Luxury brands in jeopardy? (VIDEO)
Nouvelle Bague Jewels CEO Giuseppe Gullo has delivered a lecture at the Summer Campus on the interrelation of luxury, innovations and global market trends. The speaker also shared with the students how Nouvelle Bague elite handmade jewelry is created.
Using his company as an example, Giuseppe Gullo spoke about the methods and secrets of creating a top brand. Moving beyond business as usual is one of the keys to success in building your business, the expert said. He deliberately focused on the concept of luxury. According to Giuseppe Gullo, its definition is formed from the social point of view, the brand's language, as well as the target group’s age and location. “Luxury is a status marker and a way to create a distance between people of different status and lifestyle,” the lecturer said. Luxury has a direct impact on people – someone who owns a brand-name item definitely feels better, the expert explained.
The age of the target audience plays an important role because each generation has its own features. For example, generation X pays more attention to luxury items and is ready to pay a lot for them; in their minds, they are more attached to material things – they are materialists. The situation is quite different with the millennials who prefer travels, festivals, and active lifestyles. Compared to the previous generation, the millennials are less willing to spend on expensive cars and luxury items.
The development of innovation has greatly influenced the world of luxury. In the US, more than 7,000 companies have gone out of business with the development of the Internet, and innovation has put the luxury industry in jeopardy. Giuseppe Gullo advised the students to look to Asian countries – this is where the future begins.
“The lecture was amazing. One can rarely find good answers to questions concerning the sphere of luxury. It was very interesting to listen about the correlation between luxury and innovation,” participant Kristina Pyatakova shared her impressions after the lecture.
The International Summer Campus of the Russian Presidential Academy of National Economy and Public Administration (RANEPA) is a unique annual educational project for best students of Russian and foreign universities. The Campus curriculum comprises lectures and interactive sessions with leading Russian and foreign academics, government employees and world-class business executives. RANEPA Rector Vladimir Mau, leading Russian and foreign experts, Russian and foreign business leaders, high-ranking officials and civil servants will traditionally speak at the Summer Campus.
The organizers of RANEPA Summer Campus include RANEPA, the Republic of Tatarstan, and the Association of Innovative Regions of Russia.
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Official information partner: TASS. Campus news agency: Interfax. Strategic partner: RIA Federalpress. Main information partner: Polit.Ru. Campus magazine: Profile. Campus internet media: Invest Foresight. Leading information partner: RNS. Main regional information partner: Realnoye Vremya online newspaper. Campus TV: Tatarstan State TV and Radio Company. Information partners: Parlamentskaya gazeta, Komsomolskaya Pravda Kazan newspaper, Strategia magazine, TatCenter.ru, Efir 24, InKazan, KazanFirst, and Public Administration journal.