Good morning to everyone and welcome to this new issue of "Paroles d'Experts" focused today on technological innovation within the Luxury Industry. Sectors receiving a lot of attention, especially from customers seeking for the latest high-tech object or the latest technological revolution which would bring comfort to their lives.
To talk about it, an industry expert, Matthieu Zeilas, Founder of the Luxury-Technologies company and the Z brand. – Good Morning – Good Morning Linda.
How would you describe the role of technological innovations all over the world today? The world is changing like never before under the influence of new technologies, of which the diffusion rate astonishes. 100 millions of connected devices were sold last year, primarily watches and bracelets. As we approach the end of the year, we are almost reaching 125 millions of connected devices, which represents an evolution of 25%. There is a huge market ahead.
Smart and connected devices are tomorrow's standards. They can bring a driving force for the creativity of luxury brands. Concerning the Luxury Industry, what is the influence of these new technologies on the market? This is a period of great change for the Luxury sector, which can frighten some historical Houses. It is important and necessary to attract these new generations, enthusiasts and major users of new technologies, whom account for 40% of the Luxury consumers in 10 years.
They are tomorrow's Luxury consumers. New technologies force us to reconsider our approach to the Luxury Industry. More than Design, Fashion or Art, technological innovations are a stepping stone for creating value for these brands.
Gradually, Luxury Houses shift from a product to a service offering. The yesterday's watch, and still today, is a contemplation object, one which let its marks on time and gives us time. Tomorrow's watch, the connected watch, is the one which gives us daily weather forecasts and makes it possible to protect ourselves from inevitable life transitions. We are shifting from a product to a service offering. It is a «service-based» device. New technologies open up tremendous opportunities within the Luxury sector in terms of creation of new products and services, , screenwriting, communication, customer relationship and even customization. Luxury brands become exploring, with a product which will lose its static aspect to become evolutive, service-based and communicative. This is the brand new approach to the Luxury Industry. Can the Luxury sector ignore technology nowadays? According to me, Luxury cannot ignore technology.
Today, new technologies cannot be overlooked and even become fundamental. For instance, in the 17th century, the clock industry was part of the diplomatic gifts between the Occident and the East. For these gifts, one chose the most refined, the noblest materials and of course, the latest technological advance so as to provide the greatest accuracy. Today, new technologies bring remarkable experiences, all along the customer journey, from the point of sales to the brand official website. These experiences are known as being key drivers of customer loyalty.
Technologies are even, for some people, a way of showing their social status.
I believe it is essential for a Luxury House to be able to integrate these new technologies as of now, in order to modernize itself, attract and touch these new consumer targets. Always sticking to its core values, codes, brand positioning and its DNA.
Today, innovating while preserving its know-how is possible. Does that inevitably imply “breaking codes” while innovating ? In the literary and artistic history,
changes were often conducted at the cost of a violence, that we find in the expression “breaking codes”. Innovation is the only way for brands to be able to reveal their past and heritage while preserving the vitality which today's customers require.
However, innovation cannot be radical since each luxury brand is here to last and has established a long-term view. They chose to be integrated upstream in the production process for a better control. However, here, they will have to work with an external actor so as to integrate these new technologies of which they do not possess the know-how. For a luxury brand, avoiding a bad turn implies to take risks.
This transition phase is full of opportunities. Nobody knows what the future will be, but something sure is that it is being written today. You are knowledgeable about the subject as you are the Founder of a company named Luxury-Technologies. What is its specificity on the market ? We are an authentic luxury crafter 4.0
We develop for Luxury Groups and Houses turnkey solutions of high-tech products. We offer them high-tech products which they introduce to their clients and are seamlessly fitting with their historical brand positioning and their DNA. The main function of luxury brands is to fight against the boredom due to the saturation of desires and products.
Our approach is to introduce technological innovations which bring a singular experience, emotion, while targetting the new generations. What are the biggest challenges to which you are confronted today? The biggest challenge is to manage to tell a story between tradition and modernity for the Luxury Houses we are working with. It will be necessary to capitalize on the brand heritage and its long-term view. It is cultivating a form of Art and waiting. The challenge is to keep customers dreaming. Possessing an object has become secondary and customers are now seeking for emotion and experience. Transmitting this emotion for a luxury House can be done through an invitation in its journey. It is a transmission of its own history. Technological innovations are compatible with Luxury. One just needs to find an equilibrium, especially by reducing time to market of the high-tech product so as to fight against built-in obsolescence.
Tell us more about your brand, la Maison Z. Thanks to our expertise with Luxury-Technologies, we are able today to work and collaborate with small or larger high-tech brands to develop and produce for them a unique version of one of their bestseller product.
We select elegant high-tech products which are precious, useful and innovative and we refine them using natural and noble materials, transformed thanks to the know-how of
French craftsmen. These unique creations become
precious travelling companions. We see each of our creations as a way to reward small or special occasions. We give them an authentic soul, we bring them to life. Each product is designed by our passionate team as an artistic and technical masterpiece.
It is the genius of new technologies with the traditional know-how of French craftsmen. The meeting point between tradition and modernity. We collaborate with companies distingued by the State label "Entreprise du Patrimoine Vivant", which guarantee the excellence
of French craftsmanship. We also work with the New Luxury Codes label which allow us to search and select natural and noble materials, within the framework of our engagement for sustainable development.
What are your plans for the future? We have new presentations and follow-up projects with Luxury Houses already interested in our brand. Apart from that, we are preparing ourselves for the launch of a new product for the 2018 MZ Collection. In the end, our objective is to regularly introduce new elegant, useful and innovative high-tech objects. We will be patient. Thank you for sharing with us your expertise. Thank you Linda for inviting me. Thank you for listening in. Stay tuned for a forthcoming "Paroles d'Experts" issue..