Women Are the Ultimate Decision Makers, Says Pomellato CEO
Andrea Morante speaks at IESE’s London Breakfast Series
Addressing an audience of 40 executives at London’s Oriental Club, Pomellato’s CEO and minority shareholder Andrea Morante, revealed some of the latest trends in the jewelry sector and explained why, in the high end luxury market, brands have to be unique with a strong sense of temperament and character.
Joined by Prof. Fabrizio Ferraro, Mr. Morante spoke on Monday 9th in a session marking the third edition of IESE’s London Early Breakfast Series.
"40 % of women admit having received unwanted jewelry," explained Mr. Morante. "43% kept it but didn’t wear it at all and 34% kept it and wore it only when they needed to," he added. According to Mr. Morante this information is crucial for a luxury brand to decide who their real clients are and how to communicate with them.
In his view, when faced with commercial dilemmas such as choosing a model highly praised by female customers but rejected by male clients, Pomellato always decides to take the women’s side. "Women have always had strong purchasing power in the household, but in recent years women, as well as earning more, are more independent, and in countries like China, they are the ultimate decision makers."
According to Mr. Morante, Pomellato, the fifth largest jewelry company in Europe, has always tried to come across as a brand which is unique, sometimes unusual but always with a distinctively strong spirit. "Our marketing campaigns always favoured strong characters such as Géraldine Chaplin, Catherine Denueve or Isabella Rosellini. We didn’t want to portray images of conventional beauty," he explains. "Our women customers always prefer strong personalities."
Pomellato’s CEO also spoke about the growing importance of innovation and technology within the jewelry industry and how practices are changing with the rise of emerging markets such as India and Brazil. For the Italian jewels manufacturer, Brazil is their primary source of precious stones. However India is gaining ground because of its strength developing excellent cutting-technology, which allows for jewelry to be purchased as finished items.
When speaking about the jewelry sector overall, Mr. Morante explained that Pomellato was one of the very few branded jewelry companies in the world. "The industry is peculiar in that branded jewelry only account for 5-7% of the global market." Another peculiarity outlined by Mr. Morante was the fact the industry is extremely fragmented into several different price points.