Dior CEO: luxury consumers want roots, they want a story but also modernity
In a conversation with Maurice Lévy, Sydney Toledano, CEO of Christian Dior recently shared some of his insights on the evolution of luxury: ‘Luxury is still all about a product of exceptional quality, and an image. The luxury consumers want roots, they want a story, they want to know the tradition, but they also want modernity, especially because they’re younger.
All these young people who have succeeded in, among others, the tech industry, communication professions, entertainment, they all have high incomes; we see young millionaires of 30 or 35. They are massively well informed, whether they’re Chinese, Korean or American, unquestionably thanks to the internet. You need to be able to boast tradition, expertise, excellence, and services at the highest level.’
‘Luxury was once associated with rarity. Haute couture is not something that’s available to everyone, that’s a certainty. Fine jewellery, crocodile bags costing more than €50,000, these are definitely things you will not see everywhere. We don’t allow ourselves to produce products that are too accessible, but at €3,000 – the average price for a bag – we’re no longer defined by rarity either. Many women in the world today can afford a bag for €3,000.’ said Toledano.
As for Dior keeping up with digital, Toledano recalled the recent success of the collaboration between Dior and Rihanna: ‘With Rihanna, it’s gone way beyond what we imagined – the results are incredible. We premiered the as-yet-unreleased song from her new album. She’s also been posting herself. The impact this has among young people is enormous.’
The Drum’s Cannes issue, guest edited by Maurice Lévy.