Moët Hennessy's new look at luxury
The good news for Moët Hennessy USA: "Luxury still matters."
And, according to Jon Potter, "premiumization" is an inevitable consequence, especially among young consumers: "They're looking to buy more premium products. They're looking for quality. They're looking for discernment."
In August 2016, Potter left his post as Chief Marketing Officer/EVP of Brands at Moët & Hennessy USA to become CMO at the Boston Beer Co. Until that time, since 2012, he'd been charged with searching out the right customer mix for brands like Dom Pérignon, Krug, Moët & Chandon and Veuve Clicquot champagnes, as well as Hennessy cognac and Belvedere vodka.
The challenge: "Luxury is changing, for many different reasons." And, in fact, Potter said at the 2016 Brand Activation Conference, "Digital has definitely changed the word 'luxury' ... [It] is transforming the way we're thinking about luxury, the way consumers are engaging with the word 'luxury', and how we need to respond.