Luxury brands who want to stay on top of the game have partnered with tech giants and e-tailers as business partners in China, India and the Philippines. 20 years ago this was unthinkable, who would thought that Asian countries would start dominating the luxury market? But the Golden Era of Asia is here, and luxury brands who refuse to upgrade are definitely going to be left behind.
Before Karl Lagerfeld of Chanel died, he announced an agreement collaboration with Secoo. Secoo is a Chinese online luxury fashion retailer, it is eyeing numerous international business expansions in the United States with over 175 million dollar investment from e-commerce giant JD.com including private equity firm L Catterton Asia.
Luxury houses and brands like Chanel understand the changes in the market, without a tech counterpart luxury houses and brands would have a much harder time staying afloat. Historically, a lot of luxury brands chose to stay away from online marketing, but now the trend is to learn how to specialize in luxury goods and move them into experiential spaces with the aid of digital marketing services. Other luxury brands are bolder with their move and have adapted to the taste and needs of consumers by purchasing hotel businesses and restaurant chains and turning them into partners, LVMH for example has acquired the leisure company Belmond, and Louboutin has also stepped into the hotel business in Portulal, Gucci on the other hand also widened its reach by entering the food industry in Shanghai to remain on top of their game.
This digitization wave is not going to stop, with the artificial intelligence age it can only grow further. Moola Forum International is one of the most expensive luxury conference in Asia is in partnership with some of the best digital marketing companies in Asia.While it retains the historical awe and history of the old rich, it is not afraid of venturing and becoming an expert on the digital wave of luxury businesses.
Online sales is growing, social media visibility and Google search rankings are now more valuable than ever and businesses are taking them seriously. In countries like China, there is an all time growth for online luxury shopping and this is already a global phenomenon that includes luxury fashion, accessories, gadgets and lifestyle products growing across all generations thanks to the youngest or Gen Z generation who are keen on purchasing or doing their shopping online. A lot of Asian shoppers, particularly the Chinese luxury shoppers already spend an average of $7,267 (50,000 RMB) using online channels. Luxury sales is estimated to triple and affect the global luxury market by 2025.
Luxury brands like Louis Vuitton are also changing their tone of marketing to win over millennial consumers online, the 1980's and the 1990's themes are prevalent now in the brands, due to a surge of clamor from online users and statistics. Luxury brands are now playing into playful aesthetics and is one of the evidences that the CEO's of big luxury brands are embracing technology. Gucci and Chanel is known for partnering up with Instagram influencers- to widen their reach. Hermes is also changing its tune so it could reach out to younger customers.
Tech companies are dominating sales and the use of cutting edge technology gives an impressive edge. It is now easier to curate and inform clients using social media and online portals. This is why it is not surprising that luxury service providers like Moola Forum is backed up by Tech partners. Luxury companies are now scrambling towards partnership with emerging tech companies and e-commerce platforms and look for mutual cooperation and creating beneficial partnership agreements.
Some brands like Chanel have partnered up with retail platforms like Farfetch not to sell clothes, but to learn and understand how they can improve their tech marketing and how technology could be merged with their traditional brick and mortar shops. The use of influencers though widely criticized by some in the masses, is still a big thing for the luxury industry. Influencers like Tao Liang or Mr. Bags is one of the best collaborations done by a luxury brand with the right influencer.
High end influencers and marketers like socialite Heart Evangelista continues to be trendy in the Philippines. Moola Forum is in partnership with Sothyal.com
Sothyal.com is Asia’s premier Influencer Marketing Agency that connects advertisers from all industry segments to diverse and multicultural influencers. Sothyal works with affiliates, agencies, brands, and various businesses worldwide.
Sothyal is a portmanteau of Spanish “social” and the Filipino spelling of Castilian accent. In the Philippines, it refers to upscale fashion. Labeled as the first Europe of Asia and the first America of Asia in terms of lifestyle and fashion of the ruling elite, the Philippines maintains classic luxury lifestyle among the country’s old and established families whose wealth has been passed down through generations.
Asia has so many newly rich individuals whose wealth is derived from creating new businesses and expanding empires, luxury fashion is also becoming mainstream. Owning an Hermes bag is no longer something new for the new rich of Asia. Countries like Philippines, Macau, Singapore, Qatar and Thailand are gearing towards improved luxury services.
Moola Forum for one is one of the biggest luxury companies that have fused with tech partners to create an omni channel framework, it makes use of technology, to create cooperative competition in the market and leads the Philippines luxury tech empire.