Why digital technology is breaking the luxury sector's rulesd
In a global luxury market that is stagnating, brands are looking to digital technology to help catalyse growth. This digital technology, however, is shaking up rules within these institutions, which in some cases date back hundreds of years.
- Major luxury brands need to focus on
their modes of communication and their distribution policies.
Burberry is a fine example. In the space of 10 years, the
London-based fashion house, which had become almost obsolete as a
brand, has become a recognised brand once again thanks to digital
technology. So as not to tarnish their image, brands are treading
carefully, focusing on the quality of the customer's experience as
well as their brand's prestige - obviously - private sales and
- Digital technology is changing the
way products are developed. 3D printing is being used to make
tailor-made jewellery, personalised sunglasses and custom-made
fashion accessories. As for fabrics, they are becoming "connected".
Ralph Lauren's connected polo shirt measures its wearer's
physical activity (heart rate, body temperature, number of footsteps,
number of calories burnt etc.). Furthermore, use of the blockchain
can also help in the fight against counterfeiting.