Executive Search for Consumer, Luxury and Retail

The consumer, luxury, and retail sectors are growing due to the rise of the middle class. In 2021, global retail sales were 26.4 U.S. trillion, and by 2026, they are projected to reach 32.8 U.S. trillion.

Challenges for the Consumer, Luxury and Retail Sector

The pandemic has changed how the retail market operates, placing pressure on traditional brick-and-mortar shops as well as the supply chain operations of global online retailers.

E-commerce has seen a rise in the sector. While many regular retailers had to close their stores and switch to e-commerce, others renovated their stores with digital media and innovative ways to serve their clients. Headhunting firms have had to shift their search from traditional talent to executives who are agile and tech-savvy.

Companies coped with these changes by integrating technology into their stores. New tools to gather consumer information have enabled them to better understand their clients and provide improved services. Executive Search firms must identify executives capable of implementing new strategies to transition to an omnichannel approach, as well as create strategies based on consumer behavior data.

Due to digitalization, consumers are more demanding than ever since they are exposed to a vast array of brands and information. If they are unhappy or not convinced about a brand it is very easy for them to switch to another. Nowadays, consumers conduct their own online research, they compare prices, and it has also become important for them to connect with the brand.

To thrive in the retail and luxury industry where instability and inflation are increasing, firms need to have a strong brand, creative digital strategies, and excellent supply chain services for long-term success. There is an increased demand for executive talent that can support clients in these areas. Executive Search companies are on the lookout for executives who have expertise in digital innovation and are able to master data analytics to correctly understand trends and successfully create strategies.

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Executive Search for Consumer, Luxury and Retail: Case Study

Retention plan for a luxury cosmetics company

Diagnosis of situation:
The CEO of a Luxury brand company gets a written letter letting him know that 55% of his commercial team was leaving. The commercial results of the company are average, and members are under huge pressure. The members list in a letter a wide variety of problems within the organization that did not allow them to perform at their best. The concerns were very diverse and very costly if all were dealt with. 

After individual interviews with all members, we designed a climate survey focused on the most common priorities. This is made to understand and prioritize heterogeneous feedback and ensure priorities are made. We work on a communications plan with the CEO to ensure he expresses concern about statements and commitment to solving the concerns of the team. 

Implementation: The team feels heard, and within the first 2 months rotation became minimal. Work policies and incentives are put in place to address the top 3 priorities of the team. Engagement increases. 

Result: 1 year later none of the key salespeople flagged for retention left. We, however, supported the exit of one of the salespeople due to poor results.

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