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The Battle Over the Future of Swatch: Luxury or Fun?
The Battle Over the Future of Swatch: Luxury or Fun?

Wall Street Journal

timea day ago

  • Business
  • Wall Street Journal

The Battle Over the Future of Swatch: Luxury or Fun?

When American fund manager Steven Wood set his sights on the storied Swiss watchmaker Swatch UHR 0.26%increase; green up pointing triangle Group, he tried a suitably stylish opening gambit. He sent Chief Executive Nick Hayek cigars; a favorite book, 'The Luxury Strategy' by Jean-Noël Kapferer and Vincent Bastien; and a handwritten note laying out opportunities he saw for Swatch's luxury brands to recapture market share.

4 Strategies That Are Redefining Travel Luxury Hospitality
4 Strategies That Are Redefining Travel Luxury Hospitality

Forbes

time4 days ago

  • Business
  • Forbes

4 Strategies That Are Redefining Travel Luxury Hospitality

Today's luxury travel hospitality leaders are redefining experiences, moving away from the uniform vacation packages that have dominated the industry. An increase in interactions that blend smart technology with a genuine human connection is just one way that the industry is adapting. With the use of technology, the travel industry is discovering new avenues for fostering customer loyalty. Here are four strategies that are shaping the luxury hospitality travel industry. A lady is looking at a window display of the famous watch brand Rolex in Saint-Tropez, May 31, 2025, France. (Photo by Albin Bonnard / Hans Lucas / Hans Lucas via AFP) (Photo by ALBIN BONNARD/Hans Lucas/AFP via Getty Images) Modern travelers want hands-on luxury experiences that go beyond simply accessing upscale amenities. According to a study by McKinsey & Company, '...luxury travelers do still turn to all-inclusives for the ease, convenience, and wide variety of instantly accessible activities they can provide. But luxury travelers want these accommodations to feature exclusive offerings and personalization.' Customers are shifting away from repetitive atmospheres that are initially exciting but can become monotonous, even for highly rated luxury brands. Instead, they are turning to localized solutions that prioritize individual needs. 'In a world driven by technology, the true differentiator is the human touch. Every interaction is an opportunity to create a lasting impression,' says luxury hospitality expert Bechara Imad. As co-founder of Drive Hospitality, Imad merges high-touch human service with technology to produce bespoke guest experiences. His innovative approach established new luxury concierge parking industry benchmarks and turned a $7,000 initial investment into a multi-million-dollar business within three years. Drive Hospitality provides customized solutions unique to each property for an enhanced guest experience. Successful industry initiatives include: During this period of rapid growth, Imad listened to customer feedback to improve the experience while maintaining consistent quality across its diverse West Coast portfolio. He leads operations at hotels, special events, and luxury residential properties. Data-driven insights make it easier to identify what guests want and proactively implement recommended optimizations to create a favorable first impression. These metrics also measure progress towards achieving goals. AI-powered systems can also make digital concierge services more relatable to each guest's profile. New technology also manages administrative tasks in the background, allowing staff to focus on customer care without guests experiencing delays or uncertainty. These customer-first connections help instill loyalty as it avoids automated experiences that dominate the industry. Moreover, customer experience studies indicate that customer-centric businesses can enjoy up to 60% more profit than non-participating companies. As a result, guests can feel valued and become loyal to brands that prioritize their needs, rather than simply adopting a cookie-cutter approach for streamlined profitability. Examining your business strategy is a good idea after you've become proficient at your core service or after establishing brand equity. That may include expanding your presence to a broader service area and offering additional customer choices. For example, Bechara Imad and his partners were acquired by a nationwide company to expand their vision and address the needs of more luxury-focused customers. 'It marks a new chapter of growth, and I'm honored to continue leading as Senior Vice President as we expand our impact.' 'Our mission was never just to compete; it was to redefine what hospitality means in today's world,' Imad continues. This transformative acquisition helps Imad realize his vision of being a hospitality leader and how a commitment to customer excellence and a willingness to challenge the status quo can help your brand achieve its growth goals. The luxury services pioneer was able to navigate multiple uncertainties during the early startup days, sometimes without a clear roadmap. Resilience and learning from failure help overcome financial constraints and fierce competition. Established luxury providers have also pursued different styles of innovations to prioritize human connections in today's digital age. Prominent examples include: In-depth market research helps identify expansion opportunities for brand identity and culture. Miami Beach, Loews Hotel exterior and entrance. (Photo by: Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images) A skillful and unified staff is a common trait across the most successful hospitality providers worldwide. Great employee experiences can translate into memorable first impressions for guests and help resolve customer frustrations quickly. Imad realized early on that employee well-being is just as essential as caring for guests. This multi-pronged approach was crucial to Drive Hospitality's sustainable growth. Juggling diverse backgrounds and experiences can become increasingly challenging as your organization grows, requiring effective delegation and adaptive leadership styles that enable team members to consistently contribute to the core mission. Consider investing resources into: Ongoing career training, mentorship programs, and opportunities for employee decision-making can also help your members feel empowered and enjoy flexible work arrangements. Sharing growth strategies with startup or rebranded businesses can help improve their reach while increasing your brand awareness. This strategy exemplifies the practices you use to tap into consumer insights and achieve sustainable growth. Ambassadorship certification programs, visual storytelling, and brand consulting are popular ways to help up-and-coming entrepreneurs get started. For instance, Bechara Imad utilizes his 14 years of international branding and hospitality expertise through TEYOI Los Angeles to assist providers with their marketing campaigns, develop brand experiences, and business growth. This company combines luxury aesthetics with innovative business strategies to engage across various sectors and expand its customer base. The ideal brand development methods vary by situation and sub-industry. Your observations can help plan for changing trends and create stories differentiating from competitors. The future of immersive, luxury hospitality involves striking a balance between technology and human intelligence to set the industry's leaders apart. Anticipating guests' needs and maximizing brand equity can help meet future demands for a distinct personalized experience. Related Articles:

CoverGirl parent Coty exploring sale, WWD reports
CoverGirl parent Coty exploring sale, WWD reports

Reuters

time4 days ago

  • Business
  • Reuters

CoverGirl parent Coty exploring sale, WWD reports

June 16 (Reuters) - Beauty company Coty (COTY.N), opens new tab is seeking buyers for a selloff in two parts, fashion trade publication WWD reported on Monday, citing multiple industry sources. The company intends to sell both its luxury segment, which houses brands such as Hugo Boss, Gucci and Burberry, and its consumer division, including CoverGirl and Max Factor, the report said. U.S.-listed shares of Coty jumped 7% during afternoon trading. However, the stock has fallen nearly 25% this year as the company grapples with a worsening macroeconomic environment and President Donald Trump's erratic trade policy. The company cut its annual profit forecast and postponed its investor day in May, and said that although its tariff exposure was low, it planned to shift some production from Europe to the U.S. while broadening its sourcing of raw materials outside China. Coty was in discussions with premium perfume maker Interparfums ( opens new tab about the sale of its luxury business, the report said, adding that the talks were in early stages. Coty said it does not comment on rumor and speculation, while Interparfums did not immediately respond to a Reuters request for comment.

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