Consuelo Castiglioni, creative director, Marni: “We consider the difficult economic situation as an opportunity of growth for the future, leading to the expansion of the niche market. The customer pays more attention to the value of the items. We are concentrating on our core strengths: craftsmanship and creativity. We consider the Internet to be an important means to reach a broad clientele, even in countries that have no distribution or boutique yet.”

In Search of Meaningful Consumption

Donatella Versace, designer: “We designers absolutely have to re-edit our approach. It’s all about going back to your roots. The only way to entice customers to buy is to give fashion a more emotional excitement. It’s also about thinking of new ways to get your collections out there—social media, Internet, virtual runway shows—that are more cost-effective, global, and creative.”

Pierre-Yves Roussel, CEO, fashion division, LVMH Moët Hennessy Louis Vuitton: “I don’t think the luxury industry will fundamentally change. The crisis itself is just putting us back into being better in tune with what luxury and fashion are about. The reality is consumers are and will be more demanding. People are looking for meaningful consumption. They are not just consuming for the sake of buying. People want to be reassured. Discounting is something we have to get away from. We have to get back to the true value of things. Meaningful could mean environmental issues, but there are different meanings: what it takes behind the scenes to make a product. It’s about seduction, beauty, and happiness. People should feel good about buying. We don’t have to find gimmicks. We just have to be true to what fashion and luxury are really about.”

Anya Hindmarch, designer: “I think there’s going to be a shift to being really aware of buying things that give you years of pleasure. The power has gone back to the customer. I’ve always hated the idea of the ‘It’ bag. Being on a waiting list for something everybody else has is not luxury. There are two very different moods. Yes, people are absolutely buying fewer pieces, but you also want something that really makes you feel amazing. I recently bought a jacket in fluorescent yellow, which says change; it says new. There’s been a huge surge in the bag market, and analysts are saying it’s going to move to jewelry, but I’m not sure. A bag is very tribal; it shows who you are.”

Fabrizio Malverdi, CEO, Givenchy: “For consumers, the biggest change in the luxury business post-downturn will be raising the consciousness of a new way of spending: not necessarily less, but more focused on authentic values, on brands that are able to tell a real and coherent story. The service and shopping experience we are able to supply will influence consumers’ attitudes and habits. More and more, customers and their needs will be a core part of our business activities. They know that they are able to influence the destiny of a brand, and they will be more and more demanding.”

Graeme Black, designer: “Recycling has become the new cool. People are thinking of it like vintage—it has that sort of cachet. In terms of buying, they are pulling back—buying two pieces instead of five. People are also starting to think of luxury as time spent at home with the children, with the concept of creating a home.”

Allegra Hicks, designer: “I think luxury is becoming much more of an internal thing. It’s no longer about looking at the next person to see what they have—all that has been destroyed by the recent crisis. My vision for my customers is to come into the store to buy something that will make them feel good, something that won’t be dead in three months’ time. I think the new luxury is about no longer running after the latest trend, but understanding your personal style.”

Carlo Giordanetti, creative director, Montblanc: “The reemerging of true, solid, inspirational brand values will be real criteria for customers to show their interest in a brand. Customers have become more demanding in their selection criteria; they have rediscovered the power of saying ‘no,’ and they are not ashamed to express their need for confidence and expertise. They have also learned to favor those brands that show ethical behavior in a proven and solid way.”

Elisabeth Ponsolle des Portes, president and CEO of the Comité Colbert, an association of 70 French luxury brands: “We see consumers make purchases guided by a desire to make a real investment, to acquire a product that has a history and that can be passed to their children. They are more and more attracted to quality products, but also to the concept of sustainability, which is set to become key for the luxury industry.”

Sergio Loro Piana, CEO, Loro Piana: “There will be a return to content rather than form, to values and tradition rather than excess, quality rather than flashiness and show-off. Customers will have a wider awareness of the environment and will be willing to buy products that fulfill a promise of quality and durability, that are sustainable and here to last. Luxury consumers will look for value and only go for the best.”

Donna Karan, designer: “There is a new way of looking at luxury. Cashmere is cashmere. What feels good feels good, and you are not going to change that. There is a new luxury out there. It’s not only about, ‘Oh, I am going to buy the most expensive something.’” Luxury, she added, will encompass a multitude of lifestyle issues, from finding the time to enjoy a sunset to “being able to eat well and take care of yourself and being able to have a lifestyle."