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Interview: António Paraíso
An expert in the luxury market, António Paraíso recently celebrated the 18th anniversary of his namesake company, a consultancy agency specialized in luxury marketing, strategic innovation and selling services. Born and raised in Portugal, António Paraíso is also a public speaker, having shared his expertise on the luxury universe in about 50 countries. In the interview below, he offers his views on branded residencies, on the strategies of high luxury brands and reflects on the role of AI in the industry.
There is a quote from you that I see as brilliant: “trends are temporary, but luxury is timeless”. In this fast paced world, how are brands reinventing themselves to keep offering new, yet timeless products to its consumers?
António Paraíso: Luxury is a very special sociological phenomenon of consumption, where clients are willing to pay high prices if they see and feel high value in those luxury objects and experiences. Luxury brands will reach and keep timelessness by developing and incorporating intangible value, symbology, refinement, and culture, in their offer. Luxury is culture, it has always been, and I believe it will always be, otherwise it will not be luxury anymore.
So many luxury brands are now working beyond the fashion segment: Louis Vuitton has a furniture line, while Hermès, Maison Dior and Saint Laurent have their own interior design lines, to name a few. What are your views on this strategy?
A.P.: We see indeed some luxury fashion brands extending to interior design but also to jewelry, fine-dining, or cosmetics. But we also see some jewelry brands extending to hospitality or some automobile brands extending to real-estate. These extensions are part of a strategy to build the brand’s unique lifestyle and seduce clients. In luxury, the motivation to buy goes well beyond the mere ownership of an object. Clients buy the lifestyle of the brand; clients buy what that brand means to them and how that brand makes them feel. Nevertheless, the brand will stay true and loyal to its original product or service category and will keep selling beautiful objects and emotionally engaging experiences.
Branded residences are a growing concept in some countries, especially in the United States. Do you believe in their potential, and could you share examples of branded residences projects in Portugal and Spain that caught your attention?
A.P.: This real estate concept combines luxury living with the reputation of a high-end brand, typically a hospitality, fashion, automobile, or a lifestyle brand. It is about creating a unique and exclusive residential property that offers high quality, service, and prestige, targeting affluent buyers. The association to a well-known brand will leverage the reputation of the property to seduce discerning buyers and enhance the property’s value, by creating a unique lifestyle Quality, beautiful design, amenities, customized services, exclusivity, access to a global network and selected community, as well as premium locations, are the main ingredients of the higher value in branded residences. The Viceroy Residences at Ombria Resort and the Wyndham Grand Residences in the upscale Quinta do Lago, both in the Algarve, are typical examples of this concept in Portugal. In Spain, I can mention Tierra Viva Luxury Villas, designed by Lamborghini; Karl Lagerfeld Villas Marbella and Epic Marbella, furnished by Fendi Casa.
What are some of the luxury brands that everyone should know about?
A.P.: Some of my favorite brands of excellence that are not so well known to the public are: Assouline (France), Vakko (Turkey), Manolo Costa New York (USA) and Thameen London (UK).
Lastly, how is Artificial Intelligence redefining the luxury market and how it will affect the consumer's experience?