Former Richemont Asia CEO: More Brands Hosting Exclusive Events Customers are treated to a VIP cocktail hour at Ralph Lauren's Shanghai flagship. (Affinity China) The Wall Street Journal recently covered the rising trend of luxury companies providing unique, VIP experiences to their wealthiest clientele, and to accompany the story got an insider's take on the practice through a video interview with former Richemont Asia CEO Francis Gouten, who now runs his own luxury consulting company. As Jing Daily previously noted, companies' arrangements to create special events for their most-valued customers can range anywhere from holding in-store cocktail receptions to providing free trips to Europe, depending on how far a brand is willing to go to make an impact on its high-spending clients. "This is a new trend," Gouten says of the fact that use of the strategy is on the rise, but he points out that it is "not a recent experience," as a limited number of companies have already been doing this for quite some time. "We will see that more and more," he says of the VIP approach. "People need to be informed; they want a unique experience." In the video, Gouten also comments on several other hot topics related to China's luxury market. "Flashy luxury for the time being is over in China," he notes of the recent consumer shift toward understated, sophisticated styles. When asked about his take on the slowdown, he asserts with confidence that "this is not the end of the luxury market for the Western brands in China." To hear his full interview, watch the video embedded below.
