EAN: 9783110723236

RESILIENCE OF LUXURY COMPANIES IN TIMES OF CHAN...

Why do some luxury companies remain resilient through times of change  while others do not? The
reason is that these companies have unique skills to diversify their revenue generation by
being ambidextrous. Luxury companies today cannot depend on their reputation or their
creativity alone to remain resilient  rather they require the ability to be ambidextrous - to
explore new trajectories for future growth and exploiting their iconic values. In past decades
the industry has shifted from product to customer centric and forced companies to adopt new
strategies and approaches to succeed. This includes the adoption of digital platforms such as
ecommerce  social media and mobile enabled tools to continually elevate customer experience. In
addition  new business models have emerged to address growing pains  particularly in inventory
issues  over manufacturing and sustainability. Brands today are forced to adopt evolution
through innovation that is anchored by new values without compromising their DNA. Based on
in-depth research and interviews with CEOs from leading luxury companies  Lojacono and Pan show
how companies can hedge their risks and remain resilient in times of change.

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