In the Hospital Club’s Bellini Bar, LCF held their EMBA Industry Networking Event. The evening featured a insightful presentation by Concetta Lanciaux titled ‘The Golden Age of Luxury’, and an opportunity for industry professionals to network with LCF students.
Before the main presentation, Concetta Lanciaux, Managing Director of Lux Advisory and former Chairman of Louis Vuitton Moët Hennessy, described why the EMBA course is so vital to individuals seeking a career in fashion business:
“I think it’s important because the fashion business is going to grow in the next 10 years, more than it did in the last 10 years. Therefore, you need managers who understand fashion, because the business is becoming more complex, more sophisticated.”
Concetta’s ‘Golden Age of Luxury’ presentation began with a comprehensive history of Louis Vuitton:
“Louis Vuitton started out as a carpenter, on a pilgrimage to join the growing Parisian industry for light, wooden, traveling trunks; used mainly for the transportation of ladies crinoline.”
Louis Vuitton’s trunks were unique because, unlike others, they were protected with a waterproof, leather, monogrammed covering. This ensured customers luggage was safe from wet weather conditions, and his trunks became favoured among the French elite.
Concetta explained that Louis Vuitton remained a small, family-run business, up until the 1980’s:
“There was a huge entrepreneurial move within the fashion industry, as companies attempted to capitalise on the growing European Middle Classes.”
Therefore, soon after this move within the industry, Concetta endeavored to employ innovative business managers from France’s Haute Ecole Commerce. However, students initially weren’t interested in the fashion industry; it wasn’t deemed a profitable business venture, therefore:
“LVMH paid Haute Ecole Commerce EUR 10,000,000 to establish a ‘Luxury Fashion‘ course. So, fashion started to be taken seriously by the students, and LVMH managed to employ a team of business managers for Louis Vuitton.”
Concetta concluded, Louis Vuitton’s current aim is appealing to the growing aspirational, Asian, middle classes; understanding the consumer and aligning he business accordingly.
Guests left the event feeling very impressed by Concetta’s achievements within the fashion industry.