The Walt Disney Company, founded in 1923 by Walter Disney and his brother Roy Oliver Disney, has always had a commitment to its environmental impact. But this “involvement with nature” is not the classic sustainability approach that we are used to seeing nowadays.Continue reading “Disney’s environment-friendly DNA”
As we all know, millennials are people born between 1982 and 1997 and are – nowadays- considered to be a powerful group of consumers by brands all over the world.
If we look at Italian millennials — who are still in search of career stability and therefore often struggle with low wages – it’s hard to picture this category as an engine for the high-end market.
But looking at overall data, we can clearly see that millennials are very active in the luxury market. According to the “True-Luxury Consumer Insight” study carried out by BCG and Altagamma in 2017, by 2024 millennials are expected to account for 50% of total luxury expenditure. These figures are even more surprising when talking about Chinese millennials: they are responsible for 33% of the global expenditure when it comes to luxury products, and this is expected in the near future (to 45%). (Source: “Worldwide Luxury Market Monitor”, Altagamma and Bain&Co 2017).
Chinese millennials need to be monitored because their influence will be crucial in the change of the geography of luxury. With the duty-free policy applied by the Chinese government from July 2017 on the import of high-end products, Chinese consumers will buy more and more at home: by 2025, Chinese shoppers will make 50% of their purchases in their country. (Source: Il Sole 24 Ore, November 2018).
Considering all these factors, its clear that brands need to market this specific segment of consumers: but what can a brand do to actually reach and attract them?
Fendi as a case history
A successful example of this attempt is Fendi’s launch of its FF reloaded capsule collection last year.
In June 2018, this collection was presented with a huge event in Shanghai with the clear aim of attracting Chinese millennials. Considering that China is the greatest market for the brand right now – where it has already opened 20 shops – it was essential to find a way to communicate Fendi’s DNA in a modern way.
The real protagonist of the event was the Chinese rapper Jackson Wang, author of the song Fendiman and the new ambassador of Fendi in China. For the first time in the history of a Chinese artist, the song — released for the event — was number one on iTunes in 11 countries, and the artist’s Youtube channel was seen by 6.4 million people in just one day: another confirmation of the importance and power of this type of strategy for brands nowadays.
The rapper was invited to film the song in a video clip in Rome, on the rooftop of Palazzo della Civiltà Italiana, headquarters of the Italian Maison: “We brought Rome to Shanghai” said Chiara Monfardini, worldwide communication director for Fendi.
But this wasn’t the first time Fendi did something specifically for this market.
In 2017, the brand presented the China Peekaboo Project.
Fendi commissioned six Chinese celebrities – Liu Wen, Guo Jingjing, Angelababy, Yang Lan, Liang Yuanwei, and Tim Yip – to customize a special edition of the handbag designed more than 10 years ago by Silvia Venturini Fendi.
The aim of the project was to showcase the compelling versatility of the Peekaboo as well as the alluring creativity and diversity of Fendi’s Chinese muses.
Sources for pictures:
Jackson Wang’s Instagram
TEDx is an independent program connected to TED TALKS (Acronym for Technology, Entertainment and Design), a non-profit organization that started in California over 30 years ago. These talks are a diverse way to express new ideas in smaller cities or to share them to small groups of people. The main aim is to inspire and motivate discussions about a specific topic, with each talk lasting a maximum of eighteen minutes.
Last November 10th, my hometown Treviso was given the opportunity to host a Tedx. The main topic of the event was rediscovering humanity in a period marked by technological discoveries: Psyche versus Technè. Psyche represented emotions and the nature of humanity (human feelings), whereas Technè represented art, a production of the spirit and human intelligence, strictly linked to technology (Inventions). The main objective of the talks was to convince the audience to start asking themselves about life and feel emotions once again, especially considering the era in which we live where everything is affected by technology and we no longer think for ourselves.
One of the most important speakers was Oscar Farinetti, CEO of Eataly. Farinetti is known for having created the first luxury supermarket to promote the excellence of Italian product s worldwide. In the last ten years he had opened more than 40 sales points, 22 in Italy and 18 abroad (including Seoul, San Paolo, the United States, Japan, Dubai, Moscow, Istanbul and Monaco). Today, he is trying to go public on the stock exchange. From the old format of promoting cuisine via for example the food hall, he ventured out to a more innovative showplace for Italian food and wine. Farinetti’s main point was the ability to copy – the ability to copy from a great idea. It made me understand how all the important luxury companies, such as Gucci, are really only copying from the old archives of the past (for example, Alessandro Michele of Gucci with the Richard Ginori archives). Old archives where human emotions are strongly linked to the product, in an era when it was difficult to do things due to lack of technology.
According to Farinetti “We all have a biodiversity that we didn’t decide to have. We didn’t decide where to be born, when and into which family and this is the magnificence of our imperfection.” I believe this is what brought about Farinetti ‘s success, his ability to think outside the box and not obsess over perfection. What surprised me most was this different perception of luxury, the example of a new luxury. As he said in an interview: “Luxury, as most people think of it, is a concept that bores me. But Eataly can be considered a luxury experience, if you look at it from two different perspectives — respect and time — which to me represents the new frontier of luxury.” With the term respect, he means in terms of our relationship with the planet. “As for the other element-time — this is the biggest luxury there is. The idea of being able to use your time as you please.”