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Luxury brands brainstorm exclusive digital experiences at FKCCI's Luxury Committee
On April 5th, the FKCCI had the pleasure of hosting its first Luxury Committee of 2023, with the kind support of Bluebell Korea, who is not only a FKCCI member but also a leader in the luxury industry. Around 30 leaders of luxury brands such as Dolce Gabbana, Parfums Christian Dior, Gucci, and Audemars Piguet, gathered at Josun Palace in the center of Seoul to decipher the new luxury landscape: How luxury brands create exclusive digital experiences.
As the president of the FKCCI Luxury Committee, Mr. Daniel MAYRAN, Chairman of Bluebell Korea, extended a warm welcome to the attendees of the event, including the guest speaker, Mr. Phil Min, the General Manager of Business Development at Naver, a giant tech leader company in Korea.
During his welcoming speech, he said, "I often say that my definition of luxury is one exceptional product, one exceptional service, created by one exceptional designer or artisan, and must be sold in an exceptional way. This is why customer experience is at the heart of our activity."
Since the COVID-19 pandemic has had a significant impact on brand strategies worldwide, digital transformations have attracted more attention, and luxury brands are no exception. As a digital specialist, Mr. Phil Min took the floor to share his insightful presentation with attendees on how luxury brands create exclusive digital experiences.
He emphasized the significant growth of the luxury market in Korea in recent years. In fact, the South Korean luxury goods market recorded a +30% increase in sales since 2018, with brands such as Dior, Hermes, Louis Vuitton, Cartier, or Van Cleef & Arpels on an upward trend. Search queries on luxury brands in the number one Korean search engine almost doubled from 2018 to 2022. Cross-border luxury shopping into Korea through Naver also increased fourfold since 2019, while the average transaction value increased by 27% since 2018 to reach USD 600.
"Understanding the Korean luxury consumers is key. The more you know about your target audience, the better you can optimize your strategy," he said. In this framework, tools like the analysis of Naver sequential search trends are excellent indicators of consumers' behaviors and perception of brands.
He also stressed the importance of omnichannel experience from the physical to the digital space with case studies like Bulgari's pop-up brand stores using metaverse, live shopping, and physical stores. "The shopping journey is much more complicated than before. That is why a multidimensional strategy is much needed from brands," he added.
Following his enlightening presentation and a Q&A session, members of the FKCCI Luxury Committee were given the chance to network while enjoying a delicious lunch, kindly provided by Bluebell and were offered some exquisite gifts to take home as a special treat thanks to our dearest partners Piverdiere Korea and Maison Boissier.
