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LUXURY AND TECHNOLOGY: THE BEGINNINGS OF A NEW ERA – PR Newswire

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Sep 15, 2022

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Le Comité Colbert and Bain & Company present the results of a new analysis
PARIS, Sept. 15, 2022 /PRNewswire/ — The global luxury goods industry is accelerating its adoption of new technologies, with benefits being seen in increased fluidity and transparency of customer relations, operational excellence and reduction of the industry’s carbon footprint, according to a new analysis released today by Bain & Company for the Comité Colbert, the French luxury trade association.
While the study finds that luxury houses backed by a larger group are ahead of their independent counterparts, it also reports that companies across the industry are testing additional technologies, or plan to do so in the next three years. And, for certain technologies, luxury is now a pioneer.
Today’s report concludes that the acceleration of this technological adoption in the luxury industry will require three essential levers: a cultural and organizational revolution within luxury houses and businesses; a pooling of strengths; and an openness to technological advances from other sectors.
The study is based on data from 75 member companies of the Comité Colbert and interviews with senior company executives, consortia and technological partners, as well as additional research and analysis from Bain & Company’s deep expertise in the luxury sector. Among key findings are:
The level of adoption is still low, but barriers are beginning to fall:
“The adoption of new technologies in the luxury industry is still in its infancy. They can play a central role in the profound transformation of the sector: at the service of customers, operational excellence and sustainable development. The fields of application to be explored are still numerous and promising. The pooling of forces across the sector will be a powerful accelerator,” said Mathilde Haemmerlé, partner in charge of the Luxury Goods practice at Bain & Company in Paris.
“Creativity and an interest in novelty have always been essential characteristics of the luxury business model. Its ability to integrate new technologies in line with its own requirements is a testament to the great vitality and agility of our sector. This acceleration will contribute to making luxury a pioneer in technological innovation, as it already is in non-technological innovation. It is this dynamic that the Comité Colbert, as a centre of expertise, wanted to better understand, for the benefit of its members, within the framework of this study carried out with Bain & Company,” added Bénédicte Épinay, General Delegate of the Comité Colbert.
Media contacts:
For any questions or to arrange an interview, please contact:
Orsola Randi (Milan) — Email: [email protected]
Gary Duncan (London) — Email: [email protected]
Bain & Company is the global consulting firm that helps ambitious leaders transform their companies into tomorrow’s world leaders. 
Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today’s urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.
Bain & Company is the leading strategy consultancy for the luxury industry. We have unrivalled experience of the industry worldwide, having led more than 800 consulting engagements for more than 100 of the world’s leading luxury goods companies and brands. For over 20 years, we have been publishing studies and analyses that are a reference for the entire luxury sector: groups, brands, distributors, shareholders and investors.
Created in 1954 on the initiative of Jean-Jacques Guerlain, the Comité Colbert is a unique collective. It brings together 92 French luxury companies, 17 cultural institutions and 6 European luxury companies. It represents 14 professions: Crystal, Leather & Leather Goods, Design & Decoration, Publishing, Earthenware & Porcelain, Gastronomy, Haute Couture & Fashion, Jewellery & Watchmaking, Music, Goldsmiths, Palaces, Perfumes & Cosmetics, Heritage & Museums, Wines & Spirits.
To promote passionately, to develop sustainably, to transmit patiently French know-how and creation in order to inspire dreams: this is the raison d’être of the Comité Colbert which inspires and guides each of its actions.
These actions aim to contribute collectively to the international influence of French luxury and art of living, to the preservation of know-how and creation and to their transmission to new generations. In line with the United Nations’ Sustainable Development Goals, the houses of the Comité Colbert also intend, through their joint initiatives, to make a lasting contribution to the future. 
SOURCE Bain & Company
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