The second panel discussion focused on investing in innovation and strategies for success. A cross-section of experts participated, with Geoffrey Perez, global head of luxury at Snapchat;
Saurabh R Gupta, global sales head for healthcare, consumer and wellness group, treasury and trade solutions, Citi; and Adam Nait, digital and social media director at Courrèges. Citi’s Gupta started by saying that when it comes to innovation, there are two key changes: one is around the delivery of channel innovation and the way consumers are able to access fashion and beauty in the new world of e-commerce, social commerce and fast moving to metaverse commerce. The second is in core product innovation, for example the rise of biotextiles such as Pinatex (pineapple leather) and Mylo (mushroom leather), that would materially change the supply chain in the future.
Photo: Heather Shuker
Thinking about how shoppers are discovering products, Perez spoke about the evolution of augmented reality in the last three to five years: “Today, you can see Dior’s website, Chanel’s website, Balenciaga’s website — most of them have AR try-on available for accessories, eyewear, makeup.” He also spoke about the challenges of Covid and how hard luxury brands were hit — already playing catch-up in a Web2 environment, and now needing to catch up with what’s coming next. “In the middle of the pandemic… we launched the first sneaker try-on on Snapchat. The first sneaker try-on was with Gucci and it reached 19 million people across the globe,” he said. “How much time would it take to get 19 million people into the Gucci stores to try on sneakers? It took us a couple of weeks. So, this is what’s powerful about augmented reality.”
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