Lorre White, The Guru of Luxury:

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April 20, 2017

(Point 2 of 5 )Top 5 business mistakes made in Monaco & How to avoid them, by Monaco Wealth Management

Previously we launched an article series focusing on the Top 5 mistakes we repeatedly see from foreign brands coming to Monaco. The articles also offer advices and solutions how to avoid these mistakes and how to build up fruitful relationships with Monegasque companies and Monaco residents.

To ensure you some role examples we have also asked some of the Top experts from Monaco as well as from the UHNWI fields to share their personal views, experiences and to offer their advices in order to fulfil your goals.

If you have missed the previous articles you can always catch up:

Mistake #1

So let’s see Mistake #2 and some thoughts from our experts in order to avoid it.

Mistake #2: Never underestimate the value of Monaco’s small and niche community

In a country where there are approximately 37,800 people only, people talk. It is a friendly and closed community whereby 120 nationalities came together creating a platform to unite diverse interests.

“When a company contacts me and asks how many subscribers… I know immediately I am dealing with someone that is not experienced in the elite end of the luxury sector! In Luxury Marketing it is about WHO, not How MANY. One person that can afford your product or service is more valuable than a million that cannot.” – says Lorre White, the Luxury Guru

In this unique business society with high profile people one of the biggest mistake that brands coming to Monaco do is aiming to expect to get everything “discounted”. For instance working for commission is a typical request we receive every day, which gives us the following impression:

the brand has no sufficient funds to live and breath in the Monaco market
the brand has no understanding about dealing with the luxury clientele

Being cheap in mentality but trying to sell for ultrahigh amounts is one of the worse thing you can do in this community. Trust is a very important factor in reaching Monaco’s UHNWI and many years of hard work to gain that trust comes with a price tag.

“If an event, just like any brand, disappoints the expectations of the consumer, the brand decreases in value. Not only does that consumer not return, they will prevent others in their sphere of influence from attending either. If the brand deflates, the event can’t get the quality sponsors, thus they can’t raise as much money to continue to innovate and expand. Thus they can’t attract the VIP attendees, and without the wealthy attending to purchase, they lose the quality level in art shown because of the lack of buyers.” – says Lorre White, the The Luxury Guru

Suggestion:

The luxury market is expensive. It is. If you do not have the funds to bear its costs then do not come. If you the right amount of funds, then think about this: One person who can afford your product or service is more valuable than a million who cannot.

“It costs a lot more money to land a whale than it does a minnow.” – says Lorre White, the The Luxury Guru

As we started the article series:

“Capitalization of our personal and business potential highly depends on our willingness to learn and improve.” – says Zsolt Szemerszky, Revenue specialist & Author

This was the second most common mistake of foreign brands coming to Monaco, so let’s see Mistake #3.

If you have missed the previous article you can always catch up:

Mistake #1

Quoted experts in alphabetical order:

Bradley Mitton . Founder of Club Vivanova

Europe’s culinary and preeminent gourmet wine expert Bradley Mitton offers his unique insight on the fine dining scene of the Principality of Monaco. Providing gourmet wines to many of the finest restaurants in Monaco and the French Riviera and bringing people together through his lifestyle and gourmet club Club Vivanova, Bradley is a respected and established member of the fine dining scene of the Principality.

http://www.ClubVivanova.com

Cindy Hoddeson . Director, North America Monaco Government Tourist Office

All staff at the Monaco Tourist Office speak English. The role of the Monaco Government Tourist Office North America is to drive more business (meaning leisure and business tourism) to the Principality. In doing so, we they to drive more business to our hotels, restaurants, agencies.

http://www.VisitMonaco.com/us

Dodo Newman . Artist, Innovator and Author

Whenever Dodo Newman finds time she likes to share her thoughts and experiences with her audience. She is not just an internationally published author, but she also publishes various articles on LinkedIn. Her favourite topics are acceptance of art in the modern society, including appreciation, motivation and admiration. In 2013 Dodo published her International University of Monaco lecture notes, called “Out of the Box Innovation”.

http://www.DodoNewman.com

Lorre White . The Luxury Guru

Lorre White is founder president/CEO of White Light Consulting, a luxury marketing consultancy focused on the ultra-high-net-worth market and a top international luxury influencer. Lorre is the only internationally recognized luxury media personality appearing on TV, radio, web and all forms of social media. NetBase 2015 luxury industry report ranks her blog #1 globally for reaching the UHNW consumer, and #3 of all luxury blogs including professional luxury industry blogs.

http://www.WhiteLightConsulting.net

Zsolt Szemerszky . Revenue specialist & Author

Zsolt Szemerszky is a revenue specialist and the author of multiple internationally published books as well as a passionate admirer of the Principality of Monaco. Since 2010 he has managed the unbiased relocation itinerary Monaco Wealth Management and he is the author of „Living in Monaco“. Both of these accomplishments are dedicated to those who are looking to relocate to the Principality of Monaco offering them reliable information and trusted service providers.

http://www.ZsoltSzemerszky.com

http://monacowealthmanagement.com/news/2017/04/05/top-5-mistakes-in-monaco-how-to-avoid-them-pt-25/

Posted at 01:16 PM in Business/Marketing, Celebrities, Clubs, Nightlife and International Events, Luxury, Private Jets/Yachts/Luxury Cars, Television/Magazines/Media | Permalink | Comments (0)

Creating Unique Legacies Through Superyacht Storytellers

Many readers may be familiar with, or have been honored to receive, a tribute book or video celebrating their life and achievements. Creating a tangible record of all that we have accomplished is a vital part of creating a lasting legacy – the stories that we tell are an integral part of our history. As a publisher of custom, beautifully bound coffee table books, Superyacht Storytellers allows superyacht owners, builders, designers, and others to share their extraordinary yacht-based experiences with family and friends for generations to come.

Superyacht Storytellers is skilled in the two most essential arts of storytelling: the written word, and the artistic impact. Its creative vision is crafted by Diane M. Byrne, founder and editor of MegayachtNews.com, the only website educating American luxury-yacht owners, buyers, and their circles of influence about the yachting lifestyle. Joining her is Beth Smith, who specializes in private publishing of personal histories and tributes, working with couples, families, and celebrities through her company A Life in Print.

The books are completely custom-designed and written; while there are many “do-it-yourself picture book” services available, customization options
are often severely limited. In addition, Ms. Byrne comments that these companies may not allow text to accompany the images, or they may expect you “to be a modern-day Mark Twain”. Templates may hinder your ability to choose where your pictures or text are positioned; binding and paper type selections may be curtailed as well. Additionally, you may face page length limits, or have to order multiple copies to meet their minimum purchase requirements. Superyacht Storytellers tailors each project regardless of page length, or quantity. Just as one can commission a completely lovely semi-custom yacht, full customization is the only option if you wish every room tailored to your tastes.

Publishing possibilities include: portrait- or landscape-style book formats; hardcovers wrapped in fine linen fabric, leather, stitched leather, or suede (along with photo insets and imprinting); matte-finished paper or lustrous heavy-stock paper; books with dozens of pictures and few captions, or page-turning tales with hundreds of photos to match. All steps in the process of creating the book are outlined up front, with deadlines assigned to each step.

Photographs are supplied by the client – many owners, family members, and crew members are outstanding photographers. In addition, it is possible to access shipyard photos which document the build of every project. Ms. Byrne says: “Every one of us has a story to tell. We each likely have dozens, if not hundreds, of photos of our adventures sitting on a computer hard drive or, worse, on our camera’s memory card…These are the inspirations behind Superyacht Storytellers.”

Prices for a custom book from Superyacht Storytellers start at $2,250 and can exceed $5,000, with additional books priced on request. Pricing is not just based on page count, but on the scope of the project -- whether it be an image-driven visual spectacle, an engaging tale with a balance of words and images, or a high-impact massive tome. Your book can range in size from 50 to upwards of 250 pages, in portrait or landscape style, with a custom design aesthetic, written either in your “voice” or in third-person narrative. Guidance on photo selection is included. Additional services are available upon request, including map creation and photo retouching.

Superyacht Storytellers offers a unique way to add to your legacy. Ms. Byrne says: “Our team works hand-in-hand with you to bring your oral history to life, and to make your photos, and memories, leap off the pages. We firmly believe that every yacht is as unique as her owner is, and your book deserves the same treatment.”

Interested parties can learn more about projects and possibilities by visiting www.superyachtstorytellers.com. For those active on social media, Superyacht Storytellers can be found on Facebook at http://www.facebook.com/SuperyachtStorytellers, on Twitter at @SuperyachtStory, and on Instagram at @superyachtstorytellers.

By Nikki Glenn

Posted at 12:49 PM in Business/Marketing, Luxury Gift, Private Jets/Yachts/Luxury Cars, Television/Magazines/Media, Web/Tech, Weblogs | Permalink | Comments (0)

Retailers Brace for New York Real Estate Apocalypse

In Manhattan’s prime retail districts, tourist traffic is down, rents are high, Trump is looming large and overstoring is about as bad as it is in Middle America. Something has got to give.

Source: Shutterstock

NEW YORK, United States — To fully grasp the dire state of New York City retail, just take a stroll down Bleecker Street in Manhattan’s brownstone-populated, film-set-ready West Village, where fans on “Sex and the City” bus tours once clustered on corners eating Magnolia Bakery cupcakes, clutching shopping bags filled with goodies from Marc Jacobs or Cynthia Rowley.

Magnolia managed to survive the bursting of the “cupcake bubble,” but its lines are shorter; the “Sex and the City” tours are less frequent. What’s more startling are the empty storefronts lining what was once a carnival of consumption. Marc Jacobs used to occupy four stores here, selling everything from handbags to nail polish. Now, only the book shop, Bookmarc, remains. Many retailers — including Maje, Sandro, James Perse and Club Monaco — remain up and running on Bleecker, although Mulberry, Brooks Brothers and Coach have closed their outposts in the area.

But the barren state of Bleecker Street is only one small part of New York’s retail downturn. Hop on the subway to 5th Avenue and 57th Street near Trump Tower and the streets are eerily quiet, with sales at Tiffany’s flagship across the way down 7 percent in the fourth quarter of its fiscal year. Meanwhile, Ralph Lauren recently announced that it would close its Polo store at 56th Street and 5th Avenue — just a block down from Trump — after signing a 16-year lease in 2014. (Rent cost more than $20 million a year).

“There is a lot of space, but not a lot of takers,” one New York City real estate broker said of 5th Avenue, once a shopping mecca for tourists. There’s a similar air downtown in Soho, where rents have skyrocketed and empty storefronts abound. Further west in the Meatpacking District, too, the situation is grim.

And yet, new retail projects keep emerging, targeting the city’s wealthy elite, who increasingly live and work downtown. Out of the three New York City zip codes that appear on real estate listings site Property Shark’s 2016 ranking of the most expensive zip codes in the country, two are in Tribeca and one is in Battery Park City, the same neighbourhood as Brookfield Place and now, Saks. The median selling price for a home in Battery Park City's 10282 zip code is $2.8 million. Tribeca’s 10007 clocks in at $3.4 million; nearby 10013 ranks highest in the city at $3.8 million.

“Manhattan is essentially two cities,” Mortimer Singer, chief executive of Marvin Traub Associates, a business development and strategy consultancy firm, said in 2016. “The stores need to be where the wealthy are living.” At the tip of Manhattan are Brookfield Place — a shopping mall that’s home to a new Saks Fifth Avenue and a bustling upscale food court — as well as Westfield World Trade Center, another mall which houses an Apple store, an H&M and a Victoria’s Secret.

Both are located near several major company headquarters — including Condé Nast — as well as prime residential housing in Battery Park City. In 2018, a 250,000-square-foot Neiman Marcus will open in the new west side development Hudson Yards, while Nordstrom’s new Midtown stores are set to launch in 2019.

Real estate insiders say Manhattan is as overstored — too many physical locations that result in decreased productivity at each location — as the rest of the United States, suggesting that, for most retailers, operating multiple locations — even in a place as densely populated as Manhattan — no longer makes sense. Especially if those locations are not serving locals, as an Apple store does, or else serving as convenient or necessary stop-offs for commuters.

Like anywhere else in the country, most Manhattan retailers are not offering shoppers a compelling reason to choose brick-and-mortar over e-commerce, where services like Amazon Prime and Net-a-Porter same-day delivery cater to hectic schedules and long commutes. (Retailers posted e-commerce sales from the New York metro area of more than $5 billion in 2014, and $330 billion nationwide.) “There’s way too much retail coming to Manhattan,” one broker said.

At the same time, retail store closings are happening at a breakneck pace across the US. Year-to-date retail store closings have already surpassed those of 2008 — with approximately 2,880 stores closed, up from 1,153 during the same period in 2016 — according to an April 2017 report from Credit Suisse, which estimates that there could be more than 8,640 closings in 2017. The historic peak — with data collected since 2000 — was 6,200 stores in 2008. Approximately 49 million square feet of retail has closed over the last year, with an estimated 147 million to close in the 2017 calendar year.

To bring store productivity in line with historical averages, more than 10 percent — nearly a billion square feet — of retail space in the US will need to be closed, be converted into other things (such as restaurants or housing) or be made much cheaper to rent, according to a report by real estate information company CoStar.

Rents are already on the decline in Manhattan, where the average asking rent decreased to $967 per square foot in 2016 from $1,008 in 2015, with 11 of the 16 retail corridors tracked by commercial real estate services group CBRE recording decreases. In the first quarter of 2017, average asking rents dropped 2.7 percent year-over-year and 20.8 percent since 2014 across all 16 corridors, averaging $850 per square foot.

“If retailers are paying more than $500 a square foot on Madison, they’re not making money.”

But despite the softening, asking prices remain high, driven up by international investors. Downtown Broadway in Soho, for instance, saw rents increase 19.5 percent to average $419 per square foot in the first quarter. In the past, it made sense for fashion brands to overpay for a prime Manhattan location because these stores were seen as powerful marketing. Now, every location requires overpayment.

“The Kool-Aid turned out to be very poisonous,” says New York-based real estate entrepreneur Robin Zendell. “As one management head told me, ‘If retailers are paying more than $500 a square foot on Madison, they’re not making money.’” And for most retailers in this challenging market, even making store sales that pay for the $500 a square foot in rent is impossible.

In Manhattan, a lack of motivation for consumers to actually set foot in a physical store is exacerbated by a projected decline in tourism, which retailers here have relied on for years to make up for softening local demand. But a strong dollar — combined with anti-Trump sentiment and concern around the president’s proposed travel ban — are contributing to what the city of New York forecasts will be a drop in inbound international travel in 2017 to 12.4 million, with 300,000 fewer tourists expected to enter the city when compared to 2016, marking the first decrease since 2008.

Foreign tourists are especially important as they spend more money — one international tourist’s spending power equals that of four domestic tourists — which means the drop could result in a financial loss of $600 million in sales this year. Looking ahead, a border tax — advocated by the current administration — could make buying apparel and accessories prohibitively expensive for the foreigners who do visit the city, and compel US residents to travel abroad to buy high-priced goods.

While this all spells trouble for retailers and brands — especially those with plans to open new outposts in Manhattan in the near future — it is already affecting the city’s economy as a whole. Retail trade jobs declined by 35,000 in March 2017 from February 2017 and 89,000 since October 2016. (To be fair, October is when retailers begin to hire holiday help.)

What can retailers do to combat this? Some are becoming smarter about the leases they sign, negotiating two-to-three year stays instead of decades-long commitments. Others are working to increase productivity in their existing prime locations, such as Soho, which still sees a good mix of foot traffic, or the Upper East Side, which serves both a local market and tourists visiting museums. “Stores have to open less stores,” Zendell says.

With a smaller footprint, retailers will have to focus more on customer service. High-touch service drives foot traffic and helps to create a community feeling around the store. “Providing quality and service, or rewarding your most loyal customers during the post-purchase experience, remains important,” wrote McKinsey senior partner David Court in a recent report. “After all, as we have noted, 42 percent of purchases are still made by consumers who return to their incumbent brand and are responsive to repurchasing incentives.”

More than anything though, fashion companies mustn’t let the scale of their brands prevent an honest appraisal of the state of their businesses. Ralph Lauren may have had to face a spate of negative press linked to its store closure on 5th Avenue, but the move will help the company save $140 million in annualised expenses. And at this point, a 5th Avenue address isn’t what it used to be.

Posted at 12:20 PM in Business/Marketing | Permalink | Comments (0)

COASTAL LIVING BRAND TO BUILD 2017 IDEA HOUSE IN NEWPORT, RI

Celebrating the Brand’s 20^th Anniversary, Idea House to Showcase Design Trends from Past 20 Years

11 Sponsors on Board for the Brand’s First-Ever Idea House in Newport Scheduled to Open this July

Time Inc.’s COASTAL LIVING brand announces that the brand’s popular annual idea house will be built in Newport, Rhode Island, in 2017 and will be available for purchase and open to the public starting in July. To celebrate the brand’s 20^th anniversary, the idea house will showcase design trends and innovations from the past two decades. This marks the 34th COASTAL LIVING idea house and is the first-ever to be constructed in Newport.

Ann Gobel, VP, Lifestyle Brand Sales, Time Inc., said, "An adored experience for consumers and advertisers alike, the COASTAL LIVING idea house allows us to showcase new trends, ideas and products in coastal home décor and design that speak to what our brand is all about. We’re excited to bring our clients the access and influence of the award-winning idea house program to a place that embodies elegance, romance and adventure.”

The 2017 COASTAL LIVING idea house, featuring interiors by celebrated designer Mark D. Sikes, is being built by Horan Building Company, and the architect for the project is A. Tesa Architecture. The landscape will be designed by Infinity Design Group. The 5,100 square foot home will have five bedrooms, as well as a pool, game room and media room, overlooking the bay.

“In celebration of the 20^th anniversary of the COASTAL LIVING brand, this year’s idea house will be packed with reimagined trends from the past two decades as well as the classic décor ideas for which we are best known,” said Steele Marcoux, Editor-in-Chief of the COASTAL LIVING brand. “With spectacular water views and an unbeatable location, the Newport idea house is the perfect representation of the rich history of the COASTAL LIVING brand and the lifestyle it embodies.”

There are currently 11 sponsors of the 2017 idea house whose products will be included within the home: AZEK Building Products, Belgard, Carolina Lanterns & Lighting, Circa Lighting, Delta Faucet, Blue Buffalo Company, Lee Industries, Lloyd Flanders®, Marvin Windows and Doors, Sunbrella and VELUX Skylights.

This custom-built home will be available for purchase and open to the public from July through Labor Day Weekend. In addition, COASTAL LIVING and its sister brands SOUTHERN LIVING and SUNSET are hosting a sweepstakes for consumers to win a trip to visit one of the brands’ idea houses. Click here to enter for a chance to win.

The 2017 idea house will be featured in the September issue of COASTAL LIVING magazine, on newsstands August 11.To learn more about the 2017 idea house, visit: www.coastalliving.com/ideahouse.

In 2016, the COASTAL LIVING idea house was located in the Hamptons. The COASTAL LIVING idea house program is an example of Time Inc.’s strategic approach to create consumer experiences for its world class brands that engage audiences and grow revenue.

Posted at 12:16 PM in Business/Marketing | Permalink | Comments (0)

April 06, 2017

MACALLAN RANGE BREAKS RECORD WITH ALMOST $1 MILLION AT SOTHEBY’S HONG KONG

A set of rare the Macallan whiskies housed in limited-edition Lalique crystal decanters sold at Sotheby’s Hong Kong on April 2 for $993,000—a new world record for any lot of whisky sold at auction with all proceeds donated to Hong Kong-based and other Asian charities.

The collection consisted of: The Macallan in Lalique – Exceptional Oak Cask, 50 Years Old; The Macallan in Lalique – Natural Colour, 55 Years Old; The Macallan in Lalique – Finest Cut, 57 Years Old; The Macallan in Lalique – Curiously Small Stills, 60 Years Old; The Macallan in Lalique – Spiritual Home, 62 Years Old; The Macallan in Lalique – Peerless Spirit, 65 Years Old.

In addition to the six decanters, the lot included six miniature bottles from the Macallan’s Fine and Rare series (two each from 1937, 1938, and 1939), six pairs of exquisite Lalique whisky glasses, and autographs from the Macallan’s master blenders.

The Macallan in Lalique Legacy Collection marks the “grand finale” of the prestigious Six Pillars range – an exclusive series of limited edition decanters by The Macallan and Lalique.

“This remarkable conclusion to The Macallan in Lalique Six Pillars series is a symbol of the strength behind our long-standing partnership and our unwavering commitment to going beyond the ordinary,” said Ken Grier, creative director for The Macallan. “To achieve this outstanding price at auction is testament to the quality, detail and absolute skill and mastery of the Lalique craftsmen and our expert whisky makers, and we are proud that this work of art has secured a wonderful contribution to Asian charities.”

from http://www.opulentclub.com

Posted at 12:47 PM in Food and Wine | Permalink | Comments (0)

Integration between brick-and-mortar and web retailing – a priority for luxury brands

In 2016, the total number of luxury goods and services consumers worldwide reached 415 million, and they spent €860 billion. The tip of the pyramid is made up of 17 million individuals, nearly 4% of all luxury goods consumers. They spend between €36,000 and €50,000 per year in luxury items, and accounted for 29% of the world’s overall luxury goods purchases.

According to the BCG‘s study, in 2023 their number will rise to 490 million, and they will spend €1.185 trillion. The market is expected to keep growing, though at a slower rate then before. Yet, if brands want to keep up with the pace, they will have to redouble their efforts and reinvent themselves.

In the last few years, luxury goods stores have lost some of their sparkle. One reason is that brands have increasingly adopted a ubiquitous, standardised format providing the same shopping experience everywhere, resulting in stores which differ from one another only architecturally, and come across as unimaginative. Also, traditional stores have lost appeal in terms of the range and services they offer.

To win back their customers, brands will greatly benefit from differentiating their store format based on the customer segment they are targeting. A case in point is represented by Tiffany at Harrods. The jeweller’s sales in the London department store have greatly increased after the creation of two clearly distinguished shop-in-shops within it, one focusing on the top-end range and the other on more accessible products.

Another example is the Fendi flagship store in Rome: on its first floor, clients are able to watch the label’s tailors at work from behind a large viewing window, as is often found in restaurants, experiencing the label’s creative world more fully.

At the same time, the web has gained much ground, both in terms of sales and influence, as reminded by Luca Solca, author of the Exane BNP Paribas retail survey. “Expenditure by consumers who buy both in brick-and-mortar and online stores is 45% higher compared to that of clients who only purchase in-store. The omni-channel approach is a major opportunity in a market which grows at a snail’s pace.” Also, e-tailing allows labels to cut costs significantly, especially from the logistics point of view, as there are no rents to pay and there is less staff to hire. Another advantage is that customers who are well-informed thanks to the internet waste less time in shops.

Given this scenario, integration between brick-and-mortar and web retailing has become a priority for CEOs, said Solca. If they are well supported by a web presence, stores can afford to be smaller, becoming simply a place where advice can be offered and where customers go to see and feel products, and personalise them.

Yet this kind of integration is still hard to achieve for the majority of brands. The survey ranked Ralph Lauren, Bergdorf Goodman, Burberry and Louis Vuitton at the head of the table, while the bottom places belonged to Bottega Veneta, Tod’s, Chanel, Dior, Dolce & Gabbana, Salvatore Ferragamo, Saint Laurent and, at the back of the pack, Céline.

“There are a few outstanding cases, and some major groups whose performance is improving, but also many brands that are struggling to respond to the demand for impeccable customer service both online and in-store, and for a real integration between the two,” said Nicola Pianon of BCG, who also underlined the “crazy” influence exercised by social media.

According to the consultancy firm’s survey, “70% of the interviewees interact first of all and chiefly with brands once they are on social media, and often more than once a day.”

Another major growth vector is represented by e-tailing in China, though its deployment is complicated, because the market is dominated by local players with which some kind of agreement is necessary, said Luca Solca.

Tiffany&Co boutique at Harrods, London

cpp-luxury

Posted at 12:38 PM in Business/Marketing | Permalink | Comments (0)

AccorHotels acquires VeryChic, a luxury digital distribution platform

Created in 2011 by Nicolas Clair, Hervé Lafont and Charles Decaux, VeryChic works with more than 3,000 luxury hotel partners. A membership of more than five million access the service via VeryChic’s website and app. AccorHotels intends to strengthen the number of private sales and accelerate the international development of VeryChic.

AccorHotels has been rapidly expanding over the last year with acquisitions of digital disruptors, including luxury home rental business Onefinestay and digital concierge company John Paul last year. It has also revealed it is in talks to buy private vacation rental provider Travel Keys and event company Potel & Chabot.

Steven Daines, AccorHotels’ COO new businesses and CEO HotelServices Africa & Middle East, said: “Our ambition is to support VeryChic in its international expansion in order to consolidate its leadership and benefit from its expertise to provide a portfolio of incredible locations and attractive offers to our guests, while presenting our hotels with a complementary solution to optimise the distribution of their rooms.”

Lafont, founder, chairman and chief executive of VeryChic, added: “The combination with AccorHotels will allow VeryChic to roll out globally the services that we have been providing to hotels for the past five years and to offer our members the opportunity to discover the most beautiful locations in the luxury hotel sector.”

Sofitel Legend The Grand Amsterdam

cpp-luxury.com

Posted at 12:35 PM in Boutique Hotels, Business/Marketing, Travel | Permalink | Comments (0)

Top 5 mistakes in Monaco & How to avoid them (pt 3/5)

MWM staff writer

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If you have missed the previous articles you can always catch up:

So let’s see Mistake #3 and some thoughts from our experts in order to avoid it.

Mistake #3: Lack of time to build up relationships

It often happen in Monaco that people stay only for a few days and try to do as many meetings as they can. Managing as many meetings as possible during a few days of stay usually causes frustration and pressure.

“Time and trust are the two most important factors in reaching the wealthy. The uber riche have the unique opportunity to experience everything at the best level – not pick and choose what they can afford – and saving time has even a larger incentive. There are two aspects of time: quality and quantity.” – says Lorre White, the Luxury Guru

The concept of “let’s have a coffee and then we close the deal via e-mail” usually never works out with Monaco residents. It is also a kind of disrespectful message that you only need their money.

“If you are not willing to pay for quality in luxury marketing and branding, do not expect others to be willing to pay the premium for your products and services.” – says Lorre White, the Luxury Guru