Luxury: The new rules

Luxury USA is re-evaluating its priorities post pandemic as macro-economic clouds start to gather. After three years of covid, what lessons have been learned and how can brands future proof for a more politically astute and saavy clientele?

The good news is that despite inflation and price increases forcing consumers to tighten their belts, affluent Americans continue to spend on luxury goods and experiences.  Whilst Europe and China saw accelerated growth last year, the US luxury goods sector enjoyed a solid rebound. Cities such as Austin, Pittsburgh and other non-coastal cities are experiencing a new luxury status as people relocated across the USA during the heights of the pandemic. The turbulence in international markets has highlighted the importance of local.

As part of taking control, some brands are future proofing by taking control of their supply chains – acquiring their suppliers –  giving them control over manufacturing and greater transparency for a politically aware clientele. Equally brands are continuing to invest more in ecommerce whilst some are revisiting bricks and mortar. And with an expanding Gen Z clientele, gaming partnerships and NFTs are set to offer new revenue streams for luxury brands.

The 2022 Luxury Law Summit Americas was a unique opportunity for general counsel and in house legal teams to discuss experiences and share insights on these latest trends and challenges. Bringing together the leading luxury brands, leaders and thinkers in luxury enjoy unrivalled access to this high end legal marketplace.

Benefits of attending included:

• CEOs, founders, general counsel joined a range of speakers from the world’s leading brands to discuss the hottest issues on the agenda for luxury companies.
• The event honed in on the latest trends and predictions for the US luxury market and what today’s luxury brand must do to stay ahead of the curve with The New York Times head of fashion Vanessa Friedman lead the conversation.
• Attendees gained insights from the doyen of fashion and creator of the iconic wrap dress – Diane Von Furstenberg – and her CEO Gabby Hirata – on the business of fashion.
• The travel sector was also in focus as the democratization of luxury creates a need for greater exclusivity for the ultra-rich. Attendees learnt more about today’s travellers – their mindset, buying trends, and what’s next for this important segment of the luxury market.
• Attendees heard the latest from California, which sets the ‘Golden State’ standard for retail law compliance – from deceptive pricing litigation, the new threat of mass arbitrations, the state’s suite of ESG laws and the latest privacy class action trends under the CCPA and CIPA.
• US attorneys attending the Summit can claim up to 6 CLE credits* – FIND OUT MORE

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