While technology continues to influence design and consumers’ purchasing decisions, LVMH is working to transform the luxury market with a new innovation initiative.
The luxury fashion house has developed an accelerator program, dubbed Le Maison des Startups, at the Station F startup campus in Paris, which will welcome 50 global startups annually in two six-month terms.
For LVMH, the program will facilitate collaboration with startups and support fledging enterprises that are disrupting the luxury sector. With the program, LVMH aims to drive business acceleration between the startups and LVMH’s Maisons to develop innovative products and services for the international luxury market.
At La Maison des Startups, new enterprises will have access to 89 workstations and the ecosystem formed by LVMH’s 70 “maisons,” or brands. The program, which welcomed its first group on campus in November 2017, will be led with a multi-sector approach, tapping startups with innovations relevant to LVMH’s business arms, including Fashion & Leather Goods, Selective Retailing, Watches & Jewelry, Perfumes & Cosmetics and Wines & Spirits. During their time in the program, startups will have access to personalized coaching, networking, a series of workshops allowing them to address challenges in the luxury industry and pitch sessions to let them present potential innovations to LVMH Maison representatives and receive constructive feedback.
More than half of the startups in the program were recipients of the LVMH Innovation Award created last year to support startups aiming to advance the luxury sector. The LVMH Innovation Award was presented in November at the Viva Technology show, a Paris tech exhibition where LMVH honored more than 80 startups in 2016 and 2017.
The program reflects LVMH’s ongoing support for luxury startups as shown through four major efforts. First, the startups are chosen from attendees at the Viva Technology show, which has been an LVMH exhibition partner for the past two years. The second effort involves LVMH’s DARE program, which works to bridge personal development and open innovation for new firms. According to LVMH, the program has enabled more than 180 employees to transform their ideas into new luxury innovations. The remaining two efforts are, collaboration between LVMH brands and startups will accelerate the luxury sector by implementing new strategies for product design, sustainability and social corporate responsibility.
“LVMH has long held innovation as a core value. Innovation isn’t just a buzzword at LVMH, it’s a practical obsession, crucial to maintaining our leadership position long-term. Collaborating with startups helps us stay abreast of both business opportunities and ways of working,” Ian Rogers, LVMH chief digital officer, said. “A healthy startup ecosystem is necessary for a healthy industry.”