Summit Notebook

from Shop Talk:

Check Out Line: Luxury chains facing dilemmas

June 4, 2010

BOELNCheck out the challenges before the luxury sector:

Many fancy European companies like Valentino have widened their entry-level offerings to lure more shoppers, given how edgy the global economy remains.  This could be shortsighted, experts said this week at the Reuters Global Luxury Summit in Paris, New York, Dubai and London.

from DealZone:

Markdown poster child: I’d do it again

June 2, 2010

With the luxury of hindsight, Saks Chief Executive Stephen Sadove said he wouldn't hesitate to repeat the big markdowns of the 2008 holiday season if faced with the same tough environment that made the retailer the poster child of recessionary sales.

from Shop Talk:

Check Out Line: Cautious notes hit by top luxury execs

June 2, 2010

bulgari1Check out the cautious notes being sounded in the global luxury market.

Industry executives voiced concerns about everything from unemployment to Europe's brewing economic crisis, but are nonetheless banking on growth from China and a recovering U.S. market.

from Shop Talk:

The Uneducable American Male

June 1, 2010

Coach's Lew Frankfort has given up trying to teach American men about fashion, but he still sees opportunity for expanding sales to a male clientele. 
     
"I believe the American male is largely uneducable," Coach Chairman and CEO Frankfort said at the Reuters Global Luxury Summit in New York. 
     
"We need to focus on the segment of males that have real discerning taste. But I can also say that even the undiscerning American male is a smart consumer: that person is looking for a product that is durable, that is classic, that can stand the test of time and that's what our products do," Frankfort said. 
     
Sales of Coach's man-bags, wallets and other accessories represent 5 percent of its total take, and that is one area where the company is trying to build growth. At a test store for men only, on Bleecker Street in Manhattan, it has seen sales results run at about triple its own expectations, Frankfort said.
     
"There's a lot of appetite among the discerning male for quality accessories made out of excellent materials that are stylish. ...  In North America, the male consumer remains heavily utilitarian-driven, replacement-oriented, value-based. There are discerning males in Boise, Idaho. I don't mean to suggest there aren't." 

from Shop Talk:

A little more privacy at Barneys sale?

June 1, 2010

LUXURY-SUMMIT/BARNEYS-DEALBashful New York bargain hunters may finally be able to guard their modesty at one of the city's biggest annual retail events, as luxury chain Barney's is considering adding dressing rooms at its mobbed New York warehouse sale.   

from Shop Talk:

Noblesse oblige, but no service, for French luxury

June 1, 2010

LUXURY-SUMMIT/From our apparel reporter Nivedita Bhattacharjee:

Luxury brands in the United States might still have a lot to learn from the entrenched design houses in Europe, but their commitment to pleasing the customer serves them well as the market returns from recession.
    
Milton Pedraza, Chief Executive of the Luxury Institute, told us during the Reuters Global Luxury Summit today that the commitment to customer service could even become a real point of differentiation for American brands.
 
"The American brands and even the Burberrys of the world tend to be better at customer-centricity, at service, and could make that a competitive advantage, because the Europeans are not as service-oriented, more product-oriented," he said.
    
"The Europeans are not as service-oriented, (they are) more product-oriented, and they will even tell you that."
    
If one is looking for an explanation behind the attitudes, Pedraza invoked a time well before Hermes opened its doors in 1837.   
 
"A French executive told me that the word 'service' ... is equated with servility and (goes) back to the French revolution and is why the French don't like to serve anybody." 
(Photo: Reuters)

from Shop Talk:

Check Out Line: Luxury goods execs discuss global demand

June 1, 2010

pearls1

Check out what executives at luxury retailers around the world are saying about consumer demand.

China’s evolving role from producer to consumer

August 31, 2009

Hardly a day goes by now without some Chinese firm striking a deal to buy assets overseas, but the country’s best prospects for growth may be right in its own backyard. Vivi Lin in Beijing reports on how the world’s workshop is fast becoming one of the world’s top consumers.

The savvy shopper is here

June 10, 2009

Liz Claiborne CEO William McComb has noticed that certain shoppers are getting smarter.  Hear what he had to say at the Reuters Global Retail Summit about the new savvy shopper.

Liz Claiborne says it’s adjusting to the “new normal”

June 10, 2009

Today I had the chance to sit down with the CEO of Liz Claiborne in our Times Square studios as part of the 2009 Reuters Global Retail Summit. Bill McComb says “the world has changed and it’s not going back to business as usual.” Click here to listen to what McComb described as the “new normal” and what the fashion company is doing to change the way it does business.

Liz Claiborne sees "new normal" from Reuters TV on Vimeo.