Page 22 - TMI Special 10-11 2020 FlipBookv2

INSIDER

10 brands tomorrow. We are looking for
the right partner, and the right partner is
a brand or two with whom we mutually
can connect to the customer, and connect
from a luxury standpoint.”
Currently, Island Companies’ watch
flagship is Hublot, which was added to
the portfolio about 18 months ago.
“We had fantastic results with
Hublot in FY 2019. This is a brand
that has done exceptionally well for
us. In jewelry, we have a large generic
selection, and recognized brands like Island Companies operates the Seafire Supply Co. at Kimpton Seafire Resort + Spa., which also
carries resort wear and sunglasses and other luxury accessories.
John Hardy. We were the number one
retailer in the Caribbean for John Hardy
by 2018.
“From a brand perspective, we are
looking at how to grow in a measured cruise companies, they have been able coming over to relax for vacation. The
way, improve our outreach and make our to identify clearly what this luxury mix of brands that Island Companies
core base better. The idea is not to grow consumer desires. We know what the presents for this customer might also
everywhere but to take that measured High Net Worth Individual and the Ultra be different than what other locations
step. And when we do partner with a High Net Worth Individual coming into in the Caribbean, such as St. Bart or the
brand, we partner well. We make them Cayman is looking for,” said Stecchi. Bahamas, are offering. It is important
#1. Adds Jackson: “We are partnering to find out from our research that in
“We do not want to have a portfolio with Diego and his team to look at the Cayman it is not necessarily best to open
of 20 watch brands. We would rather be international metrics of the tourism a huge Madison Avenue-like store, but
very strong in a handful of luxury brands. throughout the Caribbean, using to work with the brands to project the
By focusing on a few brands, we can extensive research. We have essentially brand’s identity in the market,” he notes.
make sure they have the right space, the worked backwards starting with the “Brands want to connect with the
correct assortment, and that our staff is customer to us as opposed to us to the customer. The Island Companies team
well-versed on the brand and delivering customer. We look at what our stores is working with its brands to create the
the best service.” offer through the eyes of the guests, best way to connect with the customer.
including such metrics as spending Wherever feasible, we want to create a
Data driven models patterns, preferences, etc. unique environment that goes beyond
Diego Stecchi, managing partner “This is especially important now. a shopping mall or retail store, one that
at Luxury Retail Partners, is consulting The traditional approach is changing appeals to our special customer base,”
on the market development with Island all over the world. Island Companies says Stecchi.
Companies. He notes that the retailer is is very open to look at fresh ideas with Jackson concludes: “We want
looking to focus on a select number of innovative concepts in order to create brands to realize that we have access to
successful and innovative brands. an environment that best connects with their luxury customer. We have retail
“We are concentrating on the this consumer. It is about the brands and opportunities throughout the island and
consumer, researching to understand what the consumer likes in this HNW can connect them to the Ritz-Carlton
what the consumer wants, and then environment,” says Stecchi. customer, the Kimpton customer, and
finding the right combination, the right The shopping must be special and the luxury condo customers. And of
mix of brands, that matches with the reflect the ambiance of the destination, course, it should not be lost the way that
consumer’s need. The good thing is that he says. the Ritz-Carlton can elevate or work
Island Companies knows the consumer “We cannot just replicate Madison alongside a brand.”
and the market. Using data from the Avenue in the Cayman Islands. We have
hotels, the tourism associations and to find a way to reach out to the tourist

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