Need to Know

In the backdrop of economic recession hindering consumer confidence and the rise of Gated Retail, luxury companies will have to compensate for the rise of exclusivity in the sector with more public-facing projects that can help them remain culturally relevant.

We are seeing businesses in the sector renovating historic monuments and refurbishing public spaces, transforming them into new hubs of luxury, from hotels and landmarks to gardens.

In France, LVMH-owned fragrance company Maison Francis Kurkdjian is partnering with the Château de Versailles to fund the development Perfumer’s Garden, brimming with plants and flowers historically used in perfumery. Supporting fragrance-making’s legacy is central to this project, while also opening the gardens to the public for the first time in 2023.

As LSN:Global noted in the Legacy Spaces section of our Hyperphysical Stores macrotrend, companies are investing in landmarks and monuments to amplify their own heritage and create experiences beyond retail or hospitality. Examples include luxury house Fendi, which became a patron of vast archaeological site Parco Archeologico del Colosseo, and has been involved in renovating the Temple of Venus and Roma, a significant ancient Roman landmark. Other charitable endeavours that Fendi has undertaken in the city include the restoration of the Trevi Fountain, which then served as the backdrop of the company's haute couture show.

LS:N Global sat down with Enrico Pietra and Rodrigo Caula, founders of Aeir, a carbon-neutral luxury company that specialises in synthetic fragrances, and part of our Futures 100 innovators. We discussed how the pair’s background working at the intersection of luxury, sustainability and biotechnology has led them to the fragrance sector.

Aeir’s line of fragrances – unlike traditional brands – is entirely lab-made, protecting the environment from the extraction process, resulting in a product with the lowest carbon footprint possible. ‘It’s not that we oppose the use of natural resources; we just believe we should be extremely aware of our impact when doing so’ Rodrigo Caula comments. ‘Extracting 350 tons of flower petals or chopping down ancient forests to produce a single oil can cause severe environmental implications. The perfume industry should take a step back and look at what impact it is having at scale.’

The silver coating achieved on the packaging is produced through a process developed by NASA that not only creates a sleek design but creates zero waste. The duo wanted to use silver for its association to historic codes of luxury, creating a packaging which doubles as a collectible keepsake object. Aeir founders think this is a way to future-proof their business, as younger generations are increasingly knowledgeable about luxury timepieces and drive a comeback of traditional savoir-faire pieces, such as cutlery or silverware.