HOW THE SUPER RICH SHOP

From invite-only retail spaces to celebrity introductions and ends-of-the-earth concierge services - it's all part of the package when the top 1 per cent go shopping, writes Divya Bala

- Divya Bala

You have been handed the keys to a storied, exclusive space, somewhere like Villa Medici in Rome, Château de Saran in France’s Champagne region that’s reserved for guests of LVMH, or even a secret apartment at Dior’s flagship store in Paris. You have at your disposal a dedicated 24-hour concierge and nothing to do but browse the pillow menu, rest in opulent surrounds and wake up to one thing on the day’s agenda: a curated shopping experience. For high fashion’s Very Important Clients (aka VICs) it’s all part of the experience.

These heavyweight spenders, who are attracted to carefully crafted experiences available to the top 1 percent of shoppers, can support entire businesses. For example, 3 percent of fashion e-commerce site Mytheresa’s customers reportedly generate about 30 percent of its business. Similarly, the top 1 percent of customers at luxury e-commerce site Farfetch made up almost a third of its total merchandise value in 2022. In the post-Covid rise in demand for luxury products and exclusive experiences, fashion houses are doing more to entice these clients.

Speaking to The Business of Fashion site, Isabel May, chief customer experience officer of Mytheresa, said its VICs spend in the “high seven figures”, while Dior’s private clients reportedly spend at least $US100,000 annually with the French house.