🟢 Cracking the code for blending technology and luxury together
For years I've been consulting and working on how to crack the code for blending technology and digital with luxury. I might just have a fair idea of how to get there now (and no, it's not easy).
As I've been working with quite a few luxury giants over the years, I've already addressed the inherent technology and luxury antagonism on several occasions. It's always a fascinating back and forth. On one side, venerable luxury brands try to rejuvenate and reboot their appeal with volatile digital technologies; on the other, tech bros and GAFAMs try to enter the rarified air layer of seemingly unlimited price elasticity.
Needless to say, both sides usually fail. And it took me many years to understand why, but I'm now starting to believe I do. In a nutshell, the failure at mixing technology and luxury comes from companies only coming from one side and trying to push in asymmetrically to the other side. The few elusive successes came from companies that went it from both sides at the same time and created an entirely third market category.
Let me explain.