Selling Quiet Luxury to the Masses

Would You Trust ChatGPT to Pick Your Outfit?; High Stakes for Farfetch X YNAP

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WHAT YOU NEED TO KNOW TODAY: THURSDAY, APRIL 6, 2023 A wide swath of labels are trying their hands at the understated "quiet luxury" look, minus the eye-popping price point. Companies have started using AI to come up with outfit recommendations, with mixed results. Richemont's partial sale of YNAP to Farfetch is moving ahead with high stakes for both parties. Russia's government approved Inditex's sale of its business in the country to the Daher Group.

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MARKETING How Brands Are Selling Quiet Luxury to the Masses By Diana Pearl

A wide swath of labels are trying their hands at the understated look, minus the eye-popping price point. It's a natural fit for Vince or Banana Republic. But Shein? READ MORE

TECHNOLOGY Would You Trust ChatGPT to Pick Your Outfit? By Marc Bain Companies have started using the AI to come up with outfit recommendations, but while it's surprisingly capable of suggesting looks for different occasions, creativity is where it still struggles — at least for now. READ MORE

LUXURY What's Next for the Farfetch x YNAP Deal? By Tamison O'Connor

Amid a fast-shifting luxury e-commerce landscape, it appears the stakes have only risen for players involved in the deal — adding a new layer of urgency that things go off without a hitch. READ MORE

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NEWS BRIEFS Moscow Approves Sale of Inditex's Russian Business to UAE-Based Buyer Beiersdorf Raises 2023 Sales Outlook Bernard Arnault's Fortune Soars Past $200 Billion for First Time Fanatics Buys Italian Sports Merchandiser, Adds Serie A Clubs

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How AI Can Innovate Post-Sale Strategies As consumers increase their digital spend, their expectations of online services grow accordingly. Speed, transparency and convenience at every step of the shopping journey are now critical differentiating factors that sway consumers from one retailer to another. At a roundtable event co-hosted by BoF and ShopRunner at the Nine Orchard Hotel in New York, a group of market leaders representing brands such as Fendi, Mytheresa and Diane von Furstenberg discussed how AI could increase customer service levels, drive performance and accelerate the adoption of more responsible business practices. Here, they shared actionable insights from interlinking retail and communication channels to using deep learning models to raise long term value to obtaining and analysing new sources of data. READ MORE

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