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LUXURY IN TURBULENT TIMES Deepak Ohri  – CEO, lebua Hotels and Resorts
Agenda Understanding Luxury Luxury and Recession What do luxury brands do wrong New Trends in Luxury Emerging Markets  and Luxury Focus – Luxury Hospitality and lebua
Understanding Luxury
Do we understand luxury? Luxury ranges from conspicuous austerity to  overt opulence
Characteristics of Luxury Segment How Economists see it High income elasticity Positive price elasticity of demand ‘ Snob Effect’ Resilient Forms of Luxury Product driven Home luxuries, personal luxuries ,automobiles Experiential Travel, fine dining, entertainment
Luxury- The fine blend
Luxury and Inaccessibility Luxury is a fine blend of rational and emotional Most luxury products today act as a bridge between inaccessible luxury and mass luxury Intermediate Luxury Intermediate Luxury sooner or later dissolves into mass luxury and consumerism Products must concentrate on being “emotionally rational” Emphasis on authenticity and extreme personlisation Creating an experience, a moment (Tom Ford)
Luxury in Recession
Are the last days near ?
The real changes Though traditionally resilient, consumer behavior patterns have changed towards luxury The world’s wealthy still willing to pay a fortune for goods and services that are of high quality and lasting value Rolls Royce Sales are up while Mercedes and BMW models are sputtering Hermes bags (starting $7000) sales are up 10% while Coach’s sales (starting $325) have plummeted
Changing Focus Consumers have become increasingly discriminating in what they buy Making sure that the experience is of  Value Value  does not equate to price Reducing prices not the solution Loss of focus on long term brand perception Neiman Marcus and Saks offered 70% discounts at height of economic crisis and has lost a huge chunk of their customers Brands must justify their pedigree and promise
So why’s there a slowdown? Though the super-tier luxury segment is still spending, the aspirational segment (mid-to-upper-class consumers) are tightening their purse strings Pullback by super-tier segment also due to Concern over looking extravagant while others lose their jobs and homes They don’t want to be Ostentatious
Several brands weather recession Hermes sales up 21% for leather goods and saddlery Dior (part of LVMH) also saw increase in sales of leather goods Rolls Royce sales are up What are they doing Right? Hermes has never chased after the aspirational consumer. The consumer  whose wealth grew from middle class to upper middle class over the past  decades. They didn't introduce lower priced goods to attract a younger,  hipper, "yuppie" client. They didn't try fancy advertising campaigns  designed to create envy or desire. Hermes don't flaunt those names to the public to attract trend watching,  celebrity influenced consumers.
Shift in spectrum Volvo Origin:  Swedish, founded in 1935. Bought by Ford in 1999 Current Owner:  Close to sale to Chinese manufacturers for around $3bn Aston Martin Origin:  Origin in London, 1914 Robert Bamford and Lionel Martin Current Owner:  An anglo-Arab consortium (a racer, collector, Adeem and Dar Investment, Kuwait) Jaguar Origin:  1945 in Britain. Became Britains’s largest car manufacturer in 1960 as British Leyland Current Owner:  Ratan Tata. Jaguar in the same stable as Nano.
What luxury brands do wrong
Brand Proliferation and Management Most luxury brands today are proliferating their brands An effort to capture different segments and markets This runs a severe risk of  brand dilution   and affects the perception of a global customer True luxury is about creating a  unique perception  and maintaining it in the minds of customer “ ..Once the image of luxury is lost, it is extremely difficult to regain élan”.. Luxury Institute, US
LVMH Example Only very few LVMH brands are profitable like Louis Vuitton Multiple brands do not necessarily mean luxury
Innovation
Product vs. Experience The biggest tower does not define the most luxurious experience Today consumers pay for experiential luxury Creation of perception , value and unforgettable moments
New Trends in Luxury
Channels and Pricing Luxury will appeal to the rational brain again Back to value added luxury fundamentals Rational pricing will matter Luxury awakens to the influence of Gen X & Gen Y Technological Adoption, E and M – Commerce In 2009, 22% of luxury consumers executed transaction via a mobile device
Internet and Social Media Traditional luxury brands will dramatically accelerate their Internet presence and innovation Fast adoption of web 2.0  and social media marketing Traditional Channels are passé Burberry’s revival through Social Media  Burberry World Trust, Authentication, Validation and Certification are to be new words in Luxury lexicon
CSR Luxury will embrace CSR as a critical component of business model  Gucci and UNICEF Sustainability will fast become a key component for most luxury brands
Emerging Markets – Is it always the right strategy?
Luxury – Major Markets
Emerging Markets – the right call? Luxury Brands are exploring emerging economies away from saturated markets Question is  do emerging markets possess the right mindset to embrace luxury brands ? Epoch Times – Jan, 2009
JAPAN – Top five luxury Brands Source : Luxury Institute Survey - 2009
JAPAN – A closer look Japan has the most mature of luxury consumers The brand promise and quality is more important than the fashion statement Accounts for maximum revenues for most global brands Luxury Brands Percentage global revenue from Japan Baccarat      35%    Bulgari       26%    Burberry       36%    Coach        22%    Hermes      25%    Gucci Group      27%    LVMH Group      15%    Louis Vuitton brand    +30%    Salvatore Ferragamo      27%    Tiffany & Co.      20%    Van Cleef and Arpels      33%
JAPAN – A closer look ..II Women in Japan, the most prolific luxury users, are turning to cheaper, more casual and local brands Only the aged women remain consumers of traditional luxury brands Young Japanese reel under unemployment and pay cuts Japan’s market for luxury goods fell 10% in 2008-09 The originally 1.9 trillion yen market expected to shrink to  992.7 billion yen by end of 2009 Versace has pulled out of Japan after 30 years LVMH has suspended plans of its biggest store at Ginza, Japan Designer brand Yohji Yamamato filed for bankruptcy
CHINA – Top five luxury Brands Luxury Market is increasingly getting crowded and customers are  more discerning Consumers are huge travelers and  prefer to buy from foreign markets  due to high levels of duty and VAT in China Consumers still buy luxury goods for the  “bling factor”  – status and prestige China still notorious for  counterfeiting  20% of all luxury goods are fake Consumer Behavior Source: KPMG and TNS research, 2008
INDIA – Top 5 Luxury Brands Emphasis on Home grown Luxury Brands Slower adoption towards global luxury brands Most luxury products are  worn as badges to show off Focus is more on  fashion  statement   rather than eye for quality and craftsmanship Consumer Behavior Source: The Hindustan Times
Demographics  of the market is a huge factor in determining success of a luxury brand. Key factors are  market maturity  and  attitude  towards luxury
Focus - Luxury Hospitality
Two faces of Luxury Are we intimidating our consumers with luxury? The initial WOW vs. pragmatic, value for money luxury
The need to innovate Is there a real difference ?   Is Innovation lacking?   Time to change ?
The best hotel in the World.. Lebua is performing consistently in the top 5% of companies in the Travel & Leisure Sector world wide who have been measured using the TRI*M System (2005-2008). The highest recorded measure in this sector is 116, achieved by a hotel in the UK. A total of 10 companies have achieved scores above 100 of which three were hotels. In the past 9 months, lebua has been in the top 5% 7 times and scored 110 or over 4 times. Customer Satisfaction Survey
Awards for lebua (2008-09) Best Luxury Hotel  – 2009 Business Destinations’ Travel Awards Tablet Hotels Selection  – Tablet Hotels  HAPA Signature Luxury Hotel  – The Hospitality Asia Platinum Awards 2008 – 2010 Top 5 Hotels in Asia  – HotelClub Awards Overall Best Luxury Hotel Awards & Luxury Suite Hotel  – World Luxury Hotel Awards Asia’s Leading Design Hotel  – World Travel Awards  Best Business Hotel in the World  – European CEO Magazine Best Luxury Hotel  – TripAdvisor Traveler’s Choice World’s Top 1% of Hotels  – Expedia Insiders’ Select
Awards for the Dome at lebua Sirocco – the World’s highest open air restaurant Thailand’s Best Restaurant  – Thailand Tatler HAPA Thailand Restaurant of the Year  – The Hospitality Asia Platinum Awards  HAPA Destination Restaurant of the Year  - The Hospitality Asia Platinum Awards  Most Overwhelming Restaurant Experience with a Great Wow Factor  – The Art of Travel The Best Restaurant with a View  – RadioBangkok.net My Favorite International Restaurant  – American Express Hot Nights & Hot Tables  –Condé Nast Traveler Sky Bar Best Bar in Thailand  – Lifestyle+Travel’s Reader Choice Awards HAPA Best Night Spot  - The Hospitality Asia Platinum Awards Best Bar  – HotelClub Awards
Awards for the Dome at lebua Mezzaluna Best Restaurant in Thailand  – The Art of Travel Thailand’s Best Restaurant  – Thailand Tatler Best Italian Restaurant  – The Art of Travel Hot Tables -  Condé Nast Traveler Magazine  Breeze Thailand’s Best Restaurant  – Thailand Tatler Hot Tables  - Condé Nast Traveler Magazine, USA  Best New Seafood Al Fresco Restaurant in Asia  – The Art of Travel Distil Hot Tables  - Condé Nast Traveler Best Lounge Bar  – Metro Magazine Best New Bar  – Metro Magazine
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Luxury In Turbulent Times Slideshare

  • 1. LUXURY IN TURBULENT TIMES Deepak Ohri – CEO, lebua Hotels and Resorts
  • 2. Agenda Understanding Luxury Luxury and Recession What do luxury brands do wrong New Trends in Luxury Emerging Markets and Luxury Focus – Luxury Hospitality and lebua
  • 4. Do we understand luxury? Luxury ranges from conspicuous austerity to overt opulence
  • 5. Characteristics of Luxury Segment How Economists see it High income elasticity Positive price elasticity of demand ‘ Snob Effect’ Resilient Forms of Luxury Product driven Home luxuries, personal luxuries ,automobiles Experiential Travel, fine dining, entertainment
  • 7. Luxury and Inaccessibility Luxury is a fine blend of rational and emotional Most luxury products today act as a bridge between inaccessible luxury and mass luxury Intermediate Luxury Intermediate Luxury sooner or later dissolves into mass luxury and consumerism Products must concentrate on being “emotionally rational” Emphasis on authenticity and extreme personlisation Creating an experience, a moment (Tom Ford)
  • 9. Are the last days near ?
  • 10. The real changes Though traditionally resilient, consumer behavior patterns have changed towards luxury The world’s wealthy still willing to pay a fortune for goods and services that are of high quality and lasting value Rolls Royce Sales are up while Mercedes and BMW models are sputtering Hermes bags (starting $7000) sales are up 10% while Coach’s sales (starting $325) have plummeted
  • 11. Changing Focus Consumers have become increasingly discriminating in what they buy Making sure that the experience is of Value Value does not equate to price Reducing prices not the solution Loss of focus on long term brand perception Neiman Marcus and Saks offered 70% discounts at height of economic crisis and has lost a huge chunk of their customers Brands must justify their pedigree and promise
  • 12. So why’s there a slowdown? Though the super-tier luxury segment is still spending, the aspirational segment (mid-to-upper-class consumers) are tightening their purse strings Pullback by super-tier segment also due to Concern over looking extravagant while others lose their jobs and homes They don’t want to be Ostentatious
  • 13. Several brands weather recession Hermes sales up 21% for leather goods and saddlery Dior (part of LVMH) also saw increase in sales of leather goods Rolls Royce sales are up What are they doing Right? Hermes has never chased after the aspirational consumer. The consumer whose wealth grew from middle class to upper middle class over the past decades. They didn't introduce lower priced goods to attract a younger, hipper, "yuppie" client. They didn't try fancy advertising campaigns designed to create envy or desire. Hermes don't flaunt those names to the public to attract trend watching, celebrity influenced consumers.
  • 14. Shift in spectrum Volvo Origin: Swedish, founded in 1935. Bought by Ford in 1999 Current Owner: Close to sale to Chinese manufacturers for around $3bn Aston Martin Origin: Origin in London, 1914 Robert Bamford and Lionel Martin Current Owner: An anglo-Arab consortium (a racer, collector, Adeem and Dar Investment, Kuwait) Jaguar Origin: 1945 in Britain. Became Britains’s largest car manufacturer in 1960 as British Leyland Current Owner: Ratan Tata. Jaguar in the same stable as Nano.
  • 15. What luxury brands do wrong
  • 16. Brand Proliferation and Management Most luxury brands today are proliferating their brands An effort to capture different segments and markets This runs a severe risk of brand dilution and affects the perception of a global customer True luxury is about creating a unique perception and maintaining it in the minds of customer “ ..Once the image of luxury is lost, it is extremely difficult to regain élan”.. Luxury Institute, US
  • 17. LVMH Example Only very few LVMH brands are profitable like Louis Vuitton Multiple brands do not necessarily mean luxury
  • 19. Product vs. Experience The biggest tower does not define the most luxurious experience Today consumers pay for experiential luxury Creation of perception , value and unforgettable moments
  • 20. New Trends in Luxury
  • 21. Channels and Pricing Luxury will appeal to the rational brain again Back to value added luxury fundamentals Rational pricing will matter Luxury awakens to the influence of Gen X & Gen Y Technological Adoption, E and M – Commerce In 2009, 22% of luxury consumers executed transaction via a mobile device
  • 22. Internet and Social Media Traditional luxury brands will dramatically accelerate their Internet presence and innovation Fast adoption of web 2.0 and social media marketing Traditional Channels are passé Burberry’s revival through Social Media Burberry World Trust, Authentication, Validation and Certification are to be new words in Luxury lexicon
  • 23. CSR Luxury will embrace CSR as a critical component of business model Gucci and UNICEF Sustainability will fast become a key component for most luxury brands
  • 24. Emerging Markets – Is it always the right strategy?
  • 25. Luxury – Major Markets
  • 26. Emerging Markets – the right call? Luxury Brands are exploring emerging economies away from saturated markets Question is do emerging markets possess the right mindset to embrace luxury brands ? Epoch Times – Jan, 2009
  • 27. JAPAN – Top five luxury Brands Source : Luxury Institute Survey - 2009
  • 28. JAPAN – A closer look Japan has the most mature of luxury consumers The brand promise and quality is more important than the fashion statement Accounts for maximum revenues for most global brands Luxury Brands Percentage global revenue from Japan Baccarat     35%   Bulgari      26%   Burberry      36%   Coach       22%   Hermes     25%   Gucci Group      27%   LVMH Group      15%   Louis Vuitton brand   +30%   Salvatore Ferragamo     27%   Tiffany & Co.     20%   Van Cleef and Arpels     33%
  • 29. JAPAN – A closer look ..II Women in Japan, the most prolific luxury users, are turning to cheaper, more casual and local brands Only the aged women remain consumers of traditional luxury brands Young Japanese reel under unemployment and pay cuts Japan’s market for luxury goods fell 10% in 2008-09 The originally 1.9 trillion yen market expected to shrink to 992.7 billion yen by end of 2009 Versace has pulled out of Japan after 30 years LVMH has suspended plans of its biggest store at Ginza, Japan Designer brand Yohji Yamamato filed for bankruptcy
  • 30. CHINA – Top five luxury Brands Luxury Market is increasingly getting crowded and customers are more discerning Consumers are huge travelers and prefer to buy from foreign markets due to high levels of duty and VAT in China Consumers still buy luxury goods for the “bling factor” – status and prestige China still notorious for counterfeiting 20% of all luxury goods are fake Consumer Behavior Source: KPMG and TNS research, 2008
  • 31. INDIA – Top 5 Luxury Brands Emphasis on Home grown Luxury Brands Slower adoption towards global luxury brands Most luxury products are worn as badges to show off Focus is more on fashion statement rather than eye for quality and craftsmanship Consumer Behavior Source: The Hindustan Times
  • 32. Demographics of the market is a huge factor in determining success of a luxury brand. Key factors are market maturity and attitude towards luxury
  • 33. Focus - Luxury Hospitality
  • 34. Two faces of Luxury Are we intimidating our consumers with luxury? The initial WOW vs. pragmatic, value for money luxury
  • 35. The need to innovate Is there a real difference ? Is Innovation lacking? Time to change ?
  • 36. The best hotel in the World.. Lebua is performing consistently in the top 5% of companies in the Travel & Leisure Sector world wide who have been measured using the TRI*M System (2005-2008). The highest recorded measure in this sector is 116, achieved by a hotel in the UK. A total of 10 companies have achieved scores above 100 of which three were hotels. In the past 9 months, lebua has been in the top 5% 7 times and scored 110 or over 4 times. Customer Satisfaction Survey
  • 37. Awards for lebua (2008-09) Best Luxury Hotel – 2009 Business Destinations’ Travel Awards Tablet Hotels Selection – Tablet Hotels HAPA Signature Luxury Hotel – The Hospitality Asia Platinum Awards 2008 – 2010 Top 5 Hotels in Asia – HotelClub Awards Overall Best Luxury Hotel Awards & Luxury Suite Hotel – World Luxury Hotel Awards Asia’s Leading Design Hotel – World Travel Awards Best Business Hotel in the World – European CEO Magazine Best Luxury Hotel – TripAdvisor Traveler’s Choice World’s Top 1% of Hotels – Expedia Insiders’ Select
  • 38. Awards for the Dome at lebua Sirocco – the World’s highest open air restaurant Thailand’s Best Restaurant – Thailand Tatler HAPA Thailand Restaurant of the Year – The Hospitality Asia Platinum Awards HAPA Destination Restaurant of the Year - The Hospitality Asia Platinum Awards Most Overwhelming Restaurant Experience with a Great Wow Factor – The Art of Travel The Best Restaurant with a View – RadioBangkok.net My Favorite International Restaurant – American Express Hot Nights & Hot Tables –Condé Nast Traveler Sky Bar Best Bar in Thailand – Lifestyle+Travel’s Reader Choice Awards HAPA Best Night Spot - The Hospitality Asia Platinum Awards Best Bar – HotelClub Awards
  • 39. Awards for the Dome at lebua Mezzaluna Best Restaurant in Thailand – The Art of Travel Thailand’s Best Restaurant – Thailand Tatler Best Italian Restaurant – The Art of Travel Hot Tables - Condé Nast Traveler Magazine Breeze Thailand’s Best Restaurant – Thailand Tatler Hot Tables - Condé Nast Traveler Magazine, USA Best New Seafood Al Fresco Restaurant in Asia – The Art of Travel Distil Hot Tables - Condé Nast Traveler Best Lounge Bar – Metro Magazine Best New Bar – Metro Magazine