Revolutionizing Luxury: AI, Sustainability, and Digital Transformation in 2023

Global Powers of Luxury Goods 2023: Navigating an Industry Revolution

The luxury goods sector has not only surpassed its pre-pandemic profitability levels but is also undergoing a transformative shift towards a more environmentally conscious circular economy model, driven by customer expectations and regulatory pressures. This industry, synonymous with exclusivity, craftsmanship, and innovation, now sees the integration of cutting-edge digital technologies such as , and the Internet of Things IoT at its core. These innovations are revolutionizing not only customer experiences but also sustnability practices, supply chn management, and product authenticity.

Authors: Giovanni Faccioli Karla Martin Evan Sheehan

In this year’s insightful report, we delve into an analysis of 100 largest luxury goods companies across different geographies and product sectors. The evolving trs shaping the luxury market are explored alongside a comprehensive assessment of their performance.

Notably,is making its mark in the luxury industry as brands leverage its capabilities to offer personalized product recommations, styling advice through Gen chatbots, and real-time customer support, thereby enhancing shopping experiences.

Moreover, the luxury sector's commitment towards sustnability is evidenced by its transition towards a circular economy model. Digital Product Passports DPP and Digital IDs are being utilized for documenting a product’s entire lifecycle, from design to -of-life stages. This shift benefits companies in increasing consumer trust, improving brand sentiment, minimizing greenwashing risks, offering comprehensive product tracking capabilities, reducing the number of goods in circulation, and exploring innovative business.

Key Findings:

1. 's Impact on Luxury: Luxury brands have embracedto offer personalized experiences through chatbots and virtual assistants, enhancing customer engagement.

2. Circular Economy Transformation: The adoption of sustnable practices is reshaping traditional luxury industry norms with the integration of DPPs and Digital IDs to ensure lifecycle transparency.

Thought Leadership:

• Sustnability Integration: Retlers are expanding their sustnability efforts beyond production processes to encompass supply chn operations, utilizing technology for environmental improvements.

• Economic Uncertnty Navigation: Retl CFOs face challenges in a period marked by economic uncertnty. The mindset shift towards modern finance management strategies is imperative for success.

Expert Contacts:

Giovanni Faccioli Fashion Luxury Market Leader [email protected]

Karla Martin Managing Director, Deloitte Consulting LLP [email protected] +1 415 218 7645

Evan Sheehan Global Retl, Wholesale Distribution Sector Leader [email protected] 617 437 2734

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