Is luxury really a privilege?
In this episode, we welcome you to the world of luxury in the DEI space. Corey Smith, Head of Diversity, Equity, and Inclusion (DEI) from Louis Vuitton Moët Hennessy (LVMH) the largest luxury conglomerate on the planet, joins Amber today.
Luxury is sometimes seen as a validator or a badge of honor; but it is also something that can create a sense of community or even disconnection. How is equity seen in luxury brands? We find out more with Corey.
Corey explains that LVMH owns 75 brands across six main business verticals ranging from wine and spirits, fashion and leather goods, watches and jewelry, beauty and skincare, selective retailing, and travel and hospitality. From looking at budgets to creating impacts, Corey also shares how LVMH aims to increase the number of people of color in the executive position – targeting to see that shift within a specific timeline. As diversity begets diversity, we look into this conversation about how we can be responsible with our inclusion and equity even though we are putting a spotlight on opulent brands!
Don’t miss out on this episode and discover the real meaning of luxury through DEI with Corey and your host Amber today!
KEY POINTS:
- How diversity seems to be the business model of LVMH
- Understanding DEI strategy and its three pillars: people, business, and brand
- How to make the workforce more diverse
- Is luxury a privilege to Corey?
- The influence of luxury on culture
- Luxury = aspirational, not exclusivity
- How equity in retail can be a challenge and mitigating its (racial) bias
- How to overcome the need for people’s approval or validation
- The lack of economic empowerment in handling financial limitations
- What is logomania and how it is defined in the community
- How the concept of ‘quiet luxury’ is resurging
- Difference between equity and equality
- A privilege Corey refuses to feel guilty about
QUOTABLES:
“We have so many different types of companies operating across so many different business verticals, that diversity is just kind of literally our business model.” – Corey Smith
“People usually attach the word luxury with the word exclusivity. I am really trying to shift the narrative, luxury is actually aspirational.” – Corey Smith
“When you walk into our store, I need to treat you like you’re a VIP. I don’t care if you’re here to buy all the logos, I don’t care. I don’t care if you’re here to buy all the quiet luxury. Either way, welcome. We see you, we value you. Come on in.” – Corey Smith
GUEST INFORMATION:
Corey Smith
IG | @mrcoreysmith
- Leadership + Equity Consultant & Keynote Speaker | Cabral Co
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Cabral Co. is a boutique Inclusion and Diversity Consulting firm that partners with organizations to develop strategies, training, workshops, and learning experiences tailored to your organization’s unique needs. Our objective is to aid organizations in achieving a culture of inclusive leadership, respectful communication, and authentic connectivity.
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