Managing Director at Loro Piana in Asia
, duration 5 min, , 4514
Margherita Cattaneo, Loro Piana’s Managing Director of South Asia & Korea, shares her experience in an international working environment.
“Stores are the environment where I like to be. It’s where the magic happens!”
From ancestral know-how to product development
Born as a textile producer in Italy’s Piedmont over 200 years ago, Loro Piana was acquired by the LVMH Group in 2014. While remaining true to the ethos and know-how, the Maison made a few adjustments to its product offering and retail strategy, an evolution accelerated by the pandemic. Margherita started her journey at Loro Piana amidst these changes, literally, on the same day that the acquisition was announced.
Becoming a Managing Director in the age of change
“Stores are the environment where I like to be. It’s where the magic happens!” Margherita’s penchant for on-site retail activities and interacting with the different teams involved provided her with the right baggage to become a Managing director. She urges students wishing to embark on a career in luxury goods to seek in-store experience as a sales advisor.
“This experience will teach you a lot about understanding the role, but it will also be a fantastic experience that will be valued in your CV. It is considered a plus and an added value in your career.”
When questioned about how she became Managing director, Margherita points out that there is not one set recipe to success. On the one hand, her personal recipe includes three main ingredients: attitude, skills and luck. On the other hand, her process is very logical: study, plan, try, assess outcomes, progress and reiterate. The beauty of both approaches is that they take into account experimentation and the opportunity to grow from trial and error.
“The role of Managing Director is much like that of an orchestra conductor”, she explains before outlining the many responsibilities of her role. Valuing others’ expertise and knowledge is key. “You have to be able to recruit the right people that you can trust, that knows more than you. In my experience, a good team works when you add competencies to the team.”
Growing through uprooting and choosing an international career
Margherita also shares her personal KPIs which tell the story of a challenge-oriented personality, and a penchant for exploration beyond the borders of her native Italy. While her move to China in 2011 proved challenging, she was able to identify the prejudices she held and open her mind to the professional and cultural differences she observed. It is for this very reason that she highly recommends immersing oneself in another culture.
“Go out, experience the culture and different ways of working, and respect them. Study Chinese and Korean because it will be very helpful!”
Adaptability is deeply intertwined with open-mindedness and curiosity, but also the ability to question practices and evolve from them. Margherita credits her trusted colleagues and friends for helping her better understand and fit South Asian cultural standards.
“Cultural appropriation and sensitivity is something that I learned a lot from. When I find myself in difficult situations, being honest and transparent helps. Find a truthful friend who can tell you whether you are making a mistake or not.”
Retail in the post-pandemic era
“The pandemic has completely changed the game!”
There is no better way to say it, Covid-19 has reshuffled the cards for many businesses, and the luxury sector is no exception. Margherita shared 6 global luxury-specific trends identified by Bain & Company:
- They were driving efforts to the local market. A common theme for many Maisons in the LVMH Group, Loro Piana’s Hong Kong, Macau and Singapore stores were deeply impacted by the lack of tourists due to the spread of Covid-19. The house focused on creating specific customer journeys and CRM campaigns dedicated to local clients.
- Reinforcing online retail presence. Loro Piana focused on launching e-commerce platforms with both distribution and awareness goals in mind. Committed to the brick-and-mortar client experience, the focus of omnichannel improvements remained to drive traffic offline.
- Strengthening the leather goods offering. In 2021, Loro Piana launched its first iconic bag, the Sesia, thus marking efforts in developing the accessories range. The shoe business grew seven times in the last five years and now represents more than 15% of the Maison’s sales in South Asia.
- Matching rising customer expectations. The introspection induced by the pandemic had a tangible impact on luxury clients. To answer this new challenge, Loro Piana expanded personalization services and made-to-order programs. Creating memorable customer experiences became a priority, as well as sustainability embodied in new 98% recyclable packaging.
- Focusing on younger generations. By 2025, it is estimated that generations Y and Z will drive 70% of luxury sales. With this in mind, the Maison launched a collaboration with street art pioneer Hiroshi Fujiwara and appointed Korean drama star Hyun Bin as their ambassador under a “Friends of the brand” scheme.
- Facing the global Great Resignation. This phenomenon which consists in a record number of employees quitting their jobs, in search of a greater meaning in their professional life, across all kinds of industries also affected luxury brands. “In my opinion, there are no perfect solutions, but first of all we try to understand why it is happening,” confides Margherita. This called employers to reexamine leadership strategies and to maintain a more open dialogue with their talents.
Without a doubt, Margherita’s hands-on retail experience and ability to adapt to a new cultural and professional context paved the way to where she is now. In her words: “Study, challenge [yourself and others] and be curious. When I don’t know, I ask."