Ventech ConNEXTion Series | Strategic Rebound
Ventech ConNEXTion Series
「Strategic Rebound」
In the past three years, the downward impact on the consumption and retail industry has not been completely eliminated. However, we have observed that the luxury industry has shown strong resilience and strong rebound performance.
As Bain & Company predicts in the report "China's Luxury Market in 2022" that China's luxury consumer goods market will return to a positive development track before the end of the first quarter of 2023.
What are the observations behind this? What inspiration can it bring to retail consumer enterprises?
Ventech China gathered first-tier luxury brands, various retail players and online platforms on March 21 to discuss the rebound opportunities. Participating brands and companies included Louis Vuitton, VIP.COM, Coach, DFS, Ports, SHANG XIA, Shiseido, The Orangeblowfish, The Trade Desk, Naive Blue, OHA, Unilever and other leading brands and consumer space.
We were honored to invite the CEO of Louis Vuitton China, Mr. Ramon Ros, to share his personal experience in how he built his career journey and what he looks for future.
「Curiosity, Resilience, Innovation」
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Focus on curiosity, perseverance, and continuous innovation are the key factors for yourself to maintain career enthusiasm and competitiveness in the future.
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Your career doesn't always go uphill - it's more about constantly improving your ability and value to manage the ebb and flow of work and life.
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Dare to Dream!
Also, here to share some viewpoints and observations from top brands and companies:
「Opportunities and Challenges」
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After the rapid digital acceleration, the brands' concerns are shifting away from digital transformation and towards the challenges of orchestrating complex, customer-centric journeys. With this shift comes a renewed focus on channel planning, omni-channel solutions, and a mix of strategies to enhance consumer engagement.
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For the recovery of luxury brands and retail, the imagination is not limited to the recovery of overseas tourism and overseas shopping. Similarly, China's first-tier cities or popular tourist cities are also facing the large-scale visits from domestic tourists. This may be the first step of "recovery" , how to seize this opportunity is the key challenge for this year.
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Online platforms have actually experienced rapid development in the past three years. Consumers have gradually formed shopping habits on online platforms, especially after 2023, the SVIP repurchase rate remains very high. How to maintain this?
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After the pandemic , the consumer profile of fashion brands/luxury brands has changed, especially with Gen-Z. As luxury in China is becoming a form of self-actualization and self-expression, young Chinese consumers expect an unforgettable luxury experience throughout the entire consumer journey and are eager to share it on social media. It is not surprising that customization services shifted from being an exciting attraction to a must-have feature. This allows Millennial and Gen-Z consumers to express their identity and their sense of belonging and to build a luxury-savvy tribe.
