Crisis is declared, but optimism for the future is rising among luxury brands
A 10% growth in the fashion market over the next 3 years! Despite the period of great difficulty, the Italian fashion companies are optimistic and are convinced not only in a market restart of the sector but also anticipating an increase in production and sales.
This is what was revealed by a research conducted by SDA Bocconi for Certilogo and Besight. The result is clear: more than half of italian luxury brands (55%) say that investments in digital and ICT will grow at a rate of 10% or more in the next three years; only 9% of companies say that this type of investment will decrease.
A new consumer approach in the field – luxury brands
The sample of interviewees is represented by 101 Italian companies, especially medium-large ones, which absorb 52% of the turnover of the fashion and luxury sector. Most also highlighted a digital capacity of the fashion system to adapt to this complicated phase. In fact, for some months now fashion, like many other markets, has highlighted the need to evolve digitally to be able to face an emergency situation that has revolutionized the methods of sales and contact, focusing everything on online.
The companies involved in the SDA Bocconi research confirm how the pandemic has accelerated the processes of innovation and digitization and firmly believe that the ability to respond promptly to this digital change can absolutely make the difference.
But what are the ways to restart luxury brands?
The companies have declared that they want to act on various fronts:
- new strategies for production;
- innovation in the launch of new products;
- digitalization of the product;
- improve the customer experience;
- enhancing physical stores;
- increase in the quality and speed of processes;
- protect the brand from counterfeiting;
- new communication channels with consumers.
Innovation and creativity are the foundations for a relaunch
“The recent emergency has created many difficulties for the entire economy and fashion has inevitably suffered as a result. The digital world today offers us increasingly innovative and creative solutions to relaunch products, also looking for new markets “comments Florenzo Vanzetto, owner of the VRM SPA group which has recently acquired Metalplus, a leading fashion company in the production of metal accessories for the most famous brands.
“The will and goal of this market is to get back on track immediately and to be able to revive a scenario that is spokesperson in the world for Italian creativity, design and elegance” concludes Vanzetto.
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