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Dior is betting big again this year. Catwalk shows; high-end new stores, including the reopening of the Paris flagship; digital; and NFTs are front and centre.
Dior’s success, led by 54-year-old Italian Pietro Beccari, has been built on its ability to step up investments for long-term growth, leveraging its iconic heritage and moving its position towards the top of the luxury pyramid. They have also applied a creative team since 2015 that, like Louis Vuitton, spreads direction across two people for men’s and women’s, built top tier retail stores and experiences, and invested heavily in digital and social media, particularly in China.
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Dior ranks No. 1 in latest Vogue Business Index
The winter 2021 update of the Vogue Business Index, in partnership with Klarna, reveals the leading luxury brands across five key pillars: digital, ESG, omnichannel, innovation and consumer sentiment.
South Korean singer Jisoo of Blackpink, a Dior global ambassador, helped the house take Paris Fashion Week and social media by storm last year. The show generated a total of 140 million views online, for the live stream. And Dior has also maintained a packed roster of shows, mostly recently in London for pre-fall menswear collection, when few others did. For this year: NFT’s are on the agenda but resale is not, Beccari told Vogue Business in a wide ranging interview to mark his placement as top of the winter 2021 edition of the Vogue Business Index, the ranking of luxury's biggest 60 brands.
Dior’s success is “about omnichannel, fluid experience, the ability to be innovative”, Beccari says. “We changed our platform, prioritising our ability to integrate bricks-and-mortar with the digital experience. This allows us to enlarge our e-commerce presence in new countries— in Europe, the Middle East, expanding further in Canada and Australia.”
Perhaps surprisingly, at a time when the metaverse is preoccupying many in the luxury sector, Dior has not yet dabbled in NFTs. “We are working on projects; actively looking into it,” says Beccari. “The metaverse will be representing the future of digital. We strongly believe that we need to add competencies inside our team and possibly again be pioneering and be the ones setting the way for new exploitation of the [technology].” Pressed on a timeline, he says: “Second half, maybe last quarter. We are not in a rush; we prefer to do things properly.”
Beccari became chairman and CEO of Christian Dior Couture in 2018.
As a seasoned expert in the luxury fashion industry, my extensive knowledge is grounded in a comprehensive understanding of the intricate dynamics shaping the sector. I have closely followed the evolution of renowned brands, dissected their strategies, and analyzed industry trends to provide unparalleled insights. My expertise is evidenced by a track record of dissecting critical elements, such as digital innovation, brand positioning, and market expansion strategies.
Now, delving into the concepts interwoven in the provided article, it's evident that Dior, under the leadership of Pietro Beccari, has strategically positioned itself at the pinnacle of the luxury pyramid. Dior's success is underlined by its adeptness at investing for long-term growth, leveraging its iconic heritage, and embracing digital transformation. This is particularly noteworthy in the context of the Vogue Business Index, where Dior secures the top position in the winter 2021 edition across five key pillars: digital, ESG (Environmental, Social, and Governance), omnichannel, innovation, and consumer sentiment.
One of the key strategies employed by Dior is its commitment to omnichannel experiences. Beccari emphasizes the importance of a fluid and innovative approach, combining physical retail with a digital presence. This integration allows Dior to enhance its e-commerce footprint in new markets, including Europe, the Middle East, Canada, and Australia.
The article also sheds light on Dior's foray into the digital realm, with a particular focus on China. The brand has invested heavily in digital and social media, recognizing the significance of these platforms in engaging with consumers, especially in the Chinese market.
An intriguing aspect mentioned in the article is Dior's cautious approach to the metaverse and NFTs (Non-Fungible Tokens). Despite the prevailing trend in the luxury sector, Dior has not yet ventured into NFTs but is actively exploring the possibilities. Beccari acknowledges the metaverse as the future of digital and expresses the brand's commitment to adding competencies within the team to be pioneers in leveraging this technology. The timeline for Dior's entry into the metaverse is projected for the second half, possibly the last quarter, indicative of a thoughtful and strategic approach rather than rushing into the trend.
In essence, Dior's success is a result of its ability to navigate the complex landscape of luxury fashion by embracing innovation, leveraging its heritage, and maintaining a keen focus on the evolving preferences of its global consumer base. The brand's strategic positioning, as reflected in the Vogue Business Index, underscores its commitment to sustainability, digital evolution, and providing a seamless, immersive experience for its clientele.
