We recently looked at the way the pandemic has transformed the economy in numerous ways, including:
- Changing where and how people work
- Changing the type of skills needed as the economic recovery proceeds
- Greatly elevating the role of e-commerce and especially Amazon
This week we look at the impact of these shifts on the luxury retail sector, where companies are grappling with changing demographics and sales dynamics along with new demands in executive recruiting for key luxury retail positions.
Which Luxury Retail Positions are More Important?
Luxury retail, and especially marquee brands like Céline, Christian Dior, Chanel and Louis Vuitton have long struggled with how to reach consumers across digital channels. The pandemic forced a transition that was already gaining traction and that is to enhance to the online experience and to use it to build relationships with younger consumers.
We are seeing luxury retail brands pay a lot more attention to the following positions:
- Head of E-commerce: also know as a a director of e-commerce or VP of e-commerce is a cross-disciplinary position that develops and directs the execution of all aspects of the e-commerce strategy for a brand. A strong head of e-commerce needs a blend of marketing, technology, and management skills, along with a strong understanding of trends pertaining to social media and so-called “social selling.” More on this position>>
- Executives with Amazon-specific skills: The pandemic taught luxury sellers the power of the “lipstick effect,” that is, customers are happy to add in a small luxury item or two into a more quotidian purchase of groceries or toilet paper if it gave them a brief hit of dopamine. For that reason, they are increasingly seeing Amazon as an important component of sales and marketing. More about Amazon and luxury beauty>>
Which Luxury Retail Positions are Less Important?
Overall trends in the jobs report indicate the following changes:
- Fewer dedicated retail jobs
- Serious impact on the duty free industry
- Jobs that are highly reliant on in-person contact are increasingly threatened
What Remains Uncertain in Luxury Retail
As the economic recovery proceeds full steam ahead, the following area are ones we are watching:
- The recovery of the tourism and hospitality industry which is closely threaded with the luxury retail industry
- How duty free will recover
- Will in-store “experiences” like those exemplified by Sephora and Glossier come back and remain popular in luxury sales
Other Key Considerations
Another big area we are watching are positions dedicated to increasing the reach of luxury retail to younger consumers, including the following:
How ACCUR Serves the Digital Needs of Luxury Retail
ACCUR Recruiting Services has deep experience with the luxury retail industry and the digital, e-commerce and startup spaces. We will work with you to find the right executive talent for all of your digital needs, whether that is in marketing, branding, influencer marketing or social media. Contact us to discuss your needs.
Edouard Thoumyre is a seasoned executive recruiter with over 17 years of experience in executive search, as the Founder and Managing Partner of ACCUR Recruiting Services. Specializing in the Consumer and Luxury Goods industries, he has a proven track record of placing senior level and C-level executives in family, private equity-backed, and Fortune 500 companies in the beauty, wine & spirits, watch & jewelry, home goods, and tobacco industries, among others. Edouard Thoumyre holds a master’s degree in Entrepreneurship from HEC Paris (#1 European Business School, Financial Times rankings) and a master’s degree in industrial engineering from Centrale Lille (a top 10 French engineering school). ACCUR Recruiting Services has been recognized as a Forbes Top 100 executive search firm since 2018.
Edouard Thoumyre and his firm, ACCUR Recruiting Services, have been featured in numerous publications such as WWD, Business Insider, Newsweek, CPG Specialist, Yahoo Finance, Nasdaq.com, Marketplace by NPR, Business of Fashion…