After the resounding success of our first summit in Paris, we were elated to extend our collaboration with Sommet Education for this exceptional event. This time, we found ourselves in the splendid setting of the Mandarin Oriental, Ritz Madrid, alongside partners Les Roches and AEDH-Asociación Española Directores Hotel.
At this gathering, we organized a competition with a keen focus on sustainability within the field of luxury. Amidst a plethora of compelling submissions, it was the ideas presented by Marta Renedo, Nicolás Rodríguez, and Noemí Jiménez Martín that truly stood out as the most innovative and enthralling.
Today, we invite you to delve deeper into the world of these emerging talents, explore their backgrounds, and uncover their inspiration for luxury. This insight will be showcased through an enlightening "round table" interview graciously offered by Marta, Nicolás and Noemí.
Vendom Talents - What does luxury mean to you?
Marta Renedo - You know, when I think about luxury, it's all about creating these unique experiences tailored specifically for the client. It's about paying attention to every little detail, crafting services of the utmost quality and exclusivity. I see it as a blend of tradition and prestige, with a touch of elegance. And it's not just about products; it's about cultures, countries, and the sensations and perceptions they evoke. It's like an art form, born from skills and passion, and it carries a piece of history within it.
Nicolás Serrano Rodríguez - That's an interesting perspective, Marta. In a more commercial sense, I think of luxury as the embodiment of exceptional materials, knowledge, and expertism. But, you know, in Spanish, "lujo" has a broader meaning. We use it to describe a mood as well. When someone says "Estoy de lujo" in Spain, they mean they're in an incredibly good mood, the happiest of moods. So, I see luxury as a combination of the commercial aspect, where quality and excellence shine, and the intention to put the guest or customer in a fantastic mood.
Noemí Jiménez Martín - I totally agree with both of you. To me, luxury is all about the art of achieving excellence. It's about going that extra mile to exceed expectations, whether it's in products or services.
M.R. - You know, after hearing your definitions, I think I might adjust my perspective just a bit. Luxury, to me, isn't something with a rigid definition. It's more about how we present and market a moment or experience to our target audience. Any moment can become "luxurious" if we know how to package and present it effectively to the right people.
Marta Renedo
V.T. - What would you tell students to focus on whilst at university; Is there anything specifically that you believe could make a big impact on one’s career?
N.R. – You know, I would say the best tip is to enjoy the process: try new things and be open to the ideas proposed by the university, such as clubs and associations. The amount of knowledge you will get from the university will depend only on you. Don’t rush on being an adult, enjoy that period.
N.J.M. – I completely agree with that sentiment. As for essential skills, I would say public speaking and emotional intelligence. In terms of subjects, I would definitively learn about the digital aspects of business, as it is prevalent in everybody’s professional life. But, to go into more detail of emotional intelligence, I would suggest to learn how to manage our thoughts, how to accept failure and how to never give up.
N.R. – To add on what Noemí is saying, you must remember, in the most common of situations, you have four years to try new things, to sharpen not only your work preferences but also your ideas, values and ethics that you want to show to the world.
M.R. – I think Noemí and Nicolás have mentioned most of it. Really to summarise it, in college, students should focus on acquiring a well-rounded education, developing critical thinking and problem-solving skills, and building a strong network of contacts. In addition, completing internships or gaining practical experience in their field of interest can have a significant impact on their career prospects. It is also crucial to develop interpersonal skills such as communication, teamwork and adaptability. In the world of luxury, building a strong network of contacts and being proactive are “a must”; ask a lot of questions and do even more research.
V.T. - What would you like to say to individuals who might be/are interested in pursuing a career in Luxury?
M.R. – Developing a career in the luxury sector can be exciting and rewarding but requires perseverance and resilience.
It often requires a deep understanding of consumer behavior, a passion for aesthetics and an appreciation for quality. It is essential to stay abreast of industry trends and develop a strong sense of brand identity. Don't be afraid to be yourself, have personality. Luxury brands love that one’s uniqueness.
Also, make sure to network and gain experience in luxury-related positions such as marketing, design or retail as it can be beneficial, as well as doing "small" jobs at luxury events.
N.J.M. – For me, I believe you should know that details matter, to learn and adopt skills in how to treat clients, and to always try to get out of the comfort zone because you might learn very creative and new things that get you closer to excellence, same as luxury.
N.R. – I agree with both Noemí and Marta. But I believe the main thing is, which can be applied also to anything you could be interested in is; “be cool, don’t hesitate, go for it!” Take the initiative to know more about the subject, try to see what you could add to the industry that there’s not yet. Regarding Luxury, it is a career path strongly linked with valued industries, such as hospitality, fashion or other industries in which the definition mentioned earlier could be applied. If you like the luxury industry in any of its fields, go for it.
N.J.M. – Rightfully said, Nicolás. If you find it interesting and you have a passion for it. Go for it!
Nicolás Rodríguez
V.T. - In your opinion, what are the key factors that contribute to the success of a luxury brand today?
N.J.M. – Many things. Guest experience, excellence, tone of verbal communication, appearance in general, not just physical but also personality wise and being a hard worker.
M.R. – Like Noemí said, success in the luxury industry depends on several factors. For me this includes brand heritage, craftsmanship, exclusivity and effective marketing. Maintaining a consistent brand image and a reputation for quality is crucial. Understanding and meeting the changing desires of affluent consumers is also vital. In addition, sustainability and digital innovation are increasingly important in the modern luxury landscape.
Now, with AI, it is essential to implement technological and modern customer care and tracking systems, as it will be key to gaining market share.
N.R. – Marta and Noemí have mentioned excellent points! I also think above all, it’s the emotion produced that makes the success of a luxury brand. This depends on a few factors. Whether their history, values, ethics or what it represents to society, these reasons will show whether the brand will be successful or not. Despite any mood of the customer, the luxury product or service must be born to surpass the customer’s expectations, generally to make them feel as comfortable and happy as possible.
V.T. - How do you see the future of the luxury industry evolving, and what challenges and opportunities do you anticipate?
N.R. – During these years, in my view, I foresee the luxury industry will move into a more “meritocracy” era, where customers will decide, in a higher percentage, where to buy or not, based on the experience received rather than on the brand’s history.
M.R. – Exactly! I believe the future of the luxury industry is likely to be shaped by changing consumer preferences. Also, digital transformation and sustainability issues. The sector may need to adapt by embracing further e-commerce experiences, incorporating always more sustainability into its practices and fostering stronger connections with younger generations.
Challenges may include maintaining exclusivity in a digital world and addressing sustainability issues while maintaining luxury status. Fast fashion will take a back seat and vintage will gain a voice on the catwalks.
N.J.M. – 100%, Marta! I see a lot of opportunities especially with all the advantages of digital marketing and reference marketing by influencers. Maybe the same advantages could be disadvantages. People are losing their social skills around clients because they are too busy in their daily life and spend too much time on their phones on social media. Luxury is being with the client, and they need to know that.
N.R. – I also believe that adapting its culture and brand image with its actions might be one of the challenges luxury industries faces. I do believe there’s a big opportunity for luxury brands loyal to their values and high-quality standards to gain market shares, as “mainstream” products tend to have less and less quality and cost management tends to be what decides primarily the decision, rather than the customer experience.
Noemí Jimenez Martin
V.T. - Lastly, as luxury lovers, what is your favourite brand and why?
N.R. – You know, when I think about luxury brands, my favourite might be Jacquemus, not only because of their creativity and original designs they tend to put out but also because of the back story of their creator, Simon Porte Jacquemus. Their social network management is also very cool, making the customers feel excited and fresh, with unique concepts.
N.J.M. – I can relate to that, Nicolás! For me, it is TAGHeuer and LOEWE. I would say they are my favorite because of their elegance. The sports aspect in TAGHeuer is also an interesting part that I admire.
M.R. – Those are all great choices! In my case, I love Hermes, Cartier and Dior.
Why? Timeless elegance.
These brands are timeless and classic – they do not sacrifice their values. Their historical heritage are incredible and they continue to captivate their clientele, regardless of the trends, with their characteristic “savoir faire”. They are synonymous with craftsmanship and innovation.
