You know those days when you're inspired to dream further and work harder than you ever have? Well, Friday was one of those days for me. I got the chance to attend NYU Stern MBA Luxury & Retail Club's Redefining Luxury Conference. The conference featured Mary Beech, the CMO of Kate Spade, the founders of Soul Cycle, and Rebecca & Uri Minkoff. While the big names drew me into the conference I honestly didn't realize how inspiring these people really would be.
The theme and title of the conference was Redefining Luxury and the speakers really blew me away with how their companies are completely changing the field of luxury. You've probably read or seen a million articles about how millennials (like myself) are spending more and more on experiences and less on actual things. With this in mind Kate Spade and Rebecca Minkoff brands have added another whole level to their businesses. The experience of shopping with these companies is like no other in that you really get that luxury experience with all that technology can offer. I don't want to get to much into the details since I'm not an expert on all the technology, but I highly suggest learning about their innovations with this Fast Company video on RM and this article on Kate Spade.
A luxury retail brand can really no longer be just about the product and plan to stay successful in the long run, but these two companies are way ahead of so many of their competitors. Uri Minkoff actually brought up the future of 'personal drones' on our wrists and how that could be used in store. I looked up what he was talking about after the event and realized it's totally possible for this technology to be mainstream in the near future, and I won't be surprised if Rebecca Minkoff is the first brand to use it well.
Getting outside of the traditional luxury brand, SoulCycle's founders spoke in a fireside chat during the conference. While I've been a huge fan of the company since I started going to classes this summer (thanks to Hallie), it was crazy to really delve into what has made them so successful. The truth is it was a lot of hard work by the founders and truly understanding how to create a luxurious fitness experience.