French luxury giants dive into Silicon Valley
AFP
Steve Jobs may have been a tech genius, but he clearly didnt care much for fashion, reports AFP from Paris.
Facebook boss Mark Zuckerberg has followed in his footsteps, sporting a plain grey T-shirt every day for yearsonly to swap it for a simple black suit to testify before Congress and the European Parliament.
But Silicon Valley, whose billionaires have long stuck to basic, functional apparel, may finally be starting to get a taste for something more extravagant.
Sensing an opportunity, French luxury titan Hermes has launched its 34th US store in Palo Alto, the ultra-rich beating heart of the worlds technological behemoths.
We opened this new store after our San Francisco store reaped very strong results, Hermes CEO Axel Dumas told shareholders in June.
Its also a bet on the future. Right now, you can see how residents often invest more in their cars than in their clothes. We hope to be able to change that a little, Dumas added.
Guillaume de Seynes, a top executive at Hermes, sees great potential in Silicon Valley.
Palo Alto isnt very far away from San Francisco, where luxury is everywhere. However, the environment is very different. People are very focused on their professional success, working very long hours, he said.
For now, that potential has yet to blossom, with Silicon Valleys residents still mostly seen in jeans, T-shirts and trainers.
If you really think about it, Steve Jobs had a disastrous dress sense, Paris School of Luxury co-founder Eric Briones told the news agency.
And even if its starting to get a little better now, its still very simplistic. But that doesnt stop (people) from earning billions! he added.
Startup business leaders have had such a huge cultural impact that firms around the world have become more casual about clothing, Briones said.
Nowadays, startup bosses are seen as the epitome of success. For them, clothing is utilitarian, functional and secondary, he added.
And if they wear a suit, they must be wrinkle-free, because they dont have the time to preen themselves. They live in the moment, zipping from one plane to the next, said Briones.
Until recently, few luxury houses had thought to venture out to Palo Alto. Today, three French giantsHermes as well as Louis Vuitton and Cartierhave set up shop there.
In neighbouring Santa Clara, high-end fashion addicts can find Christian Dior, Balenciaga and Yves Saint Laurent boutiques, all huddled together in a glitzy Californian shopping mall.
But just because they dont necessarily wear designer clothing, the children of the digital revolution arent by any means new to luxury.
This particular population segment... has already adopted luxurious lifestyle habits, said Elisabeth Ponsolle des Portes of the Comite Colbert, which groups together 82 French luxury houses specialising in fashion, gastronomy, hotels and culture.
They invest a lot in real estate, contemporary art, cars and charity. They also know a lot about wine and gastronomy, she added.
Comite Colbert has entered into a partnership with the prestigious Stanford University, located in Silicon Valley. From September, artisans will teach students the coveted techniques honed over centuries by French goldsmiths.
In December, the group plans to welcome some 70 Californian industrialists and investors in Paris, where they will visit tailoring workshops and dine in Versaillesunique experiences that money cant buy, Ponsolle des Portes said.
We are planting a seed, she said, adding that it wasnt financial return that the firms were after.
Rather, her group wants to to help (Silicon Valley residents) understand the difference between marketing-based luxury and the real thing.
Beyond the beauty of the scarves and elegance of the bags and shoes, French luxury houses may also have another lesson in store for Silicon Valley giants.
According to Ponsolle des Portes, tech companies are intrigued by the longevity of our enterprises.
Hermes was founded in Paris in 1837, Cartier in 1947, and Dior in 1946.
Google was born in 1998, and Facebook in 2004.
