I will just share with you the main points that I took away from the conference, in no order of importance whatsoever:
- You must be passionate about the world of luxury. People there work for the idea and the feeling of belonging to the domain of gods, not the money. Luxury pays poorly, worse than FMCG. Luxury brands compensate with a "psychological salary" of being proud for working for that particular brand.
- Cognitive dissonance: selling goods worth thousands of euros while getting very modest wages: potential entrants need to be well-aware and prepared for this step.
- What they are looking for: creativity, innovation management, strategic capacity, brand management, building shared vision.
- Where will an MBA candidate most likely start? Retail. Fresh business school graduates should not expect doing big growth projects - otherwise current CEOs will be left without jobs.
- What value will you create working in the Luxury industry? A dream. You will give your customers a dream they will be living.
Carlos Delso, General Director of Louis Vuitton for Spain, Portugal and Marocco shared his four rules for success in the industry:
- Set yourself stretched goals
- Innovate to achieve them
- Know yourself a bit better each day
- Love your neighbor
Those might sound trite and common sense, but they are particularly important in an environment where dreams are "made and used and wasted". Otherwise, how will you be better than the others in dream creation?
Thus, if you are considering to enter the world of glamor, think well about the the first question you are likely to be asked at the interview (any interview, in fact):
Why are you here?
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