The Mystique Of Luxury Brands Conference – MLB 2023
Following the success of organizing international conferences in countries such as Japan, Singapore, Korea, Australia,... College of Business, University of Economics Ho Chi Minh City (UEH) and Luxury Brandings Research Center, Curtin University (Australia) co-organized the international conference "Mystique Of Luxury Brands - MLB 2023" on November 9-10, 2023 at Ho Chi Minh City, Viet Nam. More than 200 researchers from 15 different countries attended the conference.
This year, the MLB 2023 conference was organized to gain a deeper understanding of changes in the perception of consumer culture and luxury goods for many luxury product categories, as well as strategies that luxury brands can use to adapt to regional and global changes. The luxury market in Vietnam is being targeted by high-end companies, and it is predicted to grow rapidly as the middle class expands and their purchasing habits for luxury items improve. High-end is also changing. Vietnam's personal luxury goods market revenue is estimated to reach approximately 957.20 million USD in 2023, with an annual growth rate of 3.23% (CAGR 2023-2028). Recently, Vietnam has begun to attract huge, well-known brands interested in investment.
At the opening ceremony, Prof. Su Dinh Thanh – UEH President said “We are honored to co-host with The Luxury Branding Research Centre at Curtin University an event for researchers and experts to present their research on the perception of luxury and consumer culture for many luxury product categories, as well as shares from business representatives in three industry talk sessions on how they can grow, maintain, and adapt to these changes regionally and globally.” Besides, Prof. Ian Phau - Representative of the Organizing Committee of MLB 2023 also extended greetings to the conference's speakers, attendees, partners, and sponsors.
The MLB 2023 conference drew approximately 120 research papers from researchers and scholars from universities and research institutes across the country, as well as from other countries around the world, including Australia, Germany, Singapore, Japan, Korea, Thailand, and others, who are experts in luxury branding and serve as a bridge between industry and academia. Furthermore, the conference has received financial support from the Institute of Chartered Accountants of England and Wales (ICEAW) and the Institute of International Business (ISB - UEH), as well as sponsorship from prestigious international journals such as Asia Pacific Journal of Marketing and Logistics, Journal of Research in Interactive Marketing, and Journal of Global Fashion Marketing.
The conference featured the participation and presentations of three world-renowned speakers, including (1) Prof. Eunju Ko, Yonsei University (Korea), Editor-in-Chief of the Journal of Global Fashion Marketing, and President of the Global Alliance of Management & Marketing Association; (2) Prof. Desmond Doran, Kent University (UK), an expert in the field of Operations and Supply Chain Management, UEH Research fellow; (3) Prof. Cheng Lu Wang, University of New Haven (USA), Editor-in-chief of the Journal of Research in Interactive Marketing.
And what's special is that the conference received the participation and presentation of 03 main speakers, famous in the world such as Professor. Eunju Ko, Professor at Yonsei University (Korea), Editor-in-Chief of Journal of Global Fashion Marketing and President of the Global Alliance of Management & Marketing Association, Professor. Desmond Doran, Professor at Kent University (UK), is an expert in the field of Operations and Supply Chain Management, UEH Research felllow and Professor. Cheng Lu Wang, Professor at University of New Haven (USA), Editor-in-Chief of Journal of Research in Interactive Marketing. The speakers took turns presenting research on "Luxury brands" in a variety of sectors, including:
- Topic “Luxury Fashion research in Digital transformation”
Professor Eunju Ko highlighted the evolution of modern research over the last decade, from changes in media and e-commerce to virtual reality consumer experiences during the digital revolution period. and digital innovation, to meta-commerce apps, AI & Robot sensing, and so forth. The professor also discussed study findings that suggest that NFT marketing efforts have a favorable impact on brand NFT customer assets. NFTs for luxury brands and customer equity have a beneficial impact on brand purchase intention and customer lifetime value (CLV).
- Topic “Luxury Branding for Business Schools: A European Perspective”
Professor Desmond Doran provided a unique viewpoint on luxury brands in the sphere of education. The speaker discussed the components of a Luxury Business School, which include a prestigious, highly rated educational unit, good training programs with a strong brand image and awareness, and tailored learning experiences, international experience, industrial ties, and so on. "Customers" at luxury business schools will receive "payback" in the form of membership in global networks, access to school resources, negotiating power, and so on.
- Topic “Lifestyle for rent - the consumer psychology behind luxury rental”
Professor Cheng Lu Wang discusses the shifting perception of possessing luxury items. Instead of purchasing, consumers experience and access high-end products and services through intermediaries (for example, renting and utilizing high-end things, temporarily accessing high-end service experiences,…). The concept of luxury ownership is evolving from possession to experience and lifestyle.
There were 35 discussion sessions taking place at the conference on significant issues such as Experiential luxury marketing, Digital transformation of luxury brands, Global challenges for luxury brands, Sustainability and Luxury, Luxury and Metaverse, ... The parallel sessions were vibrant and entertaining, with many interesting and very scholarly ideas exchanged. Besides that, the MLB 2023 conference drew a lot of attention from scholars, business officials, and UEH/COB students with three roundtable discussions with leadership figures. During the two-day event, notable businesses will be represented. Specifically:
- Discussion session 1 with the topic "Globalization/adaptation strategies of international luxury brands in Vietnam". The session presented insights into multinational luxury brands' approaches to success in Southeast Asia's dynamic and ever-changing market.
- Discussion session 2 with the topic "Luxury brands - Vietnamese brands in the global market". The discussion session featured efforts from Vietnamese companies in the present global environment, such as continuously cultivating connections, developing relationship networks, personal specialization, and so on, in order to create new opportunities, cooperation, and access to global markets.
- Discussion session 3 with the topic "How can technology change the tourism industry?" Opportunities and challenges? The debate focuses on new tourism technology trends such as the use of technology applications in tourism, digital marketing models, increasing customer experience, technology application, smart tourist destination management, and so on.
The discussion concludes with lively, interactive Q&A sessions that allow attendees to delve deeper into the strategies discussed and gain a more comprehensive understanding of brands orienting in Vietnam, as well as strategies for adapting to future technological changes and challenges.
During the Closing Ceremony, the Organizing Committee also awarded:
Best Paper:
2321 - What is the sound of luxury? Sonic branding of luxury fashion products
Preetha Menon, FLAME University
Mallika Nagle, University of Bath
Highly recommended:
1) 2342 - How much does the Michelin effect matter?
Kong Cheen Lau, Singapore University of Social Sciences
Sean Lee, Curtin University
2) 2341 - Systematic Review of the Impact of Secondary Markets on the luxury brands
Keisuke Okahara , Waseda University
Shin'ya Nagasawa, Waseda University
3) 23101 - Has brand puffery lost its sting? Testing competing advertising appeals within a luxury automotive context
Brian 'T Hart, Trinity Western University
The Mystique of Luxury Brands Conference officially concluded with remarkable highlights. The conference also provided a forum for both academics and business professionals to explore the future of luxury brands in a very practical manner.
Additional photos regarding the conference:
News, photos: School of Business UEH
