You have been handed the keys to a storied, exclusive space, somewhere like Villa Medici in Rome, Château de Saran in France’s Champagne region that’s reserved for guests of LVMH, or even a secret apartment at Dior’s flagship store in Paris. You have at your disposal a dedicated 24-hour concierge and nothing to do but browse the pillow menu, rest in opulent surrounds and wake up to one thing on the day’s agenda: a curated shopping experience.
For high fashion’s Very Important Clients (aka VICs) it’s all part of the experience. These heavyweight spenders, who are attracted to carefully crafted experiences available to the top 1 per cent of shoppers, can support entire businesses.
For example, 3 per cent of fashion e-commerce site Mytheresa’s customers reportedly generate about 30 per cent of its business. Similarly, the top 1 per cent of customers at luxury e-commerce site Farfetch made up almost a third of its total merchandise value in 2022. In the post-Covid rise in demand for luxury products and exclusive experiences, fashion houses are doing more to entice these clients.
Speaking to The Business of Fashion site, Isabel May, chief customer experience officer of Mytheresa, said its VICs spend in the “high seven figures”, while Dior’s private clients reportedly spend at least $US100,000 annually with the French house. For this top tier of clientele, certain services and exclusives are standard.
However, what these perks are and who they are given to is kept under wraps by brands and their privacy-loving clients. A VIC advisor for a major fashion house, who spoke to marie claire on condition of anonymity, says they can range from private dinners, 24-hour international customer support, chaperoning and introductions to celebrities, as well as the best seats at fashion shows and events.
From waiting hours in line for a viral sandwich to seeking out the best diamonds or most elusive artworks in the world, customer relations managers for VICs and the 1 per cent stretch far beyond previews of limited editions, rare runs and exclusive offers, the source told marie claire at a recent international couture event.
Following Raf Simons’ debut as co-creative director of Prada in 2020, Prada held a private event for VICs at its iconic Rong Zhai building in Shanghai, where clients were invited to put in orders for the upcoming autumn/winter collection. In April this year, Mytheresa, in a partnership with Jimmy Choo, invited top clients to Venice with a carefully curated itinerary including private experiences and intimate dinners.
Similarly, in 2022, the online store hosted a dinner for 35 at Schiaparelli’s salon in Paris, where guests could meet the brand’s CEO, Delphine Bellini. Gucci took VICs to California music festival Coachella, and Saks Fifth Avenue has taken VICs to the Oscars and Wimbledon. In January, Saks invited influencers and shoppers to Aspen with a full program of skiing, and in May it took clients onto The Wellesley, an award-winning motor yacht for a private sunset dinner.
In June, Chanel announced it was planning to open “very protected boutiques to service clients in a very exclusive way”, in order to cater to its VICs and offer top-spending clients an alternative to overcrowded stores. Similarly, in December last year, Italian menswear label Brunello Cucinelli opened a New York store – Casa Cucinelli – specifically for private clients. Gucci inaugurated its appointment-only salon in Los Angeles. British luxury department store Harrods has introduced “Residence” concept spaces, first in Shanghai and then, in June, one in Beijing.
These clubs and spaces are not advertised, nor even visible in the stores, and function on an invite-only basis, existing to provide the customer with exclusive access to spaces
to bypass queues and enjoy the luxury of hosting friends in privacy, turning these salons and spaces into exclusive local social clubs for a fortunate few.
Also in June, Swiss high jewellery and watch house Piaget hosted an event for press and VICs in Florence to launch its Metaphoria exhibition. The weekend of celebrations began with a gala dinner the night before at Giardino Corsini, featuring guests that included actors Claire Foy and Diane Kruger and her actor fiancé, Norman Reedus.
The following day, at the 15th-century Villa Il Salviatino in Fiesole, just outside of Florence, the 52-piece collection was previewed to press and VICs who had been invited from all corners of the globe to shop the collection. On display was the centrepiece, an azure-blue 13.25-carat cushion-cut aquamarine, as well as the Foliatura jewellery watch set with a cushion-cut Colombian emerald, weighing 6.59 carats, and a leaf-shaped statement ring embellished with a pear-shaped 2.23-carat diamond.
The VICs’ importance to luxury brands is unmistakable, driving services that venture into the personal realm, spanning the spectrum from wellbeing to education. From securing exclusive school placements to landing hard-to-get specialised medical appointments, these patrons wield their influence via their spending power.
“One of my clients’ kids got kicked out of school. [The client asked me] ‘Are you able to pull your connections to see if they can get an interview at another [exclusive] school?’ the source explained to marie claire. “Or, ‘I hear doctor so-and-so does a great job; could you get me an appointment?’”
And the VICs deemed eligible for this level of service are a growing group. Ultra-wealthy individuals are defined as those having a net worth of $US30 million or more, and women make up
11 per cent of this group.
Anticipated to be one of the strongest sectors, the luxury market is projected to grow between 3 and 8 per cent by the end of 2023, led by a record number of VICs who are also Ultra High Net Worth Individuals (UHNWIs), most often defined as customers who spend more than seven figures annually. Within this evolving tapestry, women hold an increasing share of global wealth, redefining luxury’s contours. These patrons channel resources into real estate, high-end art and fine jewellery, which has a knock-on effect for the industries that cater to them.
“I would say many successful transactions involve curating exclusive and memorable experiences, which can make a loyal client make impulse purchases,” says Patricia Kwan, a retail client development manager for Piaget’s Hong Kong/Macau region (whose job is to liaise with VICs and guide them through the shopping process).
Kwan explains that her clients tend to rely simply on an immediate emotion or feeling when they interact with a piece, despite the formidable price tags. Born in Hong Kong, Kwan grew up in Singapore, London, Vancouver, New York and Sydney, studying finance and marketing as well as a gemologist certification.
Following three years at Dior in the same department, Kwan moved to Piaget, relying on her international network to ensure her clients have all they need.
“It starts with you finding and getting to know a client on multiple levels. Learning as much as possible about their lifestyle, from how they spend their money, including travel habits, food preferences and restrictions to family dynamics and social circles. It’s almost like dating someone!” says Kwan, whose next stop after Piaget’s Florence event was to fulfil a client’s request to be taken to the Valentino couture show. “But besides that, you have to find out what their actual needs and wants are within their spending power. For example, if they go to a lot of charity balls or are a regular on the red carpet or have an upcoming wedding and will require jewellery.”
Kwan explains that while in Florence, she and Piaget were on hand to facilitate their VICs’ requests, including private gallery tours to avoid queues or booking tables at the Gucci Osteria. “Piaget Hong Kong opened the first Piaget Society Club where we are able to host money-can’t-buy experiences to extraordinary clients,” says Kwan. “To name a few, we have partnered with Hauser & Wirth to do an art investment talk, hosted exclusive art exhibitions from private collectors, Macallan whisky tastings on particular vintages, and so on. The possibilities are endless as long as we find the right idea to keep the clients excited.”
Indeed, behind the grand tapestry of haute couture, high jewellery and luxury high fashion lies a diligent network of retail development managers like Kwan, orchestrating clients’ journeys with precision and care. At the time of writing, Jimmy Choo, Tiffany & Co. and Farfetch are all seeking private client managers such as Kwan to assist in the management of their VIC relations. LVMH is also said to be building an in-house team, as are Fendi, Celine and Loewe.
The connections made between client and manager go beyond commerce, embodying a symphony of trust and mutual understanding. As the narrative unfolds, the pursuit of luxury transcends transactions, becoming a realm where dream and desire are meticulously curated and where details speak to a deeper connection. “It’s almost a race to compete with other brands to gift our loyal clients during festive seasons like Christmas, Chinese New Year, Mid-Autumn Festival and Easter,” says Kwan. “One thing’s for sure, we never forget a birthday.”
This story originally appeared in the December issue of marie claire.
