Symposium on Luxury - A successful second edition
The second edition of the Monaco Symposium on Luxury took place on the 7th and 8th April at the Méridien Beach Plaza Hotel in Monaco. The Monaco Symposium on Luxury presented innovative research projects, ideas, cutting edge tools and techniques, and business case studies across industries to address the challenges of tomorrow in the luxury industry. « This is the place where researchers of the world meet together and present their most recent cutting edge research on luxury. This is also the place where academics meet executives of the luxury industry » said Dr. Kapferer 120 academic researchers and professors (from UCLA, EDHEC, WHU, INSEAD, Cass Business School, INSEEC, Columbia University, to name a few), experts in luxury marketing, 80 business professionals and 30 students attended this second edition. Academic Sessions Throughout the seven academic sessions which brought together 45 selected research papers (selected out of 81 submitted papers by a scientific committee with international renowned researchers from the best universities), specialists in luxury products and marketing services discussed the following issues: motivations for luxury consumption, management of luxury brands, cultural & social differences, contribution of the luxury sector to social responsibility and sustainable development, reactions to brand counterfeiting, brand heritage, luxury values, price perception, luxury strategies in China and the growing importance of digitalization and the new technology. The Scientific Committee (Jean-Louis Chandon, Associate Dean for Research, INSEEC, Gilles Laurent, Distinguished Research Professor, INSEEC and Pierre Valette-Florence, Scientific Advisor, IUM) awarded the prize for best paper to the article: “Virtues, Ambivalence, and Post purchase Guilt : Luxury Goods in China” written by Pierre Xiao Lu (Fudan, China), Bernard Pras (Dauphine & ESSEC, France) & Denis Darpy (Dauphine, France). This article examines post purchase guilt and its determinants among Chinese luxury goods buyers in an environment focused on ethical buying conduct. Best selected articles will be published in a special issue of the Journal of Business Research (a level 2 journal), partner of the Symposium. Business Workshops During the 2-days event, six business workshops were also given by major players in the luxury sector. They presented the future of luxury in the automotive sector, the impact of new technology and digital innovation, as well as the importance of big data, the value of eReputation, and customer centric strategies. One of the round-tables addressed the latest trends for “hyper luxury or ultimate luxury”. Among the brands and luxury professionals present, were: Nielsen UK, Bentley Motors, Frost&Sullivan, StyleSage, Accorhotels, Luxury Attitude, L’Oréal, Bentley, Luxe TV, Havas Luxhub, Air France, Christies, Wally Yacht, Jean Patou… Mr. Marc Dubrule, Chief Strategic Development Officer – L’Oréal Selective Divisions, opened the Symposium by presenting the latest trends and emerging challenges in luxury. “The future of luxury is imperfection, uniqueness and customization” was the conclusion of his inspiring speech. In organizing the Monaco Symposium on Luxury, INSEEC Group comforts its place as one of the international specialists in the field of luxury thanks to its programs taught in Paris, Bordeaux, Lyon, Chambery-Savoie, Geneva, London, San Francisco, Shanghai, and Monaco. INSEEC Group also proves his ability to bring together high profile academic researchers and top executives in the luxury fields to develop innovative ideas and mutual inspiration. *** If you missed the event, you can watch in streaming the presentations of Mr Marc Dubrule, L'Oréal; Mrs Lo Bosco, Mr Boettcher and Mr Philipp Heine, Bentley; Mrs Remy, McKinsey and Mr Arnoux, Accorhotels.