Technology

In spite of artificial intelligence (AI)'s potential to transform the luxury sector, the industry is somewhat reluctant to integrate the technology into its creative processes. Many luxury brands fear that AI will dilute their brand identity and artisanal value, known for their emphasis on craftsmanship and exclusivity. However, AI can be harnessed to enhance brand identity by offering personalised customer experiences that align with the brand's unique values. Through data analysis and machine learning, AI can help luxury brands tailor their offerings to individual preferences, thereby strengthening the connection with their clientele. For instance, AI-driven chatbots allow customers to receive customised product recommendations based on their past purchases and browsing history. Additionally, AI can assist in optimising production processes, allowing artisans to focus more on creativity and innovation, ultimately reinforcing the brand's commitment to quality and exclusivity. For instance, AI can be used to automate complex processes such as pattern cutting, reducing the need for manual labour and resulting in greater accuracy and efficiency. This year, LVMH's founder and CEO, Bernard Arnault, who has a net worth o