Advanced Study: Luxury Branding and Retailing - Bringing it into the 21st Century

Catalog description

The luxury industry has been heavily impacted by the Covid-19 pandemic, with some estimates suggesting a contraction of over 20%. Some of the changes in consumer behavior directly affected luxury in the short-term, but these changes in behavior may eventually revert to past history when the pandemic is over. Examples of these include the drop in tourism travel, work from home trends, reduced traffic to physical retail and malls, and the reduction of festive social activities (e.g., weddings). Other trends affected many industries and are likely to fundamentally change consumer behavior long-term: (1) net zero retail now, (2) digital by design, (3) thoughtful experience, (4) re-localization and (5) lead with purpose. This course explores the special challenges that are faced by luxury brands as they try to navigate rapidly evolving shopping behaviors in both the online and offline environments. In this course we will articulate the key principles for successful luxury branding & experiences and focus on the challenges and opportunities that luxury brands face. Although we will have some traditional lecture/discussion classes, the course is primarily experiential. We will explore luxury broadly across many product categories. We will learn from what we see on location, but we will also critically assess how companies are coping with the challenges of the post-covid retailing environment.