Carolyn Dawkins

💎Luxury used to be about exclusivity and a certain "untouchable" air. But times are changing! Gen Z shoppers are redefining luxury, placing a premium on empathy and genuine connection with brands. https://ow.ly/llBQ50RFNZm 📝 The article argues that arrogance is a major turn-off. Luxury brands need to focus on building relationships and understanding customer needs. 🤝 Do you agree? #MeganTellsAll

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Thrilled to have taken the main stage at Grow NY last week alongside Adrial Jaan Bhatia, President of Primitive Apparel, to wrap up the event. Thanks Ryan Criswell for hosting the panel. At Hodinkee, we hold two core principles dear: Community and Credibility. Here’s a bit on why they matter to us. Credibility at Hodinkee is about trust and reliability. We achieve this through: --> Accuracy: Precision in our reporting. --> Authority: Recognized expertise, often cited by reputable sources. --> Consistency: Continual delivery of high-quality content. --> Engagement: Building respectful and responsive relationships with our audience. --> Objectivity: Presenting multiple perspectives fairly. --> Transparency: Clearly identify sources and disclose any conflicts of interest. Beyond credibility, the power of community distinguishes us significantly from just having an audience. Hodinkee grew into an eight-figure business with virtually zero traditional marketing spend, propelled by a robust community. This illustrates not just audience reach, but deep engagement—where members actively contribute, share, and champion our brand. The distinction? An audience watches, but a community participates. And that participation has been a cornerstone of our success.

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🔥 Hot Off the Press! 🔥 Dive into my latest column in TJC's Summer Issue! "9 Strategies to Elevate Your Customers' In-Store Experience." Running a successful jewelry retail business requires continuous innovation and strategic approaches to attract and retain customers. Here are effective ways to expand your business by enhancing your overall customer experience: 1. EMBRACE VIRTUAL SELLING: Explore virtual selling options by offering virtual appointments and creating sales videos. Even post-COVID, virtual selling remains a successful method to connect with customers. 2. PROVIDE FREE WATCH BATTERIES WITH A TWIST: Offer free watch battery replacements while customers wait. This low-cost service allows customers to explore other items in your store while their watch is being serviced. This simple gesture can lead to additional sales. 3. COLLABORATE WITH INFLUENCERS: Partner with social media influencers or local celebrities who align with your brand. Hosting influencer events generates free content for your store and expands your reach to their followers. Influencers can help promote your products authentically and engagingly. 4. HOST EVENTS STRATEGICALLY: Hosting events can contribute up to 10% of your annual sales. Collaborate with local businesses, offer targeted marketing based on past purchases, and invite vendors to showcase their full lines or pieces created exclusively for your store. 5. DEVELOP A LOYALTY PROGRAM: Implement a loyalty program to reward customers for their ongoing support. Exclusive discounts, early access to collections, and special perks create incentives for repeat purchases and build long-term customer relationships. 6. EXPAND INTO CUSTOM JEWELRY DESIGN: Differentiate your store by expanding into custom jewelry design. Find a supplier that offers unique customization options and set yourself apart in the market. 7. PARTNER WITH WEDDING AND EVENT PLANNERS: Establish partnerships with wedding and event planners to become their preferred jewelry provider. Offer promotional discounts for their clients, provide custom jewelry for special occasions, and collaborate with florists to display fresh flowers in your store. 8. COLLABORATE WITH LOCAL PHOTOGRAPHERS: Partner with local photographers to offer free or discounted engagement sessions. This collaboration not only attracts potential customers but also positions your store as the go-to destination for wedding-related jewelry. 9. ENHANCE THE IN-STORE EXPERIENCE: Focus on personalized service, knowledgeable staff, and aesthetically pleasing displays. A positive in-store experience encourages customer loyalty and word-of-mouth referrals. Stay innovative and adapt to your target audience’s evolving needs and preferences. Creating memorable experiences will contribute to building a strong and loyal customer base. Ready to take your jewelry retail business to the next level? Let's elevate your customer experience together! 🌟

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The human that left me with the most powerful takeaways was the CEO of Prada Group, Andrea Guerra, the first session of the day at the FT Live 20th Annual Luxury Summit in Venice. One of the most important things he said was “being credible to that group of consumers that are your long-term backbone” is the core of everything you must focus on. “There are no tactics. There is no short -erm. Only focus on long-term.” Importantly, as we all consider how to attract the younger consumer with a focus on Gen Z (Daniel Ceballos this one's for you!), he shared his observation that “younger generations want to know what we think, our opinions on certain subjects“. The challenge here is that you have to be willing, able, and capable of communicating this to your target audience effectively. And online. Where they will first encounter you. That largely means understanding where your target audience consumes information, by what and by whom they are influenced, and how to tell your story on those platforms. And this includes B2B businesses! This requires skills many, or I dare say most, businesses in the diamond and jewelry industries have not yet mastered. More tomorrow on the other nine(!) sessions I attended today as well as the amazing gala dinner at Cipriani. #FTLuxury

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A small 1.3% rise in sales at US jewelers in April. The increase in revenue was fully spurred by a 2.5% increase in the average consumer expenditure per unit purchased. A few of the figures: Natural diamond jewelry sales rose 1%, Prices of LGD-set DERs declined, Loose LGD was 57% of loose diamond sales, but just 25% of revenue. Here is an issue: LG prices are down, but gross margins and unit sales are up. What does it impact gross profits? We took a look at that and have some findings. https://lnkd.in/dDw4s8MQ

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The topic of innovation is top of mind in the performance running shoe market – especially if you ask Nike, which has been widely criticized for having a lackluster product pipeline by analysts and the Street in recent months. But for Deckers chief executive officer Dave Powers, this isn’t an issue for its star running brand Hoka. Indeed, on the product front, Hoka is driving growth and consumer acquisition through innovative updates and new introductions across a diverse assortment of footwear. Footwear News Deckers Brands HOKA Nike Dave Powers #running #hoka #runningshoe #earnings #sneakers #nike #marathon

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Rumors: Saks Fifth Avenue could be in talk with Neiman Marcus Group for a takeover. In this regards Saks’ flagship location in Manhattan (valued at 3.62Bn USD) could serve as a collateral to raise financial resources. Neiman CEO Geoffroy van Raemdonck firmly rejected such possibility: "no need” to sell the business. Both firms are leading retailers in United States for jewellery and luxury goods. #jewelry #jewellery #luxury https://lnkd.in/dP46VnM3

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📢 New Article Alert! 📢 🌟 A Buyer’s Guide for Bringing Aboard New Jewelry Lines 🌟 In the ever-evolving world of jewelry retail, staying ahead of trends and offering fresh selections is crucial. Before you get swept away by the allure of a new brand, make sure you're approaching onboarding with a strategic eye. 🧐✨ 📝💍Consider this your checklist for adding new vendors to your store: https://ow.ly/AeMC50SoEA2 #MeganTellsAll #JewelryRetail #BusinessStrategy

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Luxury Roundtable has started programming the agenda of its #Luxury Retail Forum: Experience 2.0 event on Thursday, Sept. 12 in New York. We're inviting nominations for speakers, which will typically feature luxury retail executives from the retail and brand side. We're also inviting inquiries for the four exclusive sponsorships available. We expect 100 senior luxury retail and brand executives to attend this executive summit. It promises to be an exciting summit to discuss the future of retail and experiences, new direction of customer spending, generational impact on merchandise, stores, digital and marketing, and so on. Plus, we'll have our Future of Luxury Retail presentation as well. Why don't you check out our call for nominations on LuxuryRoundtable.com? #luxuryretail #luxury #luxurymarketing #luxurystores #luxuryretailers #luxuryshopping https://lnkd.in/eigsAX4g

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I’m excited to announce that Hill & Co. is launching its first-ever industry report - The Business of Jewelry. This report marks the beginning of a unique series exploring the most significant themes shaping the future of the diamond, gemstone, and jewelry industry. We all know how challenging the market landscape is at the moment: supply chains are consolidating, consumer demands are evolving and technology is transforming how we do business. Generational brands are disappearing from our malls and main streets. With every challenge, there lies a golden opportunity. This is a pivotal moment for you to reflect on the future direction of your business, and we are here to support you in this journey of growth and adaptation. Demand for fine jewelry isn’t changing, but businesses must work harder to capture their customers' attention. That may mean fine-tuning your approach or transforming your business altogether. With our market changing rapidly, we wanted to produce a report that shares our insights and gives a platform to leading business thinkers in our industry and beyond. The first edition is all about the supply chain consolidation we’re witnessing and how you should respond in your business. We normally reserve our frameworks and strategic thinking for some of the fastest-growing businesses in our industry that we’re privileged to call our clients. But today, we’re providing it to you. Download your copy at the link below, I’d love to hear what you think in the comments. Breaking the Chain — Hill & Co. https://bit.ly/3XXmtTa

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☀️ SUMMER SUN might bring a lull to the jewelry industry, but it doesn’t have to mean your sales take a vacation too. 🌴💍 While engagement season may peak in the colder months, there are plenty of ways to keep your store closing sales all summer long. 💡 In my latest article for INSTORE Magazine, I share creative and actionable strategies to transform the summer months from a dry spell into a season of growth and opportunity. 🌸🚀 Here are a few insights you'll find: 1️⃣ Cultivate customer reviews. 2️⃣ Catch the "I DO" wave before it breaks. 3️⃣Focus on clearance. Don't let the "slow season" slow you down! 🏃‍♂️💨 Dive into the full article and discover how to boost your sales this summer 📈 https://ow.ly/fBC350SoCGH #MeganTellsAll #JewelryRetail #SummerSales

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The issue of branding and storytelling vs products is a key one in the luxury market today, but the main point is very simple - brand matters more than product in the modern market. About a year ago, I wrote about how I am no longer talking to luxury brands about products (https://lnkd.in/eGurgNKD) and the point remains today. But there is a disconnect inside the brands - many brands feel they are differentiating themselves when they are not. This is because while they are externally speaking about storytelling, their internal processes are focused on products. The focus on brand and branding must permeate every aspect of the company and its processes. As myself and others have said before, excellent products are a right to play, it is your brand which sets you apart. #branding #luxury #storytelling

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Is it time for Burberry to consider new management? Having just reported dismal FY24 results and remained vague about the FY25 LFL outlook, it must be time to consider a new management and creative team. Shareholders must be losing patience with Burberry, which has underperformed the luxury sector for almost 10 years.  Christopher Bailey was a brilliant creative director but did not have the right skills as CEO. Since then, first the Italian CEO/creative duo of Marco Gobbetti/Riccardo Tisci; and currently Jonathan Akeroyd/Daniel Lee have fared little better. But why? The luxury market is weaker than expected in 2024, but this alone is insufficient to explain the company’s current underperformance. Burberry’s strategy to elevate the brand; and shift towards leather goods has never made sense to me. This is a crowded, hyper-competitive space already and more importantly, it is not where Burberry’s DNA lies. Burberry’s DNA is about protecting people from the elements The brand has always been about protecting people from the elements. But in its eagerness to become a more exclusive leather goods brand, Burberry has let Moncler run away with the luxury outerwear space. Considering the interest in climate change, it seems like such a relevant category. Burberry’s positioning should be about accessible luxury No brand can take its pricing upwards easily, especially not in the current environment. It will be difficult for Burberry to move into higher-priced exclusive luxury, with the number of outlets Burberry has. It is no surprise that none of the successful luxury brands that operate in this higher-priced space – including Chanel, Dior, Hermes and Vuitton – have outlets. Being fashion-forward when quiet luxury in vogue is problematic Offering too high a fashion component at a time when quiet luxury is in vogue is also a difficult strategy. In my mind, Burberry should be a modern classic but not high-fashion. Burberry doesn’t feel like Burberry any more If you walk into the Bond Street Burberry store today, the white box feels anonymous; this store could arguably belong to a whole host of premium brands. I also think it’s a pity that successive management teams have been allowed to tamper with the typeface/font. The new font is not even consistently applied across the world. (For example, the Vienna flagship still uses the old one). As for heavy use of the colour blue, I associate Burberry with tan, black and dark red of the check. I’d love to know what you think. #luxury #management #turnaround Smith Square Partners https://lnkd.in/ebH9PX3W

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How quickly a luxury success story can derail The recent criticism of CHANEL’s 2024/25 cruise collection, which resulted in comments such as “What the hell is going on? “and “Chanel n’est plus Chanel” is a reminder of how quickly a luxury success story can derail. The general feeling was that the collection did not feel elegant and innovative enough, as one would expect from Chanel. Both Burberry and Gucci have fallen out of favour with consumers (and as quoted companies with investors).  The new CEO/creative designer duos are under huge pressure to deliver results. Luxury brands have always had to stay true to their DNA; provide constant creativity and innovation; deliver quality; and be master storytellers. Add to this the need for transparent sustainable business practices and digital innovation and it’s easy to understand why they are under pressure like never before. -      First, the overall luxury market in 2024 is proving weaker than expected, as aspirational consumers tighten their belts.  There is no free growth ride this year. -      At the same time, brands – like Chanel - are increasing their prices. Others are attempting a premiumisation strategy such as Burberry focusing on higher-priced leather goods. -      In addition, social media has given consumers a voice. Given the skyrocketing prices for the top luxury brands, customers are rightfully demanding. It is no longer down to the fashion press alone to determine the success of a collection. Consumers can determine a brand’s fate. Look at what happened with BALENCIAGA. Do you see Chanel at risk of following Gucci, Burberry and Balenciaga as the currently  “unloved” brands? I’d love to know what you think. Smith Square Partners #luxury #premiumisation #brand Jing Daily Daniel André Langer https://lnkd.in/eGRk52N3

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You might not know the name Marcolin Spa, the Italian eyewear manufacturer, but you’ll definitely know the brands they produce frames for: Tom Ford, Christian Louboutin, adidas, BMW eyewear, Candies, Gant, 6CDS, Kenneth Cole, Marciano for Guess, Max&Co, MaxMara, Pucci, Skechers, Timberland and Tod’s. Revenues last year crept up 2% but EBITDA grew 27.9% driven by strong performance in Asia following a re-org in the region. Despite this reports have been common that PE backers PAI Partners (83% shareholders) have put Marcolin up for sale at a cool €1.3Bn. Interested parties are said to include Safilo, Marchon, Kering and EssilorLuxottica. #Marcolin insights FY23: 📈 Full Yr revenue €558m, +2% YOY 📈 Adjusted EBITDA reached 78.1 million euros (+27.9% v FY22) 📈 13m glasses sold 📈 EMEA - revenue was +1.7% - driven by the luxury segment in France, UK, Italy and Spain 📈 Americas - revenue was -4.8% - impacted by macroeconomics of the region and a declining eyewear sector 📈 Asia - revenue was +81.5% - Strongest growth came from South Korea, and the countries of SE Asia (operated by third party distributors) 🏭 Revenues by region: EMEA 47.4% Americas 39.6% ROW 5.2% APAC 7.8% Key FY23 Highlights ✅ Paid $250m for a long-term licence agreement with The Estée Lauder Companies for TOM FORD eyewear, a significant extension of the current licence agreement ✅ Acquired the the German company ic! berlin GmbH for €38.5m. The acquisition was arranged with the aim of increasing metalworking expertise and expanding the portfolio of luxury brands, strengthening the commercial position of the Group in key areas such as Asia and Europe. ✅ Signed new licence agreements with MCM and Christian Louboutin (the latter at the beginning of 2024) and the renewal and extension of licence agreements for brands already in the portfolio such as Emilio Pucci, Zegna, Max & Co, GCDS, Harley Davidson and Skechers ESG ✅ Implemented a path to sustainability in line with ESG standards (since 2021). Actions focus on various issues, including carbon emissions reduction and the circular economy. ✅ Reduced use of fossil-based materials. Increased use of innovative plastic materials. The latter include bio-based acetate, which is employed in a number of collections for some of Marcolins key Brands. For injection-molded eyewear, instead, R-PET plastic (Recycled PET) is used Employees / ED&I ✅ 57% of employees are women, 43% of whom are snr managers ✅ With the amalgamation of ic! Berlin headcount increased from 1854 to 2000 ✅ A Psychological Help Desk was launched through an online platform accredited by the Italian Health Service offering 24/7 help and support to anyone in need. The service is anonymous and available to employees and their families. ✅ Approved a new Gender Equality Policy in Nov 23 which establishes the company’s commitment to an inclusive and fair work environment, guaranteeing equal opportunities and parenting support

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Excited to share insights from my conversation with Rosetta Borgia, a luminary in luxury retail development. With a career spanning major brands like Kering and LVMH, Rosetta's expertise guides brands to new heights of excellence. Recently, she shared the latest trends in luxury retail development with my students at the International University of Monaco, shedding light on the dynamic world of luxury retail. Thank you Robb Report Monaco Côte d'Azur for publishing this article #LuxuryRetail #Innovation #ium #Luxuryretailstrategies #luxurytrends

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I think the impact of these two industry luxury leaders will be very interesting to watch. This article focuses more on the beauty side, but there are many less obvious impacts this will have on multiple industries. Jewelry, apparel, accessories, marketing, the list goes on. When you take two known names and structure them to be more profitable and leverage the best of the branded and marketing teams, get ready for an explosion of growth potential. This will also add to an even further divide in the retail sector between department stores following the wealth division in the US. Naming the large department stores now, Saks Fifth Avenue/Neiman Marcus Group, Nordstrom, Dillard's Inc., Von Mauer, Macy's, JCPenney, Kohl's, then discounters.... not many national choices but they all have very focused demographic groups. Stay tuned!

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There is only one boss: The Customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else. These words from Walmart founder Sam Walton are true in all of retail, but they ring particularly true in travel retail. We have a limited time to impress shoppers - and we must use it well and get it right. Our shoppers walk into our stores out of choice, but they do not have to be there. Airports have footfall - travel retail stores must earn it. A consumer will return to an airport, but shops must earn repeat custom by getting everything right in a small window of time. It is high pressure, and requires bespoke training and support to get it right. In this week's blog I am looking at hos travel retail can make sure our customers choose to return - and the lies we need to stop telling ourselves! Read it here: https://lnkd.in/e6pDR8MQ #experience #customer #travelretail

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