Digital Media is undoubtedly re-writing the rules of luxury businesses
and ushering in a new luxury world with a different set of norms and practices.
It is no longer an illusion that the advent of digital media has transformed
human behaviour and consumer habits. The mass adoption of the web, social media,
mobile media and interactive platforms has re-defined the very meaning of value
creation for luxury companies. People and data have emerged as the currency of
the web; and fans and followers have been transformed into brand ambassadors.
But is this accelerated transformation an advantage for luxury? Is the
value created by digital media for luxury real or perceived? Are luxury brands
rightly poised to fully adopt digital innovation and its best practices? If so,
which metrics should luxury companies adopt for the measurement of the impact
of digital media on the top line and bottom line across the value chain? How
can the digital value of a luxury brand be assessed? What transferable traits
and value does the wider digital economy hold for luxury? How can these be
channelled through the feasible strategies, tools and systems suitable for
luxury? Is there such a thing as the digital luxury economy?
The recently held Club e-Luxe
International Summit which took place on 12th June 2013 at the Hotel
Le Meurice in Paris provided answers to these ongoing questions. During
this stimulating full-day event, luxury and digital experts brought insightful analysis
and in-depth assessment of digital luxury across its full spectrum of web,
social, mobile, multi-media, virtual reality and others.
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