Luxury convalescence: fast-forwarding

A book written by MAD, November 2020
Foreword by John Elkann

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Thank you very much for your interest and enjoy reading.
The MAD Team.


In Luxury Convalescence: Fast-Forwarding, the MAD team, led by its founders Delphine Vitry and Jean Révis, identifies how the Luxury Industry will be reshaped by the Covid-19 crisis.

This book is the culmination of the reflection process undertaken by the MAD Partners, who supplemented their points of view with those of 45 Directors and Executive Board Members of Europe’s Luxury Maisons and major retailers in China and the United States.

With a foreword by John Elkann, President of Ferrari, the book begins by observing the upheaval and acceleration of transformations in Luxury.

It then draws lessons from this, starting the journey in China, where all eyes are focused. Digital, Brand Purpose and Business Localization are also shaping a new Luxury landscape.

The book then provides the specific features of each major segment of the Luxury Industry: from Fashion & Accessories to Watch & Jewelry, from Wines & Spirits to Travel Retail or Cosmetics, a complete overview awaits.
The book concludes with a crucial observation regarding the rapid evolution of Luxury Maisons: their ability to keep their teams mobilized during this troubled period and to review their organizational structures, processes and governance.

In particular, you will discover:

  • Why a K-shape recovery should occur
  • The key factors of success in China
  • How Travel Retail can reinvent itself by becoming more localized
  • How Jewelry will accelerate its digital transformation
  • The prominent role of the Brand Purpose as a response to more discerning clients
  • The organizational challenge and the new balance of power awaiting the Maisons


MAD is the leading Luxury consulting firm, uniquely positioned to enable the Luxury sector, its ‘Maisons’ and its people to shine to their full potential, at the client age.
Founded in 2009, we have developed a pragmatic vision of consulting, which combines business and cultural expertise to high consulting standards with a single focus: helping Luxury Maisons to make the most of their ever changing clientèle, throughout the world.
We are privileged to work across all sector categories – Fashion & Accessories, Watch & Jewelry, Fragrances & Cosmetics, Wines & Spirits, Technology, Retail, Hospitality – for all types of stakeholders, from the largest Luxury Groups to niche players and start-ups, resulting in an incredibly rich depth of exposure to all Industry challenges that we use for the ultimate benefit of our clients.
Our highly strategic and operational Magic & Logic approach is driven by our multicultural team of 50 consultants organized around 4 practices:
MAD – Strategy and Organization
MAD Talent – Executive Search
MAD Experts – Interim Management
MAD Academy – Transformation Learning

Table of contents

1/ Taking stock of 2020

1.1 2020 swept away by the Covid-19 wave

1.2 2020, a black or white year?

1.3 Initial impacts on the business model of Luxury Maisons

2/ Beyond 2020, everything will speed up

2.1 China: playing at home with customers keen to buy

2.2 Love your (local) customer as you would yourself

2.3 No channel: this time, this approach will truly be embraced

2.4 Purpose in every sense

3/ The Watchmaking & Jewelry market: it’s time for a change!

3.1 Wholesale vs retail: a dichotomy which has reached the end of its life

3.2 Daring to listen to the Voice of the Customer to adapt the product offer

3.3 Rethinking how to treat essential VICs – and the role of the Grands Vendeurs

3.4 (Finally) investing extensively in methods of online engagement

4/ The Beauty market: armed to seduce

4.1 Relative positions of the current forces: 50 shades of red

4.2 Customer expectations? No, demands

4.3 Digital: Black Mirror in real life

4.4 It’s time for predators

5/ Fashion and Accessories: The show must go on!

5.1 Towards slower Fashion? This is far from certain

5.2 Back to Business

6/ Travel Retail: from the sixth continent to Atlantis?

6.1 A crash of unprecedented violence and contrasting prospects of recovery

6.2 The tourist is dead, long live the traveler!

6.3 Being at the forefront to adapt to these changes

7/ Wines and Spirits: “Cheers to consumers!”

7.1 An atypical market in the Luxury Industry

7.2 Wines and Spirits in the Covid-19 crisis

8/ Organization: talents, structure, process and governance

8.1 The organization of Luxury brands… What exactly do we mean?

8.2 Four subjects for the short term, starting 2020

8.3 Challenges that question the brands’ culture fundamentals and organizational models

8.4 Let’s consider a new perspective… When it is no longer a matter of fixing, but truly reinventing, or even joining forces