FSW Insights: Luxury Strategy and the Year Ahead 2024 (download version)
FSW Insights: Luxury Strategy and the Year Ahead 2024 (download version)
FSW explores the opportunities and challenges for luxury strategy in the New Year.
The team at Fashion Strategy Weekly is proud to debut the inaugural edition of FSW Insights: Luxury Strategy in the Year Ahead.
This new annual is designed to what we believe are the key trends that will challenge strategy-makers across the luxury industry over the next 12 months.
In keeping with FSW’s themes throughout the year, the annual preview focuses on trends in strategy, technology, economics, and sustainability.
Previews and forecasts for the year ahead in any industry are always fraught with peril. Forecasting models—whether they be quantitative or qualitative—are informed heavily by the (recent) past. So to the degree that the future does not represent a tweak to the past, they go astray. Typically, forecasts get inflection points or big changes in trends wrong, which makes sense.
For our preview, we have leaned into some predictions of what may happen in the luxury industry in 2024. More importantly, we have laid out strategies for addressing the challenges posed by each forecast that we hope can be adapted to a wide variety of market settings, whether our forecasts are directionally correct or not.
These strategies include: (1) applying BCG’s ambidexterity strategy to navigate the enduring uncertainty and unpredictability in the global luxury market; (2) deploying better quantitative attribution models to measure the impact of new technologies in the industry; (3) putting in place a tailored communications and content strategy to support the transition to more sustainable business models; and (4) thinking more carefully about the insights from price/volume/mix analysis.
We hope that these ideas are useful and provide food for thought to luxury industry decision-makers this year.
At FSW, we are grateful to our subscribers for continuing to support our efforts to bring practical, action-based insights to decision-makers within fashion and luxury. While we are committed to maintaining FSW as an open resource for research-based fashion and luxury strategy insights, 2024 will bring some changes as we begin to expand our offerings later in the year.