The room was filled to capacity with business students who were eager to learn about developments and trends in the international luxury goods market from Mr. Alessandro Fiorentino of Mode Consulting and luxury hotel operator, Positano. Fiorentino brings years of experience to the table. This lecture was the third and last of the spring series hosted by the Business Administration program at AUR.
The lecture began with a brief background about the luxury goods industry. The luxury goods market includes cars, hotels, cruises, wine and spirits, private jets, hotels and designer clothing and jewelry. Mr. Fiorentino discussed international groups such as LVMH, which owns renounced brands of Moet, Hennessy and Louis Vuitton, Richemont, an international holding company, owning Cartier, Montblanc Kering group, which owns Gucci, Balenciaga, Puma and Swatch Group, swiss made luxury watches.
Fiorentino gave insight on this consolidated industry. The global luxury goods market was not prone to the recession but also suffered financially, similar to other businesses. Fiorentino then discussed the current trends in the global luxury market. In 2016, luxury goods expenditures grew by 6% and there is an overall growth of 3.6% in sales over a year. Digital trends have influenced luxury goods consumption . Additionally, there has been an consumer increase of demand in luxury experiences, not just items, such as hotels and cruises.
Interestingly enough, Fiorentino connected the lecture back to the city of Rome and the influence of the luxury goods market. In the area of EUR, Palazzo della Civilta, Fendi an internationally recognized brand of luxury items has revitalized and transformed the ancient building to its brand’s headquarters. Within the city center of Rome, FENDI has also a hotel and restaurant, ZUMA. Bulgari, a highly successful luxury jewelry company has its flagship store founded in Rome.
It is safe to say that Mr. Alessandro Fiorentino’s visit was a huge success! The lecture was not only informative but engaging to all students from various business backgrounds. Unfortunately, this was the third and last business series lecture of the spring session. Be sure to keep an eye out next fall for the next series of lectures the business administration program will host!