Page 30 - Ocean Blue World 24th Edition

FROM THE CHAIRMAN
Business As unusuAl
We’re not too far into 2020, and yet the world looks remarkably different than it did this time last year. Our new normal has people trading the morning commute for conference calls dressed in pajama bottoms. Business is anything but usual. Fortunately, we live in a connected world where technology can bridge the gap left by fewer “in-persons.”
So, we looked at the innovative ways those in real estate and fashion (two of our favorite categories) have adapted to a world that’s moved online.
Photos Courtesy Of: Shutterstock, Gucci
Real estate already heading digital
Homebuyers are more serious in today’s climate and “window shoppers” are staying home. Fortunately, closings are no longer confined to title office buildings. RONs (remote online notaries) are becoming more widely accepted and full digital closings might now get the push they need for full adoption. The technology is there, but hasn’t caught on because people still wanted the in-person signing.
Fashion forward
Italy’s fashion industry is worth $100 billion or more. It’s been hard hit by supply chain issues and weakening demand. Elsewhere, fashion designer Channel cancelled its May 7 show in Capri. Dior, Burberry and others have followed suit. Which begs the question how do you showcase clothes, when people can’t see them in person? François-Henri Pinault, the chief executive of Gucci, Saint Laurent and Balenciaga, wondered about digitizing showrooms as a way to bridge the gap. Lifestyle brand Ralph Lauren donated an undisclosed amount to help struggling designers most impacted this year. This act of solidarity has been repeated in other industries as well.
Moving forward, maybe rethinking business and how it operates shouldn’t just be a function of mandatory in place —but modus operandi — as companies evaluate the true cost of doing business now and in the future.
Dieter Esch Chairman
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