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LONDON, United Kingdom — As part of the #BoFLIVE series, Executive Editor Lauren Sherman sat down with Browns Chief Executive and Farfetch Chief Brand Officer Holli Rogers and Retail Consultant Steve Dennis for a virtual discussion, reflecting on what’s next for luxury retail as multi-brand retailers face increasing challenges during this time of unprecedented uncertainty.
“Maybe this crisis will teach some of the retailers that have sat on the sidelines that they need to be fundamentally more agile and they must be building a culture of experimentation,” said Dennis. “This is a great time to be testing things… it’s too hard to figure out if something's going to work out by sitting in a conference room.”
The coronavirus crisis exacerbated the challenges that were already underway in the luxury retail market, where supply outweighs demand, brands compete for customers and discount culture has taken hold. Now that stores across the globe have closed their doors and as consumers are limiting their discretionary spending, retailers are enhancing their digital capabilities.
“A big part of luxury is the ceremony around the shopping experience,” Rogers said. “[It’s about] augmenting that retail experience… [because] the thing with online shopping is it becomes very functional ,and fundamentally that will be the biggest challenge moving forward.” Rogers predicts the future will involve more contactless shopping services and tech-enabled personalisation.
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