- Posted October 23, 2013 by
Victoria Melbourne city, Australia
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Asian Consumers Redefine the Luxury Industry with Digital Engagement
Baker & McKenzie hosts Luxury and Fashion Industry Conference to investigate new trends and legal implications. Finds that brands must engage with Asian consumers over digital channels to connect with customers.
Hong Kong, China, 18 October 2013 – Baker & McKenzie today hosts its annual Luxury and Fashion Industry Conference to discuss the key legal and commercial issues that are shaping how luxury and fashion companies formulate their strategies in Asia. Representatives from luxury brands, fashion houses, retail outlets, and the travel and tourism industries are expected to attend the event at Conrad Hong Kong.
Drawing upon the insights and experiences of senior specialists from the luxury industry and Baker & McKenzie's partners from Asia, the US and Europe, the Conference covers a myriad of corporate and commercial trends that are driving the future direction of brands in the luxury sector – intellectual property protection, supply chain and retail planning, managing corporate compliance risk, the-state-of-play in tax and competition laws, the role of social media for luxury brands, and how to create a compelling online shopping experience.
As the keynote speaker of the Conference, Ross O'Brien, Chief Economist of Economist Corporate Network, observes, "The Asian luxury consumer is defining a new, more nuanced relationship with their brands; increasingly using digital channels to learn about the history, design values and portfolios of brands before they purchase. Brand owners must therefore invest in digital platforms if they want to stay connected with their customers."
A recent social media industry report1 led by Baker & McKenzie, revealed that less than 20% of companies operating in Southeast Asia have an interactive media strategy to connect with customers, while less than 5% of the same companies have a coherent internal and social networking program. In the competitive landscape of the luxury industry, brands must invest in digital platforms to capture customers' attention. But digital platforms bring a range of new legal challenges with them, especially considering that lawmakers often find it hard to keep up with the rapidly evolving online world.