Investors and Startups in Geneva

Image
Investors and Startups in Geneva - Luxury Innovation Summit
4 minutes read
Listen now
Creativity, innovation and sustainability were at the heart of this fourth edition of a summit marked by the quality and content of its programme and speakers

What were the takeaways for these Davids and Goliaths?
Founded by Deependra Pandey and organised since 2019 by his Swiss-based Luxury Venture Group, the Luxury Innovation Summit welcomes innovative entrepreneurs in the luxury industry and connects them with investors who can accompany them in their growth. Projects built around the circular economy and sustainable development are particularly encouraged. An intrinsic part of the summit, the Luxury Innovation Awards are presented to the best projects in five categories. International in its outlook, the 2022 edition was held at Bâtiment des Forces Motrices in Geneva on October 19 and 20. GMT Publishing has supported the event from the very start, as media partners (GMT magazine and WorldTempus), through its editorial team’s contribution to panel discussions, and by inviting members of its Fine Watch Club to take in the fabulous products on display. We asked some of the main players for their impressions.

Investisseur et start-ups à Genève

Mutual dependency - Stéphanie Crespin (category winner, Reflaunt)
Winner in the Circular Economy / Pre-Loved category, the founder of the Reflaunt circular fashion platform is no stranger to this type of event. “It’s so important that decision-makers at major companies and the people who shape the fashion industry sit down with small entrepreneurs like us. Otherwise we have no voice and no influence. Here, we can show big brands that there are effective, workable solutions to the climate issue and the need for circularity. We need the groups and they need us. They’ve been operating in a certain manner for a long time and don’t have our agility to adapt, iterate or test sufficiently quickly. We’re in the midst of an environmental crisis that demands radical change in a short space of time. It’s an enormous challenge.” Her conclusion: “Startups are able to imagine solutions that are disconnected from legacy or an old way of thinking. They can show these Goliaths how to get moving and adapt.” 

A collective effort - Tirath Kamdar (eBay Luxury)
An investor and startupper himself, the General Manager Luxury at eBay travelled from California for the event. “We’re seeing a multitude of initiatives in luxury, most of which revolve around innovations that drive growth,” he said. “At the same time, we’re observing the need to coordinate and connect. At the end of the day, this is about a community and a collective effort, and in this respect the main interest of the event is its diversity and mindset. Here’s hoping that numerous collaborations come out of it, whether in the circular economy, blockchain technology, traceability or transparency. These are all areas that luxury will have to embrace.” With its 138 million active buyers worldwide, Tirath Kamdar is convinced that eBay has a role to play: “Luxury is one of our three global priorities. We want to instil trust and transparency around brands to connect them with the next generation of luxury buyers. We believe eBay can deliver this message.” 

Investisseur et start-ups à Genève

Entrepreneurial spirit - Josh Pullan (Sotheby’s)
The Head of the Global Luxury Division at Sotheby’s, which had one of the summit’s biggest booths, showing a selection of watches that will cross the block at forthcoming sales, was also a speaker on the Innovation, Trends and Creativity panel. Here’s what he had to say: “I’ve been really impressed by the energy and entrepreneurial spirit of everyone who pitched a project, whether for a product, data or a service. These entrepreneurs fill the luxury space fantastically well. Sotheby’s presence here is a chance to meet with the luxury community across all our categories of watches, jewellery, spirits and leathergoods. Sotheby’s was established in 1744 but we are driven by innovation and an entrepreneurial spirit.” 

Geneva’s role - Chabi Nouri (Mirabaud Asset Management)
Partner at Mirabaud Asset Management, the luxury investment fund from Mirabaud (one of the summit’s premium partners), the former Piaget CEO believes the summit is an asset for Geneva, which has numerous ties with the luxury industry, and that the city should do more to promote the event internationally. She has nothing but admiration “for the people who continue to take risks to define tomorrow’s world and make a positive impact. Geneva’s many investors should be thrilled by this, particularly in the luxury sector.” Asked about the audience and the selected startups, she praised the international dimension and the quality of the projects: “These are companies with a business model that works. This ecosystem isn’t only for product-focused projects. It aligns with the expectations of new luxury, with its experiences and the way customers want to engage today. More than digitalisation, in my opinion this is the disruption luxury has been waiting for. Customers choose how they engage with and experience the brand. It’s a disruptive challenge for our industry and the summit reflected this aspect in all its diversity.” Chabi Nouri hopes the organisers will benefit from greater international media coverage and stronger connections with investors. 

Investisseur et start-ups à Genève

 See all finalists and their awards at luxuryinnovationsummit.com