Monaco Symposium on Luxury 2016 by O ET D

EMERGING CHALLENGES IN LUXURY MARKETING

agenda april 7-8, 2016

Organized by INSEEC

40 YEARS OF EXCELLENCE IN HIGHER EDUCATION CORE PROGRAMS IN MANAGEMENT AND COMMUNICATION

EXPERTISE IN DIGITAL MEDIA, LUXURY, WINE & SPIRITS, REAL ESTATE AND SPORT BUSINESS

A COMPLETE OFFER OF DEGREES BACHELORS, MSC, MBA, DBA

A WIDE RANGE OF STUDY OPTIONS FULL-TIME, EXECUTIVE, ONLINE Crédits photo : easylifeprod.com

A UNIQUE CHOICE OF CAMPUSES

16246-03/16

EUROPE, USA, CHINA

INSEEC.COM PARIS

BORDEAUX

LYON

CHAMBÉRY-SAVOIE

GENÈVE

MONACO

LONDON

SAN FRANCISCO

SHANGHAI

A WORD FROM THE ORGANIZERS INSEEC, with the support of the International University of Monaco, part of the group since 2010, is proud to organize this second edition of the Monaco Symposium on Luxury in the glamorous location of Monte Carlo. The Organizing Committee would like to thank the Monaco Government and the Monaco Tourism Authority for their ongoing support, as well as the company executives and leaders who have accepted to share their visions, insights and expertise during both these days. The Monaco Symposium on Luxury is the unique venue bringing together high profile academic researchers and top executives in the luxury fields to meet and develop innovative ideas and mutual inspiration. This fruitful synergy is made possible thanks to the strong dedication and shared interests, of all the “stakeholders” of the symposium.

THANK YOU TO THE SCIENTIFIC COMMITTEE, AND AUTHORS We thank the members of our scientific committee: Marie-Cécile Cervellon (Edhec), Darren Dahl (British Columbia), David Dubois (Insead), Susan Fournier (Boston University), Silvia Grappi (Modena e Reggio Emilia), Oliver Heil (Mainz), Nadine Hennigs (Hannover), Liselot Hudders (Ghent), Barbara Kahn (Wharton), Jean-Noël Kapferer (INSEEC), Eunju Ko (Yonsei), Michel Laroche (Concordia), Angela Lee (Northwestern), Joe Nunes (University of Southern California), Mario Pandelaere (Ghent and Virginia Tech), Bernd Schmitt (Columbia), LJ Shrum (HEC Paris), Luk Warlop (Leuven and BI Oslo), Klaus-Peter Wiedmann (Hannover), Judy Zaichkowsky (Simon Fraser), John Zhang (Wharton). They provided their expertise in the reviewing process, after helping to attract good submissions through their reputation. We also thank very deeply the 90 additional anonymous reviewers. Overall, we are very pleased to see that colleagues from 15 countries were active in the reviewing process. We thank the authors of the 81 submitted papers, although we could accommodate only 45 of them in the final program. We thank the authors of the accepted papers, who come to Monaco to present their work. The most represented countries, after France (associated with 17 papers) are the USA (8), the UK (7), and Germany (6). But 16 other countries are represented: Australia, Belgium, Brazil, Canada, China, Denmark, Italy, Korea, Monaco, Morocco, Norway, Spain, Switzerland, Turkey, The Netherlands, and The United Arab Emirates. It is encouraging, for the future of academic research on luxury, to note that 14 papers are from multinational teams, some of them coming from three different nations. We thank the successive editors-in-chief of the Journal of Business Research. Professor Arch Woodside gave us the opportunity to guest edit a special issue following the 2014 Monaco Symposium on Luxury. Professor Naveen Donthu, the new editor-in-chief, renews this opportunity and there will be a special issue based on the 2016 Symposium. This will add lasting visibility of the research presented during these two days.

Catherine LESPINE PRESIDENT of INSEEC

Jean-Louis CHANDON

Gilles LAURENT

Pierre VALETTE-FLORENCE

Jean-Philippe MULLER

Associate Dean for Research at INSEEC

Distinguished Research Professor at INSEEC

Scientific Advisor at the International University of Monaco Professor at IAE, Grenoble Alpes Université

General Director of the International University of Monaco

MONACO SYMPOSIUM ON LUXURY

rganized by INSEEC, the Monaco Symposium on Luxury is a high-profile academic and business event, gathering internationally renowned professors and researchers working on luxury marketing and brand management. It takes place every two years in Monaco, with the objective to launch the concept and event in other international locations. Its main objective is to create a unique setting for international researchers and executives in luxury to share ideas and insights on major trends in the luxury industries, thus developing mutual inspiration, as well as to present innovative research projects, ideas, cutting edge tools and techniques, and business case studies across industries to learn about best practices. The first edition in 2014 addressed strategic topics around the theme: â&#x20AC;&#x153;From Tradition to Innovationâ&#x20AC;?. The event was attended by 50 university scholars and academics from 15 countries, and by 200 professionals from the luxury industry. The 2016 event will develop the theme of emerging challenges in Luxury Marketing, enhancing cutting edge surveys and analysis on luxury brand consumption, as well as explore the innovative approaches of key players with practical case studies from top executives of luxury companies on such topics as leadership, customer experience management, and global brand strategies.

MONACO SYMPOSIUM ON LUXURY

PROGRAM THURSDAY APRIL 7, 2016 CHAIRWOMAN OF THE DAY: DR JUDY ZAICHKOWSKY, SIMON FRASER UNIVERSITY 8:15 Welcoming of participants 9:00 Welcome speech by Catherine LESPINE, President, INSEEC 9:05 Welcome speech by Jean CASTELLINI, Minister of Finance and Economy, Principality of Monaco 9:15 Foreword by professors Jean-Louis CHANDON, Gilles LAURENT and Pierre VALETTE-FLORENCE, co-organizers of the Monaco Symposium, INSEEC, International University of Monaco

9:20

KEYNOTE SPEECH: Marc DUBRULE, Chief Strategic Development Officer - L’Oréal Selective Divisions

LATEST TRENDS AND EMERGING CHALLENGES IN LUXURY

10:00 11:30

CADEMIC SESSIONS N°1: A Track A = Room Adriatique Track B = Room Pacifique Track C = Room Sirocco

TRACK A: CORPORATE SOCIAL RESPONSIBILITY IN LUXURY • Janssen (IESEG, France), Vanhamme (Edhec, France) & Leblanc (Richmont, Germany) “Should luxury brands say it out loud? Brand conspicuousness and consumer perceptions of responsible luxury”. • De Angelis, Adigüzel & Amatulli (all from LUISS, Roma, Italy) “Similar to Myself or to the Green? The Effect of Introducing Different Types of Green New Products on Luxury Brand Evaluation and Purchase Intention” • Petersen (ESMT, Germany) & Wilcox (Columbia, USA) “Education, Liberalism and Consumers’ Response to Luxury Brands” TRACK B: STATUS AND LUXURY • Nguyen & Balabanis (both from Cass, UK) “How social status pursuit is linked to the level of luxuriousness of product purchased” • Dubois & Godart (both from Insead, France) “How Can Luxury Companies Induce Status Perceptions? The Role of Product Portfolio in the Luxury Watchmaking Industry” • Scharwey & Fassnacht (both from WHU, Germany) “The effects of social status distance in a customer-service employee relationship: a luxury vs. non-luxury comparison”

MONACO SYMPOSIUM ON LUXURY

10:00-11:15 BUSINESS WORKSHOP 1 – PLENARY ROOM

Using new technologies and neurosciences to create emotional messages. The luxury industry, more than any other category, is governed by consumer expectations and subtle unconscious motivations. As such it’s imperative that premium and luxury brands capture and understand unconscious motivations and reactions (System 1 thinking) as well as conscious (System 2 thinking) when it comes down to all interactions they have with their consumers. Over the last decade Neuroscience has helped successful brands understand and test what their brand, communications and products stand for in consumers’ minds and hearts. As a global leader in Neuroscience, Nielsen will demonstrate the value of this methodology and share how it compliments other research methodologies, specifically within the context of luxury brands. By Kate SLAYMAKER, Head of Travel and Luxury for Nielsen UK - Kate Slaymaker has advised premium businesses on brand essence and marketing effectiveness research for 5 years, following a former career in events. Kate’s expertise lies within advertising effectiveness, and more specifically digital media.

PROGRAM THURSDAY APRIL 7, 2016 TRACK C: COUNTERFEITS AND SYNTHETIC LUXURY • Marticotte (UQAM, Canada) “Schadenfreude and the counterfeit luxury brands” • Mourad (ISCAE, Morocco) “Consumer’s resistance to counterfeiting of luxury products: Some antecedents and consequences on brand loyalty in a Moroccan setting” • Keech & Morrin (both from Temple, USA) “The Effects of Materialism and Luxury Branding on Consumer Acceptance of Lab-Grown Diamonds”

11:30

COFFEE BREAK

11:50 12:50

ACADEMIC SESSIONS N°2: Track A = Room Adriatique Track B = Room Pacifique Track C = Room Sirocco

TRACK A: BRAND HERITAGE IN LUXURY • Hudson (Boston College, USA), Pecot (Aix-Marseille, France), Mir (Navarra, Spain) & De Barnier (Aix-Marseille, France) “Managing Temporality to Enhance Luxury: Brand Heritage at Dom Pérignon” • Dion (Essec, France) & Mazzalovo (Dauphine, France) “Heritage-ation: Reviving sleeping beauties through the crafting of heritage”

TRACK B: CONSUMER RAPPORT TO LUXURY • Sekhon, Bickart, Trudel & Fournier (all from Boston University, USA) “It’s OK; they do it out of love: How brand attachment moderates the negative effects of bragging about luxury brands”

11:50-13:00 BUSINESS WORKSHOP 2 – PLENARY ROOM

The future of luxury in the automotive sector: challenges and options for creating a convincing sphere of experience around luxury cars. Case of the Bentley brand. Now that many brands call themselves ‘luxury’, how can a true luxury brand set themselves apart? - Introduction to the Bentley brand - Bentley in the changing luxury environment - Bentley CRM strategy. By Dr. Klaus-Peter WIEDMANN, Leibniz Universität Hannover Sarah LO BOSCO, Brand and Luxury Research Manager, Ralf BOETTCHER, Head of CRM, Philipp HEINE, Sales & Marketing, Bentley Motors In addition to the workshop, Bentley cars will be available thus the participants can experience the product. .

• Pueschel, Chamaret (both from Paris Sorbonne University Abu Dhabi, United Arab Emirates) & Parguel (Dauphine, France) “Coping with copies! A study of risk perception and coping strategies in luxury counterfeit consumption among affluent consumers” TRACK C: LUXURY RESEARCH LANDSCAPE AND LUXURY FRONTIERS • Gurzki & Woisetschläger (both from Braunschweig, Germany) “Mapping the luxury research landscape: A bibliometric citation analysis” • Chandon, Kapferer & Laurent (all from INSEEC, France) “Is the Price Frontier of Luxury Invariant across Countries – Configural, Metric but not Scalar Invariance” 13:00

LUNCH–BUFFET

MONACO SYMPOSIUM ON LUXURY

PROGRAM THURSDAY APRIL 7, 2016 14:00

KEYNOTE SPEECH: Jean-Noël KAPFERER, INSEEC, Honorary Editor of the Luxury Research Journal

14:20 -15:15 Luxury & Media– Trend setters, trend analysts, trend followers What media buying Strategy for Luxury Brands today? What business models for Media in luxury? “Nearly 50 percent of media consumption in the United States is digital, compared to 32 percent in 2009”, according to a new report by L2“As digital consumption has redefined consumer experiences and expectations, many individuals have become unwilling to pay for content that was once purchased, putting advertisers in a tight spot as the traditional media model stalls. Radical shifts in media consumption have torn down barriers to entry, redefined consumer expectations and forged new competitors that are siphoning audience and ad dollars away from traditional media.” How can traditional media adapt? What Media Buying strategy for Luxury Brands today? Are bloggers/ influencers efficient marketing tools for luxury brands? Moderator : Dr Marika TAISHOFF, International University of Monaco • Jean STOCK, CEO, Luxe TV • Tammy SMULDERS, Global Executive Director, Havas LuxHub • Laurence GENEVET, Chief Editor, Epi Communication

15:15

COFFEE BREAK – EXHIBITIONS

15:45 16:45

ACADEMIC SESSIONS N°3: Track A = Room Adriatique Track B = Room Pacifique Track C = Room Sirocco

TRACK A: LUXURY VALUE • Bachmann, Walsh & Hammes (all from Jena, Germany) “Dimensions and behavioral consequences of luxury value: An owner-based perspective” • Lu (Fudan, China), Zhao (Cambridge, UK) & Shi (Cambridge, UK) “Value Chain of Luxury Industry - Brand as an Interdependent Value Creation Step” TRACK B: A LEGACY OF LUXURY • Lacroix (UQAM, Canada) & Jolibert (INSEEC, France) “Relationship between generative consumers and attitudes and buying intentions toward luxury brands: the mediator role of perceived value of luxury brands” • Kessous (Aix-Marseille, France), Valette-Florence (International University of Monaco, Monaco/Grenoble, France) & De Barnier (Aix-Marseille, France) “Luxury watch possession and dispossession from father to son: A poisoned gift?”

MONACO SYMPOSIUM ON LUXURY

15:30-16:10 BUSINESS WORKSHOP 3 – PLENARY ROOM

Connected beauty: when digital innovation enter into you beauty secrets! This workshop explores the trends impacting the beauty industry and invites discussions on opportunities emerging from connectivity.‎ Beyond innovation and technology, what is the value added for companies and customers? Imagine Monaco and its ecosystem as a connected beauty showcase and a success story. By Arnaud BOSSY, Director for Strategy and Implementation Consulting, Frost & Sullivan

PROGRAM THURSDAY APRIL 7, 2016 TRACK C: FOREIGN VS. LOCAL LUXURY • Karpova & Balabanis (both from Cass, UK) “Why Italian luxury brands’ personalities are perceived as more aggressive than other brands: The influence of the country personality on luxury brand personality” Shukla (Glasgow Caledonian, UK), Singh (Kingston, UK), Dall’Olmo Riley (Kingston, UK) & Moore (Glasgow Caledonian, USA) “ ‘It’s a matter of aesthetics:’ Exploring the influence of local versus foreign visual aesthetics on consumers’ luxury purchase intention” 16:50 17:50

ACADEMIC SESSIONS N°4: Track A = Room Adriatique Track B = Room Pacifique Track C = Room Sirocco

TRACK A: DE-LUXURISATION OR STILL CREATING DREAMS? • Adekanmbi & Balabanis (both from Cass, UK) “Societisation of luxury: The ultimate weapon of mass seduction and class destruction” • Kapferer (INSEEC, France) & Valette-Florence (International University of Monaco, Monaco/Grenoble, France) “The impact of increased brand penetration on the luxury dream: a dual effect” TRACK B: LUXURY CONSUMPTION: GUILTY OR NOT GUILTY? • Lu (Fudan, China), Pras (Dauphine & Essec, France) & Darpy (Dauphine, France) “Virtues, Ambivalence, and Postpurchase Guilt: Luxury Goods in China” • Morhart (Lausanne, Switzerland), Hofstetter (Lugano, Switzerland) & Ramanathan (Texas A&M, USA) “Sinful consumers, saintly brands: Why decadently wasteful consumption makes luxury brands seem more precious” TRACK C: LUXURY RETAILING: POP-UPS VS. LOYALTY? • Gatignon (Insead, France) & Robertson (Wharton, USA)

16:15-17:15 BUSINESS WORKSHOP 4 – PLENARY ROOM

Big Data & Luxury Fashion - Going global using big data to strategically understand, defend and penetrate each country market by Jade HUANG, CEO & Robert FIGIEL, CTO, StyleSage USA Ex-fashion designer turned technologist, Jade Huang has 10+ years of award-winning digital strategy, design, and technology experience. As a former McKinsey consultant, Robert has a Masters in Industrial Engineering from Georgia Tech, a Diploma of engineering from TU Berlin and a MBA from INSEAD, all with distinction. StyleSage delivers cutting-edge data-driven insights to help luxury and fashion retailers and brands become faster and smarter in international expansion, line planning, and in-season steering. With their innovative machine learning algorithms and technology, they collect, analyze and visualize eCommerce activity across 1000 retailers, 53,000 brands, and 100M products in over 100 countries. At two years old, StyleSage has already been profiled as a top innovator by Glamour Magazine, W Magazine, Vogue, The Financial Times and The Economist and was recently part of Techstars, the number 1 technology accelerator in the world.

“Luxury Pop-Ups: A Conceptual Framework” • Stathopoulou (University of London, UK), Balabanis (Cass, UK) & Katsikeas (Leeds) “The relational value of loyalty programs in luxury retailing” 18:00

CONCLUSIONS OF THE DAY – ROUND TABLE “FUTURE TRENDS AND TOPICS FOR RESEARCH”

Dr Arch Woodside, Boston College, Past Editor in Chief of the Journal of Business Research, Visiting Professor at INSEEC-International University of Monaco- Jean-Noël Kapferer, Brand expert, INSEEC, Honorary Editor of the Luxury Research Journal 18:30

HAPPY HOUR & FASHION SHOW

19:45

GALA DINNER

MONACO SYMPOSIUM ON LUXURY

PROGRAM FRIDAY, APRIL 8 2016 CHAIRWOMAN OF THE DAY : DR MARIKA TAISHOFF, INTERNATIONAL UNIVERSITY OF MONACO 8:30 9:00

Welcoming of participants Welcome speech by Jean-Philippe MULLER, General Director, International University of Monaco

CUSTOMER EXPERIENCES 9:10

Key Insights – How luxury brands re-define the customer experiences of Millenials?

By Nathalie REMY, Senior Partner, McKinsey

9:30-10:30

Panel Discussion – Innovation in Customer experiences – changing the scale of luxury dimensions Changing Retail Landscape, phygital experiences, Managing Service excellence

Even in the luxury category, commoditization is growing especially for products and services that can be compared across brands and channels. Thus, putting the customer experience at the core of the luxury experience appears to be of a growing importance and as a strong differentiator and driver of the brand attachment. During this panel discussion we will explore how premium brands have already defined and are implementing a superior experience to be delivered to their clients to increase brand engagement and support their growth. We will also explore how existing and future technologies will play an increasing role in completing the human and people role. Moderator: Hassan MOUHEB, Head of Luxury & Travel Europe, Nielsen • Jay SHORT, Sales Director, Inition – Virtual Reality • Marine GALL, VP Long Haul Customer Experience, Air France • Olivier ARNOUX, Senior Vice-President, Customer Experience & Satisfaction, Accorhotels • Yann EMILIAN, CEO for Generali Concierge Services worldwide, Generali Group

10:30 COFFEE BREAK 11:00 12:00

ACADEMIC SESSIONS N°5: Track A = Room Adriatique Track B = Room Pacifique Track C = Room Sirocco

TRACK A: EXTENDING LUXURY? • Kapferer (INSEEC, France) & Valette-Florence (International University of Monaco, Monaco/Grenoble, France) “Does luxury brand growth dilute the luxury dream: A cross-cultural analysis of the relevance of the ‘rarity principle” • Arda & Eren-Erdoğmuş (both from Marmara University İngilizce İsletme, Turkey) “Analyzing the factors that affect the luxury brand extension attitude” TRACK B: CONSUMERS AS ACTORS OF LUXURY • Woodside (Boston College, Visiting Professor at INSEEC-International University of Monaco), Muniz (Parana, Brazil) & Sood (Technology Sydney, Australia) “Storytelling research on how luxury brands enable consumers to enact archetypes”

MONACO SYMPOSIUM ON LUXURY

11:00-12:00 BUSINESS WORKSHOP 5 - PLENARY ROOM

Dream, Plan, Book, Stay, Share and Return: how User Generated Content impact the entire Customer Journey and how Accorhotels uses eReputation to improve its Customer Experience. by Olivier ARNOUX, Senior Vice-President, Accorhotels. At Accor worldwide, Olivier Arnoux defines a strategic Customer experience vision by brand, segment and location to maximize value creation for the Customers and Accor Partners. His department orchestrates every facet of the Customer’s experience and formalizes Customer’s touch points into specific, measurable, achievable, realistic and time bounded brand standards.

PROGRAM FRIDAY, APRIL 8 2016 TRACK C: LUXURY STRATEGIES IN CHINA • Liu (Manchester, UK) & Perry (Manchester, UK) “Positioning digitalization within luxury branding strategy A study of international luxury fashion brands use of WeChat in China” • Bartikowski (Kedge, France) & Cleveland (Western Ontario, Canada) “ ‘Seeing is Being:’ Consumer Culture and the Positioning of Premium Cars in China” 12:00 13:00

ACADEMIC SESSIONS N°6: Track A = Room Adriatique Track B = Room Pacifique Track C = Room Sirocco

TRACK A: LUXURY ONLINE (1) • Albrecht and Häger (Mannheim, Germany) “Luxury brands: Whether and what to sell on the internet” • Ordabayeva (Boston College), Cavanaugh (USC) & Dahl (UBC, Canada) “Social Distance in Luxury Product Reviews” TRACK B: LUXURY - POWER AND THE POWERLESS • Dubois (Insead, France) & Anik (Virginia, USA) “From Status to Power: When and Why Do Heels Make Women Feel Powerful?” • AlBalooshi, Moeini-Jazani (both from BI, Norway), Fennis (Groningen, The Netherlands) & Warlop (Leuven, Belgium & BI, Norway) “Virtue in Vice: Benefits of Conspicuous Consumption for the Powerless” TRACK C: LUXURY, FASHION AND MASSTIGE • Pham (Parker, Switzerland) “Are you in or are you out? How fashion equity and luxury brand desirability are impacting consumers’ commitment towards luxury brands?”

12:00-13:00 BUSINESS WORKSHOP 6 – PLENARY ROOM

Adressing the Human challenges of Customer-centric strategies – Presentation of the E movie learning “Le luxe c’est vous”, the most innovative learning tool in the luxury fields. By Hervé DE GOUVION SAINT CYR, Luxury Attitude, INSEEC Luxury Attitude is INSEEC’s consulting and training company which mission is to narrow the gap between the brand promise and the Client’s perception of the brand. All Luxury Attitude trainings cover the three dimensions: the professional dimension, the human dimension and the aesthetic dimension. In 2015, they launched an innovative e-learning tool “Luxury – it’s YOU”, to train the new generation of brand ambassadors in the luxury retail and luxury hospitality fields. Written by a television screenwriter, directed by a feature film production company, this e-Movie gets learners totally involved in a motivating and addictive intrigue. It combines an handson learning approach and methods of storytelling.

• Kaswengi (Orléans, France), Diallo (Lille, France), Akrout (INSEEC, France) & Valette-Florence (International University of Monaco, Monaco/Grenoble, France) “Effects of marketing variables and consumer characteristics on masstige brand choice under turbulence: Evidence from panel data”

13:00 LUNCH BUFFET

MONACO SYMPOSIUM ON LUXURY

PROGRAM FRIDAY, APRIL 8 2016

EMOTION, TRADITION AND INNOVATION – STRATEGIC SHIFTS

14:00

“Monaco is a luxury brand” by Guillaume ROSE, President, Monaco Tourism Authority

14:15 15:15

ACADEMIC SESSIONS N°7: Track A = Room Adriatique Track B = Room Pacifique Track C = Room Sirocco

TRACK A: LUXURY ONLINE (2) • Beal, Romaniuk & Patrick (all from University of South Australia, Australia) “Reaching luxury brand buyers and driving desire: Are Advertising and Word-of-Mouth partners or substitutes?” • Mosca, Casalegno & Rosso (all from Turin, Italy) “Social commerce and luxury brands: an empirical study across different product categories” TRACK B: ABSTRACT VS. MULTISENSORY LUXURY • Cervellon, Mars (both from Edhec, France) & De Barnier (Aix-Marseille, France) “Should luxury be described in concrete language? The influence of online product description on purchase behaviors in contexts of psychological distance” • Wiedmann, Haase, Labenz & Hennigs (all from Leibniz, Hannover, Germany) “Multisensory Marketing in the Luxury Industry Effects on Brand Experience and Customer Perceived Value” TRACK C: LUXURY PRICING STRATEGIES • Fraccaro & Macé (both from ESCP Europe, France) “Odd and even pricing applied to luxury goods: effects on brand image” • Aiello, Donvito & Vannucci (all from Florence, Italy) “Price Lining and Odd Even Price Strategy in the Luxury Fashion Market: The Results of an Exploratory Research”

15:15-15:45

BREAK

MONACO SYMPOSIUM ON LUXURY

PROGRAM FRIDAY, APRIL 8 2016 15:45 17:00

Hyper luxury: Unique Pieces and ultimate luxury – jewelry, yachts, perfumes, fine arts The latest trends on a more global market

The global population of ultra-high-net-worth individuals grew by almost 5,200 last year, according to data prepared exclusively for The Wealth Report. This latest increase means 65,335 people have joined the ranks of the ultra-wealthy over the past decade – a rise of 61%. Most notably, Asia overtook North America as the region with the second-largest UHNWI growth. How does this “segment” dream, expect, buy, consume, enjoy, or “invest”? What “Segmentation”/ CRM/ Prize on these markets? Moderator: Bertrand PETYT, CEO/COO, Parkview • Luca BASSANI, CEO, Wally Yachts • Bruno COTTARD, Vice President, Jean Patou • Emilie VILLETTE , Business Development Director, Christie’s 17:00

“What Luxury marketers can learn from Hollywood” by Dr Sanjay SOOD, Professor UCLA, Mirei TAKASHIMA, UCLA

17:20

Closing Cocktail Party Sponsored by the Monaco Tourism Authority

18:30

End of the Symposium

MONACO SYMPOSIUM ON LUXURY

BIOGRAPHIES OF SPEAKERS

MONACO SYMPOSIUM ON LUXURY

BIOGRAPHIES Olivier Arnoux is Senior Vice President, Guest Experiences & Satisfaction for Accor. Olivier is part of the Accorhotels “Customer Expertise and Loyalty” department, regrouping CRM, Loyalty, Customer Service and Guest Experience. Prior to his position, Olivier was SVP Customer Experience for Pullman Worldwide, the upscale Accor brand in 2013 and SVP Guest Experiences & Operations for Sofitel Luxury Hotels from 2007 to 2012. He has worked on the repositioning of Sofitel into the luxury hospitality segment improving the brand from 48% of Guests totally satisfied in 2008 to 68% in 2012 worldwide. Olivier is graduated from the French business school HEC where he has obtained an Executive MBA and from the MBA Institute (Inseec Group) where he has obtained a bachelor of Business Administration. Luca Bassani Antivari, entrepreneur, is President of Wally. He founded the company in 1994 introducing a new concept of sailing cruiser that opened up a new route in yacht design. After having revolutionised the sailing yachts, in 2001 he developed and introduced the wallypower line changing the whole powerboat design like he did with sailing. Thanks to his innovative approach and his design skills, Bassani created an outstanding and iconic brand in both the yachting industry and the luxury market. Bassani’s breakthrough products are regarded as the state of the art in design: Wally is the only yachting brand two time winner of the Compasso d’oro (2004 and 2008), the world’s most important award for quality and design. Passionate and visionary yachtsman, Luca has been sailing for over 40 years and him and his family have owned over 25 boats. Luca Bassani graduated in Business/Economy at Bocconi University, Milan, in 1980. Ralf Boettcher is Head of CRM at Bentley Motors Limited. Ralf Boettcher is responsible for the Customer Relationship Department within Bentley Motors. He has lived with his family for four years in Crewe, England. Before he moved to England, he had different roles within Sales and Marketing as part of the European operation. He is convinced, that unique customer engagement is the key to long lasting customer loyalty. He says that “in order to really engage with customers, you do not need big budgets, but you need to be present in the moment, have attention to detail and dare to be creative.” Arnaud Bossy is the Director for Strategy and Implementation Consulting at Frost&Sullivan. Arnaud brings‎ 15 years of cross industry‎ expertise, thinking the future of organisations and making it happen, increasingly focussing on digitization‎. Arnaud has a very pragmatic approach‎ to both develop far fetched opportunities and evaluate company readiness, engaging leaders in growth for their business. Bruno G. Cottard is Vice-president Jean Patou Paris since July 2011. His career in the perfume industry started in 1981 at Hermès as Perfume Sales Director France. He learnt with Jean-Louis Dumas the difference between real and fake Luxury and built life-long relations with the top management and family of this exceptional luxury company. His position of Sales & Marketing Director Europe allowed him to introduce modern methods of management and optimize perfume sales until 1991, when he left Hermès. He then started to work as General Director France/Benelux at Unilever, who had just bought Elizabeth Arden and Calvin Klein. He developed Arden’s care products, the perfume brands Jean-Louis Scherrer, Chloé, Karl Lagerfeld, Valentino and especially Nino Cerruti by launching the perfume 1881, which became a classic. Mr Cottard also became a member of the Arden Europe board and Scherrer’s World CEO. When Unilever sold his prestigious brands in 2001, he had acquired global multinational companies’ methods and thus created his consulting

company LAFRECO BEAUTY SERVICES. He introduced in France brands such as Zihr or Swiss Balance and created Lulu Castagnette perfumes. He advised Designer Parfums for his strategic acquisitions such as Jean-Louis Scherrer and Jean Patou that he co-manages today. Marc Dubrule is a specialist in Beauty Brands Management and Strategy. He entered L’Oréal in 1986 and has held various General Management positions since, such as Lanvin Fragrances General Manager, L’Oréal Luxe Korea General Manager, Biotherm CEO, and Lancôme CEO. In 2006 Marc became L’Oréal Luxe Strategic Development Director before and played a key role in the acquisition of Yves Saint Laurent, Clarisonic and Urban Decay, as well as in the development and success of the Division during these past years. Marc Dubrule has been appointed Chief Strategic Development Officer of L’Oréal Selective Divisions (Luxe, ACD, Professional, and The Body Shop) in July 2013. He has the mission to develop major strategic axes, external growth by acquisitions or licences, prospective, and synergies between each of the selective divisions. Yann Emilian began his professional career in 1989 in the industry of high-end credit cards at American Express. In February 1993, he joined American Express Bank to be successively Senior Private Banker and Head of Marketing & Communication, and from 1997 he integrated several banking institutions as Marketing and Communicaiton Director, Member of the Board, General Electric Money Bank, Société Générale, Citibank Plc… In 2005, Yann Emilian joined the US Group Cendant, which later became Affinion International, a leading global provider of comprehensive marketing services and loyalty programs, successively as Marketing & Sales Director, Executive Vice President and General Manager and finally CEO France & Benelux. With this experience, the leader of Premium Concierge Services, John Paul, uses his expertise to deploy the group at an international level (Asia, Africa, and Europe) and actively participate in its organic growth as Group CEO. Yann Emilian holds a graduate degree of EDC Business School and also of ESCP Europe in General Management / Strategy and Marketing. Furthermore, Yann is President and Founder of the “Club Amex” an influent Alumni Group of American Express Network (520 members among the most influential in Finance) and member of the Cercle of Private Banking. In 2016, Yann Emilian became CEO for Generali Concierge Services worldwide. Robert Figiel, Style Sage CTO. Robert is an industrial engineer with a background in statistics and computer science. As a former McKinsey consultant, Robert worked on a wide range of projects across Europe and Africa. During university, he worked at a cancer research center, where he developed software to auto-detect cancerous structures in 3D MRI images during treatment. A proud global citizen and passionate traveler, Robert speaks 5 languages, has lived and worked in 9 countries, and travelled to 50+ countries. Robert has a Masters in Industrial Engineering from Georgia Tech, a Diploma of engineering from TU Berlin and a MBA from INSEAD, all with distinction. Marine Gall, AirFrance Head of Long Haul Customer Experience. With a very high level of knowledge in Customer Experience, Marine Gall brings a new vision of service by designing a Long Haul Travel Experience. She is committed to make live the Air France Emotional culture with the new cabins of course but also put the Human dimension at the heart of the strategy of Air France with a new Spirit of Service. In a recent past, she had in charge the project of the opening of the Flagship Air France La Première in Roissy Charles De Gaulle Airport with the creation of the new La Première lounge exclusively dedicated MONACO SYMPOSIUM ON LUXURY

BIOGRAPHIES to Customers of exception, and more recently, the opening of the Business lounge in the Hall M of terminal 2E. Since 2013, Marine Gall is Head of Long Haul Customer Experience. She is entrusted with repositionning AIRFRANCE brand as part of the Best & Beyond project to upgrade long-haul products and services. Laurence Genevet, EPI Communication. After a few years in marketing positions in large groups (Coca-Cola, Unilever), Laurence Genevet was passionate for the press, publishing, and more broadly, Communication. She served as Director of Advertising at Midi-Libre Group, La Dépêche du Midi, commercial director of Nice-Matin Group. Then, at 47, she has “taken the plunge” by buying shares in EPI Communication, a publishing and communication company in Monaco which she runs for 5 years now. Laurence Genevet graduated from the University of San Francisco (MBA) and INSEAD. Hervé de Gouvion Saint Cyr started his career in the hospitality industry, staying nine years with the Concorde Hotels Group. He was the Director of Sales and Marketing at Hotel Lutetia Paris, and at Hotel Ambassador, repositioned the brand entirely and managed important hotel renovations. Joining the Dorchester Collection as Director of Sales at Hotel Plaza Athénée Paris for seven years, Gouvion Saint Cyr received his first training from Luxury Attitude. He then decided to give a new orientation to his career by joining Luxury Attitude as Consultant, then Director in 2012, when the company became part of INSEEC. His responsibilities have been covering the company’s sales & marketing strategies and the extension to a new portfolio of clients with a launch of a second brand name Customer Experience. Philipp Heine, Assistant to the Member of the Board for Sales, Marketing & Aftersales, Bentley Motors Limited. In his current role Philipp provides the Member of the Board with relevant information, produces presentations and answers external non-media requests. He is responsible for the content and of the top management meetings and the action delivery. In his role he runs a number of strategic, cross functional projects such as High Net Worth Individual research, Revenue Stream and Classic Car initiatives. Before Philipp moved into his current role he was responsible for the retailer network development in UK, Eastern Europe, Middle East, India, Africa and Russia including market entries. In former roles Philipp gained extensive experience in running automotive retail businesses. Philipp holds a Diploma of Economics. Jade Huang, Style Sage CEO. Ex-fashion designer turned technologist, Jade Huang has 10+ years of award-winning digital strategy, design, and technology experience. She is a frequent industry speaker and mentor. Most recently, she was a featured presenter at the 4th annual Financial Times Innovate America Forum, where StyleSage was named a top innovative startup. Jade studied fashion design at Parsons School of Design, and has a Bachelors in International Trade from Fashion Institute of Technology. She has a MPA in International Economics from Columbia University, and a MBA from INSEAD where she was awarded the L’Oréal Scholarship for Creativity & Entrepreneurship Spirit. She is also a 2016 NYC Venture Fellow. Jean-Noël Kapferer is an academic authority on luxury. An HEC Paris Graduate, Ph.D Kellogg Business School (USA) he analyzes the mutations of luxury brand management. Honorary editor of the Luxury Research Journal, his research articles are widely published in international journals. Co-author of the reference book « The Luxury Strategy », and very recently of « How Luxury Brands Can Grow Yet Remain Rare » he leads executive seminars on luxury

MONACO SYMPOSIUM ON LUXURY

management all around the world and has been Advisor to the President of INSEEC since April 2014. Sarah Lo Bosco, Brand and Luxury Research Manager, Bentley Motors Limited. Sarah is responsible for researching the world of luxury and providing Bentley with key insights whilst making them relevant to the business. She is also responsible for researching how the brand is perceived amongst customers and non-customers. Sarah works on many strategic projects, most recently, High Net Worth Individual research, Luxury Vehicle research and the Future of Luxury. Sarah has been with Bentley Motors since 2008. In her previous role she was responsible for analysing the current and future competitive market for Bentley, supporting the company’s short term and long term sales plans. Sarah holds a degree in Retail Marketing. Hassan Mouheb is leading the Luxury & Travel verticals for Nielsen Europe as well as the HNWI Customer Insight Practice. Previously Hassan has held several positions as head of Customer Research and Customer Experience for Private Banks such as UBS in Switzerland and with other premium brands. In those positions Hassan has successfuly designed and implemented worlwide Markcomms programs and teams. Hassan is also lecturer at IUM INSEEC in Master for Luxury Goods and Services – Hospitality. He also provides lectures on Marketing Intelligence for MBA and Masters in Luxury at SDA Bocconi University in Milano. Hassan holds an EMBA from HEC Paris and a Master degree in Mathematics, he speaks French, English and German. Bertrand Petyt comes from a hotel & cruise background, having worked for many years in several operational management positions for the Sofitel brand in the US and then as Corporate Fleet HR Manager for Regent Seven Seas Cruises. Bertrand then took over the position of Business Manager for V.Ships; in this position, he oversaw the recruitment, training and consulting services of V.Ships, working very closely with hotels and cruise lines in defining and implementing their Human Resources, Operational Standards, Recruitment, Brand Development and Training strategies. Bertrand also worked as Hotel Director on-board the 6-star vessels of Silversea Cruises, voted the Best Ultra-Luxury cruise line 9 years in a row, before re-joining the V.Ships group as Crew Operations Manager. V.Ships Leisure is the largest ship management company in the world, with over 1,200 vessels managed including the six-star fleet of Silversea Cruises. Bertrand currently assumes the role of Director of Operations for the Monaco-based Parkview Private Collection, a holding company which regroups the leisure interests of a family-owned enterprise, with a focus on Ultra-Deluxe assets and brands.Bertrand is also Professor of Management and Project Manager at the International University of Monaco where he is responsible for Hospitality Operations Management and Human Resources Management classes for Master-level students.   Nathalie Remy is a partner in McKinsey French office that she joined in 2000, after a prior consulting experience. She is a leader of McKinsey’s Apparel, Fashion and Luxury practice. Nathalie has worked extensively in the fashion, beauty and luxury space, serving renowned brands across a variety of issues and geographies. Combining her passion for consumer understanding with fascination for beautifully designed products, she has developed a deep expertise on strategy, marketing and sales related issues, primarily growth strategy, brand positioning, merchandizing optimization, go to market excellence and digital transformation.

BIOGRAPHIES Nathalie is a graduate from the Solvay Business School, Brussels and holds an MBA from INSEAD, Fontainebleau. Born in Belgium, she currently lives in Paris with her husband and their three children. Jay Short is New Business Director at INITION in London. Having worked with a diverse range of clients from the likes of Google, Facebook to Adidas and Mr Porter, Jay has overseen projects using the likes of virtual and augmented reality as well as other immersive technologies. Working for a company that is ‘technology agnostic’, he is a strong believer in using the right technology for the right application rather than just because there is a buzz around it. Kate Slaymaker is Head of Travel and Luxury for Nielsen UK. She has advised premium businesses on brand essence and marketing effectiveness research for 5 years, following a former career in events. Kate’s expertise lies within advertising effectiveness, and more specifically digital media. Working in this ever evolving landscape and with a naturally inquisitive nature Kate has a passion for cutting edge and custom research methods which deliver actionable insight to address business needs. Kate has a reputation for building strong client relationships founded on her ability to marry robust strategic thinking with an instinctive understanding of how to help clients realise more value from their research. With a BSC in Psychology Kate has always had a passion for understanding what goes on ‘under the bonnet’. In her current role Kate has been able to combine her passion for neuroscience and apply it to help clients understand marketing effectiveness. Tammy Smulders is Global Managing Director of Havas LuxHub, Havas Group’s global fashion and luxury business, launched in 2014. She also heads Havas’ innovation practice, 18 Hubs. Tammy leads an international team, and additionally works directly with key fashion and luxury clients on company vision, integrated marketing strategy, media planning and implementation, including brand strategy, creative development, generating and integrating customer insights. Her clients include Hermes, De Beers, Christie’s, Michael Kors, Jimmy Choo, Escada, Whistles, Shangri-La Hotels and Starwood Hotels. Tammy was named to Luxury Daily’s 25 Luxury Women to Watch 2016. Considered a leading arbiter of influencer and trend marketing, Tammy was also Founder of SCB Partners, the leading trend-based marketing insights consultancy, acquired by Havas in 2013. At SCB, Tammy worked with a wide variety international blue chip companies including Chanel, Burberry, Net-A-Porter, Credit Suisse, Coca-Cola, Procter & Gamble, SAB Miller, Bacardi and American Express. Before starting SCB Partners in 2002, Tammy was the co-founder and former CEO of Trust the DJ, and Electronic Music Management Company and record label. Tammy began her career in investment banking. Tammy is a board member of the Tate Young Patrons and is active in contemporary art and culture. Tammy earned a BA degree in economics from Columbia University and an MBA from Harvard Business School. Marika Taishoff, PhD, has many years’ experience teaching, writing and consulting about luxury and premium services. Originally from New York City, where she did her undergraduate and graduate studies at Columbia University, she is currently Director of International University of Monaco’s Executive MBA program, as well as of its fulltime MBA program, which has a renowned Specialization Track in Luxury Management. Prior to joining IUM, Dr Taishoff worked at IMD (International Institute for Management Development) in Lausanne, Switzerland; Imperial College Business School in London; and at Bocconi University in Milan. Dr. Taishoff has written numerous case

studies on best practice in services management and marketing, and in customer focused strategy and implementation. Many of these case studies are global award winners, and she was recently nominated by the Case Centre as one of the Top 40 Case Writers in the World. Emilie Villette is Business Development Director of Christie’s France. As an art market specialist, she holds ten years of experience on business development strategies, market positioning, clients acquisition or cultivation. Joining Christie’s in 2006, Mrs. Villette worked first with the President of Christie’s Europe on business development and communications. She was then responsible for developing effective and compelling sale and marketing strategies for potential high-value consignments (€1M and above) and worked on special projects, as the sales of “The Charles Gillot Collection” (sold total: €18.5M); “The Impressionist Collection of Fashion Designer Jeanne Lanvin” (sold total: €10.8M); “The Art Collection of award-winning Filmmaker Henri-Georges Clouzot” (sold total: €4.6M) or the annual “Hospices de Beaune Wine Charity Auction”. In addition, she has developed a strong expertise on art as asset class & art in wealth management strategies. She advices estate, institutional and private clients at all selling or purchasing stages with Christie’s and has built close working relations with the family office, banking and legal communities. Mrs. Villette is a frequent public speaker on the art market and holds a bachelor in History of Art from Paris Panthéon-Sorbonne University & Humboldt-Universität zu Berlin and a master’s degree in cultural management from Sciences Po Paris. Arch G. Woodside, Professor of Marketing, Boston College and Visiting Professor at INSEEC-International University of Monaco, is the author of Case Study Research (2010, Emerald Press), and Bad to Good (2016), Emerald Press). His 500+ research articles (archwoodside. com) appear in 50+ SSCI journals in psychology, marketing, and management. He is a Co-Editor of the Journal of Business Research and the Editor-in-Chief of the Journal of Marketing Scholars of Marketing Science. He is a member and Fellow of the Royal Society of Canada, American Psychological Association, Association of Psychological Science, Global Innovation and Knowledge Academy, the International Academy for the Study of Tourism, and the Society for Marketing Advances. His degrees include the Doctor of Letters (2015), Kent State University; Doctoris honoris causa, University of Montreal (2013); PhD in Business Administration, Pennsylvania State University (1968). Judy Zaichkowsky is Professor of Marketing in the Beedie School of Business at Simon Fraser University. Her knowledge and expertise on the role of involvement in consumer research has had a major impact on the field of marketing with almost 3,500 citations to date. In 2003, Dr. Zaichkowsky received a Centenary Award from the University of Guelph for her contributions to Consumer Research. Dr. Zaichkowsky’s research interests have evolved since then and currently include issues relating to neuro consumer decision making, design , counterfeiting, brand imitation, trademark infringement, and gift giving. Dr. Zaichkowsky has also written five editions of the leading Consumer Behaviour textbook in Canada. She is the author of The Psychology Behind Trademark Infringement and Counterfeiting (2005). Dr. Zaichkowsky, brings a perspective that has been shaped by a wealth of experience that includes serving as a MBA program director, teaching and researching in a variety of countries, and serving on the review boards to many of the best journals in marketing. She is currently teaching Brand Management, Consumer Behaviour and Retailing Berlin, the Beedie field school. MONACO SYMPOSIUM ON LUXURY

INSEEC'S LUXURY EXPERTISE INSEEC Business School was founded in 1975 in Bordeaux, France. Now an international group, INSEEC has campuses in the heart of 7 major European cities (Paris, Bordeaux, Lyon, Chambéry-Savoie, Geneva, Monaco and London), in San Francisco and Shanghai. Gathering 16 schools and 15,500 students, INSEEC offers programs in Management, Finance, Marketing and Communication and

specialized fields such as Digital Media, Wine & Spirits, Sports, Real Estate and Luxury Management. The INSEEC Research Center has become one of the most dynamic and fast growing in Marketing. It now comprises 60 researchers in all areas of management, with strong focuses on marketing, finance and human resources.

A vital sector for the French economy, resistant to the traditional effects of globalisation, Luxury today plays a key role in INSEEC’S strategy. Establishment of the INSEEC Wine & Spirits Institute ten years ago, followed by integration of the International University of Monaco, Luxury Attitude and INSEEC Chambéry-Savoie in the last five years, have enabled the group to develop true expertise in Luxury Management.

• The Luxury Attitude Continuing Education program in Customer Relations Excellence: as an adviser to the world’s most beautiful Luxury Hotels and major Luxury Brands for over 15 years, Luxury Attitude also offers innovative online program through the Luxury Attitude @cademy, providing distance learning in the fields of Luxury and the Management of Service Excellence. • Luxury Business Institute: based on the expertise of Luxury Attitude, LBI, settled in Shanghai, offers training aimed at businesses focused on Luxury. • Biennial International Symposium in Monaco: every two years, INSEEC holds an International Symposium on Luxury in Monaco, bringing together professionals and academics from the sector. This event provides a showcase for the work of INSEEC Research Center.

In order to raise the profile and enhance the status of the programs offered in these sectors, INSEEC has established a Luxury Institute comprising: • Bachelor’s Degrees and MSc specializing in Luxury Marketing & Communication, Fashion, Retail, Food & Wine, Event and Hospitality Management.

Located in the Principality of Monaco, Monte-Carlo on the French Riviera, the International University of Monaco, part of INSEEC since 2010, is an English language University offering undergraduate and graduate degrees in business specialized in Finance, Luxury Management, Sport Business, Marketing and International Management. It provides a unique multi-cultural community of students, representing more than 75 nationalities, an unparalleled business education environment in one of the world’s leading business centers.

Since 2006, the International University of Monaco has been a leading business school in the fields of Luxury Management, proposing a specialized track in Luxury Sales and Retail within the Bachelor in Business Administration Program, a Master in Luxury Management that enrolled more than 80 international students per year, a specialized track in Luxury Management in the MBA program and Executive Education programs in the fields of Luxury.

Luxury Attitude is INSEEC’s consulting and training company whose mission consists in narrowing the gap between the brand promise and the client’s perception of the brand. For over 15 years, it has enabled 75,000 people worldwide to drive the success of their companies by adopting the Luxury Attitude, through training

programs specially designed for the hospitality and luxury business. Luxury Attitude works with the most beautiful palaces and leading brands in the luxury and premium business with one objective: make their human assets the cornerstone of the Client experience.

MONACO SYMPOSIUM ON LUXURY

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