Recently, U.K. and Iranian officials have made statements about plans to relax visa requirements in both countries for Chinese visitors. Driving their actions? At the top of the list is luxury tourism, which is now a booming billions-of-dollars business in many mature markets where emerging consumers come to buy (often, in bulk) everything from Dior handbags to Baume & Mercier watches to Stokke strollers. This reverse trade route, or “Polo Marco” effect as L2 Founder Scott Galloway calls it, makes it very tough for global luxury brands to reap the benefits of their investment in newer markets like China, Brazil, Russia and India. In this new interview, Galloway discusses the Polo Marco trend and offers insight into what luxury brands can do to take advantage of its growing popularity.
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