Essential insights gained from dialogues with some of the most fascinating manufactures of the world   

During the past 12 months, CONCINNO has been able to engage with over 130 owners and CEOs of luxury goods SMEs in Germany, Austria, and Switzerland. We discussed their most important challenges and about how these business owners are able to overcome them and successfully lead their business into the future. More than forty entrepreneurs have engaged in a continuous dialogue, where we analyzed in depth issues they deem critical and developed potential solutions to those.  In the upcoming months, we will summarize and share with you some of those precious insights under the tagline “Lessons Learned: Understanding SMEs in the luxury goods industry!” We will structure our findings along the following notes:

  1. Why do smaller luxury goods manufactures and suppliers follow completely different rules than their large-scale corporate counter-parts
  2. The struggle to identify your crucial competitive advantages and how to focus your business on them
  3. The lack of coherent strategies and why prioritizing critical goals is so important for small, privately-owned business
  4. The fight for brand awareness and maximizing reach to critical customer groups
  5. Finding and creatively investing in the best distribution channels or why retail is still the key to success
  6. The tremendous opportunities the internet can offer to small market players – and why most of them haven’t explored it to the fullest
  7. Why alliances and marketing associations are not a magic cure for the acquisition of new customers
  8. The high hurdles for expansion into foreign markets and how to successfully overcome them
  9. Why rising costs in administration and marketing are strangling more and more smaller businesses
  10. The skilled workers’ gap – why finding and keeping good manual work force becomes increasingly difficult
  11. Rethinking the business model – how smaller optimizations can fundamentally expand and stabilize existing businesses
  12. Growth capital and risk management: which traps to avoid
  13. How smaller companies (don’t) prepare for the next generation or an eventual sale and what are the biggest mistakes made
  14. Why do so many smaller luxury goods manufacturers frequently run intro trouble or even get to struggle for survival

This is the first time such a broad range of interviews has been conducted in this fascinating context and such conclusive insights for smaller luxury manufacturers have been extracted. We hope you will find these thoughts, approaches to solutions but also the failures of this group of entrepreneurs inspiring and helpful for your own strategic thoughts and actions. Please do not hesitate to engage in discussions with us on any of those thoughts and findings. You can easily reach us at ralf.oehl@concinno.de. All articles related to this subject will be marked “Quo vadis: the future of smaller luxury goods manufacturers”.