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long periods during which consumers have been confined to their own homes. Luxury is now more likely to be channelled through instant-access platforms. ‘All my cli- ents send their customers pictures of their products via WhatsApp now,’ says Lara Min- gay, owner of luxury PR firm LM Communi- cations. ‘It’s quick, personal and how UHN- Ws expect to communicate – and it works.’ Introducing digital tools into the brand- client relationship has become even more important as the UHNW demographic has changed. ‘Virtual reality has been used to tar- get the next generation in particular,’ says Pe- noty. ‘The new generation making their own decisions are happy to take a virtual tour of a yacht or house on the other side of the world, particularly if it means taking one less flight.’ Some brands have reached further. Italian fashion label Brunello Cucinelli uses its website to tell the story of ‘human-centred capitalism’, amalgamating its purpose with seamless dig- ital content anyone, anywhere can consume. Some – Chanel, Cartier, Gucci and Dior – have even taken to producing their own podcasts. According to Penoty, ‘UHNWs are very busy and always doing two things at the same time, one of which is often listening to podcasts.’ These shifts have pushed some luxury brands to completely rethink and even merge their retail and client servicing strategies. ‘The retail experience for high-end luxury cli- ents has changed,’ says Daniel Compton, the UK’s country general manager for the Swiss watch brand Audemars Piguet. ‘People don’t need to be in a retail environment to know what they want. They have a lot of knowledge before they come and see us.’ Prompted by this, Audemars Piguet has in- troduced a global network of stylish, largely private venues called ‘AP House’, an airy Soho House-style concept that prioritises experi- ence over conventional retail. Compton over- sees the London venue on Bond Street, where watch display cases are secondary to a bar, a dining area and a grand piano clients are en- couraged to play. ‘AP House is not about sell- ing,’ says Compton of the first-floor space. ‘It’s about offering an experience, great food and entertainment, and making clients feel at home in a discreet environment.’ No doubt this is a challenging period,
punctuated not just by a pandemic but also by rapid societal, economic and demographic changes. But UHNW clients are still there, and even growing in number. In a fight for survival, brands that figure out how to service them best will prove the most competitive.
Winch designed the interior on board 80m
superyacht Excellence
Aino-Leena Grapin, CEO, Winch Design
‘Selling a watch or a diamond necklace is very transactional, but building a yacht can take three years, so our clients’ experience can be very long. The process has to be as enjoyable as ownership of the product – our presentations have to be the highlight of their week, which is setting the bar high considering our client base! Like our products, these aren’t one-size-fits-all. We have to think like they think, build trust, work on a personal level, respect confidentiality and be ready to travel at a moment’s notice. Sometimes you end up somewhere for two weeks when you hadn’t even packed a toothbrush. It’s never about sending Andrew Winch in on the back of an elephant. We always try to surprise our clients with our creativity. This is their dream we’re creating. During the pandemic, we invested in cameras so we could film presentations for our clients to watch in their own time. But lots of our clients said they didn’t want Zoom calls. Ultimately, there’s nothing that replaces seeing the client and them seeing us. We also invested time in sourcing sustainable materials – the client wants something beautiful, and if it’s sustainable, they like knowing they’ve had a positive impact.’
‘Lots of our clients said they didn’t want Zoom calls. Nothing replaces seeing the client and them seeing us’
WINCH MEDIA
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