Posh is getting posher
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Milan retailer lists 'standards of luxury' that will fit into Central Embassy's vision
Luxury shopping is going to get even more luxurious, Central Group believes. That was among the forecasts that emerged last week when Chart Chirathivat, managing director of Central Embassy – the high-end outlet for Thailand’s largest retailer – hosted a discussion on “The Future Lux II”.
One of the speakers, Vittorio Radice of La Rinascente, a posh department store in Milan, Italy, said shoppers are evolving six “standards of luxury”, involving innovation, distribution, control, personalisation, association and rewards.
“People love to imitate, and this will carry on,” Radice said. “In the past people bought Louis Vuitton because it was ‘a product made for royalty’ and they too wanted to share that high status. In buying Dior or Chanel lipstick, women feel they’re also celebrities, just like the presenters.”
Radice suggested that the phrase “I shop, therefore I am” has evolved from clever parody to serious personal code. “Knowing about something and acquiring it before everyone else does makes you feel proud,” he said. “People tend to have more shoes and shirts than they can cope with, but they continue to buy, and it builds up their persona. And that’s where luxury comes into play.”
Radice stressed the importance of retailers making the shopping experience more pleasurable, alluding to the world’s billion tourists as a ready market because they’re usually so relaxed and keen to look at new things. “The shopping experience is thus more important today than acquisition. You see a Ferrari and you hope you can drive it one day, even though you can’t afford it.”
Products and services are also “personalised”.
“The reward for consumers is no longer about discounts or points, but being recognised as part of the brand.”
Chart declared that that is precisely the sort of “infinite luxury experience” he’s aimed for at Central Embassy. He sees the Witthayu Road store as a world-class shopping destination.
“According to the UN’s World Tourism Organisation, four per cent of travellers are now coming from the rising economies like China and India and even Thailand. These emerging Asian luxury travellers bring in billions of baht.
“There are three types of luxury consumers,” Chart said. “‘Recession-resistant’ consumers are these ultra-luxury Asian travellers who feel more comfortable travelling in Asia. The ‘New Sophisticates’ are younger, well educated, knowledgeable, confident, energetic and influential, looking for one-of-a-kind experiences that are authentic yet chic. And the ‘Young Guns’, maybe young executives or the scions of affluent families, are independent and keen on digital marketing.”
