About 180 local and overseas academics, corporate partners, LVMH executives as well as SMU faculty and staff gathered at the Singapore Management University (SMU) on 10 and 11 May 2018 for the second edition of the LVMH-SMU Luxury Research Conference. This one-of-its-kind Conference was organised as part of a five-year strategic partnership – LVMH-SMU Asia Luxury Brand Research Initiative (2014-2019), which aims to produce and deliver independent and high quality academic research dedicated to the luxury brand sector and the Asian market.
This year, nearly 60 research papers were received from scholars representing institutions worldwide, including Columbia University, Los Angeles (UCLA), Peking University; ESSEC; Harvard Business School and Northwestern University. The Conference provided a unique platform for the exchange of insights and ideas between academic and industry, as research papers covering a range of pertinent themes were presented and discussed with active participation by executives from LVMH.
Opening the Conference was Professor Gerard George, Dean of SMU Lee Kong Chian School of Business. He highlighted that the LVMH-SMU partnership exemplifies the benefits of a convergence between academia and industry. “The ultimate reason for this partnership is to develop evidence-based insights to tackle some of the challenges faced by the luxury sector… The foundation of our collaboration is in co-creating knowledge about this industry,” he said.
He iterated that talent development is another important equation of the LVMH-SMU partnership. In fact, both organisations have invested time and resources into this endeavour. About 500 SMU students have participated in the SMU-LVMH Immersion Programme since 2014, and about 100 students have taken up internship positions at LVMH since the partnership was established.
Prof George, who is professor of entrepreneurship and innovation, also complimented LVMH for its ability to maintain its high standing through generations, and doing so in an entrepreneurial way.
[Photo: LVMH’s Mr Christopher Kilaniotis addressing the participants at the Conference.]
Mr Christopher Kilaniotis, President, Louis Vuitton South Asia, echoed Prof George’s comments when he spoke about the significance of the partnership and conference. He said that this partnership takes place at a crucial time of time of the luxury sector. “We are going through unprecedented times – a new generation is changing luxury, millenials are the present and the future. They also love something I didn’t grow up with – digital devices, smart phones… and to me that’s data. Data not only gives us academic papers, it can also give us vision, strategy and precise information,” said Mr Kilaniotis, who candidly added that he started wearing sneakers to work two years ago because the company was selling more sneakers to millennials than leather lace-up shoes.
The power of data was certainly clear in the presentation by Sephora and SMU which followed. SMU Associate Professor of Marketing Sandeep Chandukala shared how the University worked with Sephora to collect data on the usage behaviour of its Virtual Artist fixture in Singapore’s stores where customers can experiment with an infinite library of eyeshadows, lip colours etc. through augmented reality technology. The research enabled Sephora to better understand the effectiveness of the fixture design, customer preference and purchase behaviour.
In another research, SMU’s Doctoral Candidate Tan Yong Chin used sequence analysis to help Sephora understand its customers’ purchase journey in skincare, so as to develop effective marketing strategies to encourage purchase.
[Photo: Assoc Prof Sandeep Chandukala (L) and Tan Yong Chin (R) from SMU sharing the insights from their research partnership with Sephora.]
In the remaining 1.5 days of the Conference, participants benefitted from invaluable insights from presentations and discussions covering a range of topics including luxury consumers and markets in China, India and Southeast Asia; Corporate Social Responsibility in Luxury; Millennials and Luxury; Digital and Social Media in Luxury; Perceptive Luxury; and Impact of Counterfeits on Luxury brands.
On the successful organisation of the conference, Professor Srinivas Reddy, Academic Director of the LVMH-SMU Luxury Brand Initiative and Director, SMU Centre for Marketing Excellence, said, "Based on the response that I have heard from the audience, this is a tremendous example of what can happen when practitioners and academics collaborate and answer relevant and important questions for the industry."
It is without doubt that there is much anticipation for the Conference to convene again in two years' time. In the meantime, here's a video montage of the event to give you a glimpse of the robust exchange which took place between academia and industry - https://youtu.be/5Vzr8nwT3K4
[Photo: (L-R) Mr Christopher Kilaniotis, Prof Gerard George, Ms Rouia Rozakeas (Snr VP, Human Resources Asia Pacific, LVMH) and Prof Srinivas Reddy.
[Featured Photo (at the top of this article): SMU’s Prof Gerard George welcoming participants to the 2nd LVMH-SMU Luxury Research Conference on 10 May 2018.]
