor of Finance at NEOMA Business School.
Her primary areas of expertise are financial reporting and corporate finance. She
has held visiting teaching positions in various institutions such as CNAM
(Conservatoire National des Arts et Métiers) and Top Finance (France) or EOI –
Escuela de Negocios (Spain). She is currently working at Neoma Business School
teaching on Executive MBA, Masters and Bachelor courses. Maria’s ability to
break down complex topics and illustrate them through her own published cases
18. xvii Note on Contributors
is exceptional. She is also involved with developing e-learning programmes. She
has a master’s degree from Université Paris Dauphine.
Laurent HERVE is a professor of Finance at NEOMA Business School, the
University of Paris and Sciences-Po Paris. He graduated from ESCP–Europe,
holds a doctorate in economics and has over 25 years of professional experience
as Chief Financial Officer in international groups. He researches in the area of
financial management in luxury industries and is the author of several case stud-
ies in this field.
Karina R. Jensen is Practice Director, Centre for Leadership and Effective
Organisations and Professor, Global Innovation and Leadership, NEOMA
Business School, France. Karina Jensen is an international management consul-
tant, change facilitator, and educator with 20 years of experience in global inno-
vation management, from concept to market. Her research, consulting and
teaching interests focus on global innovation, change leadership and multicul-
tural team collaboration for achieving organizational performance and interna-
tional market success.
Ruxanda Kmiec works as a project manager in theTalent Career Development
Unit at NEOMA Business School. Her research focuses on competencies and
talent analysis as well as their development using learning-by-doing.
Antonella Moretto is an Assistant professor at Department of Management,
Economics and Industrial Engineering of Politecnico di Milano. In 2013, she
received a PhD with honour at Politecnico di Milano with a thesis about the
internationalization of Italian fashion companies in emerging market; in July
2009, she got her MSc with honour in Management Engineering at Politecnico
di Milano. During the period 2013 – 2015, she collaborated as consultant for
GEA – Management Consulting in the area of operations and supply chain
management. Her main research interests are related to purchasing and supply
management, supply chain design, sustainable supply chain management and
global supply chain management for fashion luxury companies. In this area, she
has authored several publications in international journals; she belongs to the
organizing committee of the International Workshop on Luxury Retail,
Operations Supply Chain Management and of the Fifth Euroma Sustainable
Operations and Supply Chains Forum.
Valeria Pelleschi collaborates with MIP, Politecnico di Milano and is commu-
nications and media professor at NABA – Nuova Accademia di Bella Arti – in
Milan. From 2001, she works in the multi-channel and digital communication
19. xviii Note on Contributors
market, collaborating with digital transformation and international agencies
such as H-FARM, Leo Burnett and DigitasLBi, and also as Digital Strategy
Consultant.
Fabrizio Maria Pini is Adjunct Professor of Marketing and Communications
at Mip-Politecnico di Milano, Italy, and the co-Director of the International
Master in Luxury Management at Mip, Milan. His work, both as a consultant
and an academic, is focused upon the impact of innovation on branding strate-
gies and corporate business models, the redesigning of marketing models in
multichannel and omnichannel environments, and the impact of business mod-
els innovation on organizations and market performances.
Barbara Quacquarelli is Senior Lecturer in Organisation Studies at University
of Milan-Bicocca and is faculty member of MIP, business school of Politecnico
of Milan, where she teaches in Executive MBA and in courses of advanced
human resource management. She is associate director of BTDC, research cen-
tre on training and organizational development. Her major research interests are
in integration management post merger and acquisitions, diversity manage-
ment, international human resource management. She is author of several arti-
cles and book chapters in the areas of leadership brand, motivation at work and
diversity management.
Emmanuelle Rigaud is Associate Professor and the co-Director of the
International Master in Luxury Management at Neoma Business School, France.
She holds a Phd in strategy and is an Associate researcher at i3-CRG École poly-
technique, Université Paris-Saclay. Emmanuelle had previously worked for inter-
national luxury companies (as Yves Saint Laurent, LVMH Group) - for over 15
years. Her research focuses on brand strategy and luxury brand management.
Fabien Seraidarian holds a PhD in Management science and is Head of Mazars
Institute providing expertise and thought leadership. He is an experienced stra-
tegic consultant working for both private and public sectors. He developed an
expertise in the luxury and retail expertise through assignments in the jewellery,
leather and fashion industries. His research focuses on strategy to explore the
growing path of firms and the creation of dynamic capabilities at the intra- and
inter-organizational levels.
Federica Vacca PhD in Design, PostDoc Researcher at Politecnico di Milano,
Design Department. She is co-founder of the Fashion in Process Research
Collective (www.fashioninprocess.com) and Faculty Member of the School of
Design, Politecnico di Milano and MIP – School of Management. Her research
20. xix Note on Contributors
interests concern handicraft-driven creation processes for the enhancement of
local culture knowledge and heritage-driven innovation in “culture-intensive”
industries, with a specific focus on the fashion sector.