– Five companies awarded at the Luxury Innovation Summit
Sustainable development and the circular economy were at the center of the event, which took place on October 19 and 20 at the Bâtiment des Forces Motrices, in Geneva.
Held on the 19th and 20th of October at the Bâtiment des Forces Motrices, the 4thand edition of the Luxury Innovation Summit, an annual event launched by entrepreneur Deependra Pandey, founder of Luxury Venture Group (LVG) – a venture capital incubator based in Switzerland – brought together 250 participants and 150 online viewers. The objective of the event is to select and invest in startups that offer innovative solutions for the sector.
After an initial selection of around a hundred applications submitted by the candidates, carried out in the spring by an independent jury made up of 18 members, the finalists in the five categories at stake – lifestyle/design, watchmaking/jewelry, fashion/beauty/well-being , NFT/metavers/live shopping, circular economy/preloved – had the opportunity to present their concept during six-minute presentations at the BFM amphitheater.
The challenges of luxury
Pitches complemented by a conference program on innovation in luxury, the challenges of sustainability and the circular economy, as well as private equity and venture capital. The opportunity for Deependra Pandey to announce the creation of a new platform that will give its members the possibility to invest in start-ups with values ranging from 100,000 to 3 million francs. The first Investors Day will take place on March 23 in Zurich.
While LVMH’s latest operating results, published last week, show no slowdown in the luxury sector, Dennis Paul, a senior adviser at Blackstone, was cautious during the investor roundtable. “We run the risk of having two bad years, followed by two years of recovery. Private companies that need capital will have to take this into account,” he warned. There is another point that worried him more: “Chinese consumers are increasingly sophisticated. Will they want to use logos like they’ve done so far? I don’t see another population capable of replacing them.”
A situation that brands have begun to respond to by expanding into new business segments such as experience, hospitality and well-being. “A less tangible market, but one that offers a lot of satisfaction”, commented Chabi Nouri, former CEO of Piaget who today manages a private equity fund in lifestyle and luxury at Mirabaud.
“Young people are addicted to brands”
“We have to stop thinking that luxury is a craftsman who works in his little shop. Luxury is the biggest part of the French economy, bigger than automobiles, aeronautics or armaments. If you look at the young generation, the 17-21 year olds, the most interesting segment because they are the ones who are going to control the world in a few years, they are totally addicted to brands, all the studies confirm this. That’s another reason why I say the industry is not changing as quickly as some people think,” said Jury President Alain-Dominique Perrin, the man who helped make Cartier what it is today, in his opening speech. , also president of the Cartier Foundation.
If the event was sold out on his Instagram account several days before the opening of the summit, a half-empty room awaited the businessmen present at the venue. The entrance fee of 700 francs, 180 for students, certainly discouraged more than one. “The catering service was not prepared to accommodate more people”, defended Deependra Pandey, satisfied with the event. For this to grow, more openness would be recommended for future edits.
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