Midtown Manhattan, a few blocks north of Rockefeller Center. In the grand salon of a luxury hotel, you notice a 64-arm crystal chandelier swaying gently, refracting light through a thousand prisms. It’s a symphony of sparkle, the dance of a 260-year-old tradition. That’s because this isn’t any ordinary crystal – it’s Baccarat, the maker often associated with French royalty, and you’re in the Baccarat Hotel New York.
But in a world where the effects of a luxury slowdown are rippling across the jewellery ateliers and couturier salons of Paris, and the watchmaking studios of Geneva, can even the most storied luxury maisons like Baccarat maintain their shimmer?
Indeed, the once-glittering world of luxury has lost some of its lustre. In 2024, the industry found itself in unfamiliar territory – a slowdown not seen since the 2008 global financial crisis. The formerly red-hot China market, which had fueled double-digit growth for years, slowed considerably, dragging global sales down.
This was due to a perfect storm – the country’s sluggish economy, waning consumer confidence, and perhaps most tellingly, luxury’s own hubris. In their rush to expand, many brands diluted the very exclusivity that defines luxury. Now, as growth forecasts remain lukewarm through 2027, the industry faces its day of reckoning. Can it recapture the magic that once made it irresistible?
Clément Brunet-Moret, CEO of Baccarat Far East Limited, isn't one to shy away from the question. In a chat with PORTFOLIO, he unveils the strategy behind navigating this turbulent terrain, a strategy rooted in both prudent restraint and daring innovation. “Remaining attractive, visible, and desirable,” he declares, “are keys to overcoming an overall challenging market trend.”
Out goes the sterile marble counters of yesteryear. Baccarat is betting big on experience. Think floral workshops, afternoon teas, champagne tastings, and etiquette lessons that impart the grace of a bygone era – some hosted in Baccarat boutiques, others done in collaboration with partners. Last Christmas, Baccarat teamed up with Mandarin Oriental, Singapore to offer a festive staycation package coupled with a luxurious afternoon tea experience – served on Baccarat crystalware, of course.
Meanwhile, the Baccarat Hotel in New York and Cristal Room by Anne Sophie-Pic in Hong Kong aren’t just destinations; they’re immersive portals into the Baccarat lifestyle, designed to ignite a passion for beauty, refinement, and everything else the French hold dear to their philosophy of art de vivre.
(Related: Breathing new life to Baccarat)
- SUSTAINABILITY AND ETHICAL PRACTICES: MARATHON, NOT A SPRINT
- ADAPTING TO THE DIGITAL AGE
Sustainability and Ethical Practices: Marathon, Not A Sprint
Now that sustainability and ethical practices have evolved from being buzzwords to being considered the norm, Brunet-Moret acknowledges the pressure to conform. “Sustainability is not a sprint… it’s a never-ending marathon.” He emphasises the enduring quality of Baccarat’s creations: Objects passed down through generations, their beauty undiminished, their value only amplified by time.
“Conscious consumption for me means buying better,” Brunet-Moret insists. “Our products are simply the best money can buy, and they last a lifetime!” This statement isn’t marketing hyperbole, but a powerful argument against fleeting trends. The idea is that each piece of stemware, barware, vase, or candlestick should be considered an heirloom, the embodiment of enduring value in an era obsessed with the ephemeral and instant gratification.
Of course, Baccarat isn't content to rest on its laurels. Brunet-Moret understands the allure of “newness”, particularly among younger luxury consumers. His strategy? Collisions of heritage and modernity. The maison has actively pursued collaborations that spark dialogue (and joy!) and ignite desire. Philippe Starck’s avant-garde interpretations, the urban cool of Virgil Abloh, and even playful alliances with Pokémon and Hello Kitty inject fresh energy into the brand founded in 1764.
To be clear, these partnerships don’t involve just slapping a logo onto a crystal tchotchke. They’re meant to start conversations, bridge generations, and redefine what luxury can be. Brunet-Moret dismisses concerns about diluting the brand's identity. “When you are the best at what you do,” he asserts, “and when you collaborate with an exceptional artist to make a unique product, there is no dilution but pure excellence.”
- SUSTAINABILITY AND ETHICAL PRACTICES: MARATHON, NOT A SPRINT
- ADAPTING TO THE DIGITAL AGE
Adapting to the Digital Age
In an oversaturated digital landscape, Brunet-Moret recognises the need to forge genuine connections. The customer journey, he acknowledges, often begins online, leading to a demand for seamless omnichannel experiences. But technology isn't about replacing the human touch; it's about amplifying it. From personalised engravings to curated online experiences, Baccarat is harnessing the power of the digital realm to enhance the art of connection.
In the same spirit, the importance of localisation cannot be overstated. Brunet-Moret understands the need to tailor Baccarat's offerings to the unique tastes of each region. Collaborations with local artists, like the Printemps Bleu chandelier that fuses Baccarat crystal with Chinese-inspired porcelain, demonstrate a commitment to cultural relevance.
As the luxury slowdown intensifies, Baccarat remains steadfast. Brunet-Moret’s vision is crystal clear: To navigate the shifting sands of consumerism by embracing enduring values, pushing innovative collaborations, and enhancing the human connection that lies at the heart of true luxury. With that, Baccarat is proof that the finest traditions, like the most exquisitely crafted crystal, can shine brightly in any light.
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