The first Monaco Symposium on Luxury, organized by the INSEEC Group and the International University of Monaco (part of the INSEEC Group), took place on the 10th and 11th April in Monaco 2014. The event – a huge success - was attended by 50 university scholars and academics from 15 countries and 200 professionals from the luxury industry.
Throughout seven academic and professional sessions which brought together 36 research works (selected out of 67 submitted papers), specialists in luxury products and services marketing discussed the following issues: motivations for luxury consumption, management of luxury brands, cultural differences, contribution of the luxury sector to social responsibility and sustainable development, reactions to brand counterfeiting, price perception, effects of nostalgia, luxury brands reconquering the markets and the growing importance of Internet and social media.
Jean-Louis Chandon, Director of the research laboratory at INSEEC, gave the prize for best communication to the article “The Rival Wears Prada: Luxury Consumption as a Female Competition Strategy”*, written by Liselot Hudders from Ghent University, in collaboration with Charlotte De Backer from Antwerp University, Maryanne Fisher from Saint Mary’s University and Patrick Vyncke from Ghent University.
During the 2-day event, major players in the luxury sector presented the current evolutions in luxury management and training, evolutions in luxury codes, new brand strategies, market trends, rise of flagship stores alongside (and not in opposition to) the development of websites of luxury brands. One of the round-tables addressed the premium services trend in luxury hotels. Among the brands and luxury professionals present, were: La Perla, Vhemier, LVMH Fragrance Brands, Bain & Cie, Fondazione Altagamma, Fairmont Hotels, Quintessentially, Luxury Attitute…
The President of the LVMH Fragrance Brands closed the Symposium by presenting an overview of the evolutions in the luxury sector from tradition to innovation.
The second edition of the Monaco symposium on Luxury is scheduled to take place in 2016.