1 00:00:00,800 --> 00:00:03,840 Speaker 1: You always look different because you're the first woman of 2 00:00:03,880 --> 00:00:06,520 Speaker 1: the first brown person, the first Asian, the first Indian, 3 00:00:06,559 --> 00:00:09,639 Speaker 1: the first person of color to global luxury brand. You're 4 00:00:09,640 --> 00:00:13,440 Speaker 1: always the first. You're always underestimated. People don't know exactly 5 00:00:13,520 --> 00:00:14,280 Speaker 1: what to expect. 6 00:00:14,720 --> 00:00:17,000 Speaker 2: Lena Nair is in charge of one of the most 7 00:00:17,040 --> 00:00:20,759 Speaker 2: exclusive luxury brands in the world, Chanel, the French fashion 8 00:00:20,760 --> 00:00:23,680 Speaker 2: house known for its iconic designs and fragrances, made the 9 00:00:23,680 --> 00:00:25,880 Speaker 2: avant garde move to appoint her in the top job. 10 00:00:26,800 --> 00:00:29,880 Speaker 2: Previously a human resources veteran, she spent three decades at 11 00:00:29,960 --> 00:00:33,239 Speaker 2: Unilever before switching from the world of fast moving consumer 12 00:00:33,240 --> 00:00:37,199 Speaker 2: goods to oude couture and beauty. The firm's history is 13 00:00:37,240 --> 00:00:41,280 Speaker 2: a legendary, from its founder Gabrielle or Cucko to its fans, 14 00:00:41,320 --> 00:00:44,519 Speaker 2: including Marilyn Monroe. For Lena Naire, it's a chance to 15 00:00:44,520 --> 00:00:45,200 Speaker 2: make history. 16 00:00:45,360 --> 00:00:47,640 Speaker 1: Now. Want to change the world, but look good while 17 00:00:47,640 --> 00:00:48,080 Speaker 1: doing it. 18 00:00:48,479 --> 00:00:50,760 Speaker 2: On this episode of leaders with Laqua, I speak to 19 00:00:50,840 --> 00:00:54,160 Speaker 2: Lena Nair about her professional and personal job, how it 20 00:00:54,240 --> 00:00:57,600 Speaker 2: defines her leadership style, and her unique approach at the 21 00:00:57,600 --> 00:01:03,200 Speaker 2: top of luxury. Ina Area, thank you so much for 22 00:01:03,280 --> 00:01:07,280 Speaker 2: joining us here. On Bloomberg delighted to be here. What's 23 00:01:07,280 --> 00:01:10,039 Speaker 2: it like being a Chanel chief executive? It is the 24 00:01:10,040 --> 00:01:13,200 Speaker 2: best job in the world. It's creative, it's energetic. It's 25 00:01:13,280 --> 00:01:17,000 Speaker 2: why Brunt the sector is doing well. It's a great 26 00:01:17,000 --> 00:01:19,399 Speaker 2: place to be in. So what kind of difference do 27 00:01:19,440 --> 00:01:22,240 Speaker 2: you want to make a Chanel? Is it on the business? 28 00:01:22,520 --> 00:01:24,959 Speaker 2: Is it longevity? Is it what it stands for? Is 29 00:01:24,959 --> 00:01:25,920 Speaker 2: it sustainability? 30 00:01:26,720 --> 00:01:30,280 Speaker 1: You know, I want to lead Chanel into the future 31 00:01:30,319 --> 00:01:35,000 Speaker 1: along with my team, and lead Chanell into the future 32 00:01:35,040 --> 00:01:38,680 Speaker 1: by protecting what's core to us, by protecting our differentiation, 33 00:01:38,840 --> 00:01:45,640 Speaker 1: protecting what's unique about us, and by evolving as a scaled, 34 00:01:46,040 --> 00:01:49,400 Speaker 1: iconic business and brand. You know, it's always important to 35 00:01:49,480 --> 00:01:53,000 Speaker 1: understand the context we operate in. The context we have 36 00:01:53,080 --> 00:01:59,280 Speaker 1: externally is very very dynamic to political uncertainties, macroeconomic challenges, inflation, 37 00:02:00,600 --> 00:02:04,640 Speaker 1: complete fragmentation, media channels, ecosystems. I mean, winning hearts and 38 00:02:04,680 --> 00:02:07,400 Speaker 1: minds of people is so difficult in today's day and age. 39 00:02:07,760 --> 00:02:10,080 Speaker 1: So we see all of that externally AI. I mean 40 00:02:10,080 --> 00:02:12,560 Speaker 1: there's not a week you don't hear about AI. So 41 00:02:12,639 --> 00:02:16,120 Speaker 1: all of this is happening externally and internally. It's been 42 00:02:16,160 --> 00:02:19,760 Speaker 1: a phase of rapid growth. In the last ten years, 43 00:02:20,400 --> 00:02:25,359 Speaker 1: we have more than doubled our revenue. We've more than 44 00:02:25,360 --> 00:02:27,679 Speaker 1: double the number of people who work for us, We've 45 00:02:27,840 --> 00:02:31,720 Speaker 1: more than doubled a distribution presence, We've more than doubled 46 00:02:31,760 --> 00:02:35,160 Speaker 1: the number of countries we have presencing. So that's a 47 00:02:35,160 --> 00:02:38,720 Speaker 1: lot of growth. So my role, along with my leadership team, 48 00:02:38,880 --> 00:02:42,480 Speaker 1: is to ensure that we make coherent these changes, that 49 00:02:42,520 --> 00:02:45,799 Speaker 1: we make sense of these changes, and we are constantly 50 00:02:45,880 --> 00:02:46,880 Speaker 1: shaping what's next. 51 00:02:47,280 --> 00:02:50,160 Speaker 2: As far as I can remember, Chanelle was this beautiful, 52 00:02:50,240 --> 00:02:53,280 Speaker 2: high end luxury everybody wanted the products, but it was 53 00:02:53,280 --> 00:02:56,000 Speaker 2: always quite secretive. And then there's been an opening in 54 00:02:56,040 --> 00:03:00,600 Speaker 2: the last couple of years through culture events podcasts. Why 55 00:03:00,680 --> 00:03:01,000 Speaker 2: is that? 56 00:03:01,200 --> 00:03:01,280 Speaker 1: Like? 57 00:03:01,680 --> 00:03:05,200 Speaker 2: Is there? You know, can a high end luxury company 58 00:03:05,240 --> 00:03:07,119 Speaker 2: no longer be secretive in twenty twenty four? 59 00:03:07,480 --> 00:03:09,760 Speaker 1: You know, for me, never having been in the world 60 00:03:09,840 --> 00:03:13,200 Speaker 1: of luxury or sophistication or refinement, didn't know what to 61 00:03:13,280 --> 00:03:14,880 Speaker 1: expect when I came to Chanel two and a half 62 00:03:14,960 --> 00:03:18,120 Speaker 1: years ago. But it's a very humble company. People are 63 00:03:18,160 --> 00:03:22,200 Speaker 1: truly humble, and you've met many of my teammates and 64 00:03:22,280 --> 00:03:25,160 Speaker 1: it comes from a sense of we don't say things 65 00:03:25,280 --> 00:03:28,959 Speaker 1: unless we've really done them so high integrity, so we'd 66 00:03:29,080 --> 00:03:32,280 Speaker 1: rather do things before we speak about them. So some 67 00:03:32,320 --> 00:03:34,720 Speaker 1: of the shyness has been to do with that, And 68 00:03:34,800 --> 00:03:37,240 Speaker 1: I think the part of the opening up is also 69 00:03:37,360 --> 00:03:39,360 Speaker 1: as we've grown larger, and I explained some of the 70 00:03:39,360 --> 00:03:43,120 Speaker 1: internal context. We've been through rapid growth, being in so 71 00:03:43,160 --> 00:03:46,200 Speaker 1: many markets, having so many people work for us, it 72 00:03:46,280 --> 00:03:50,240 Speaker 1: becomes important to be clearer and more open about who 73 00:03:50,280 --> 00:03:52,800 Speaker 1: we are, what we stand for. It's one hundred year 74 00:03:52,840 --> 00:03:55,800 Speaker 1: role company. It's important to say what we do to 75 00:03:55,840 --> 00:03:57,840 Speaker 1: have been a bagon of inspiration all this year is 76 00:03:57,880 --> 00:03:59,800 Speaker 1: and continue to be a bagon of inspiration for the 77 00:03:59,840 --> 00:04:00,840 Speaker 1: next hundred years. 78 00:04:01,120 --> 00:04:03,200 Speaker 2: Is that because we're buying a luxury differently so that 79 00:04:03,280 --> 00:04:05,800 Speaker 2: clients and customers now want more of a story than 80 00:04:05,840 --> 00:04:07,480 Speaker 2: they maybe did ten fifteen years ago. 81 00:04:07,800 --> 00:04:11,760 Speaker 1: You know, I think there's no typical client and there's 82 00:04:11,800 --> 00:04:14,880 Speaker 1: no one reason to engage in luxury. Truly, we see 83 00:04:14,920 --> 00:04:19,800 Speaker 1: all kinds of clients. People who are longtime fans of Chanel, 84 00:04:19,960 --> 00:04:23,159 Speaker 1: people who are dedicated buyers of Qutuo, people who are 85 00:04:23,160 --> 00:04:25,080 Speaker 1: first time buyers. In fact, first time buyers are thirty 86 00:04:25,160 --> 00:04:28,640 Speaker 1: percent of our clients, which is a lot. We see 87 00:04:28,680 --> 00:04:31,679 Speaker 1: a lot of gen Z and Alpha. Thirty five percent 88 00:04:31,680 --> 00:04:33,839 Speaker 1: of luxury consumers by twenty thirty are going to be 89 00:04:33,880 --> 00:04:35,760 Speaker 1: gen Z and Alpha. It's a hard number to believe, 90 00:04:35,760 --> 00:04:40,280 Speaker 1: but it's the vibrance. See, the vitality is huge because 91 00:04:40,320 --> 00:04:42,480 Speaker 1: each of those clients has a different set of reasons 92 00:04:42,480 --> 00:04:44,680 Speaker 1: for why they engage with us. So for gen Z 93 00:04:44,760 --> 00:04:47,200 Speaker 1: and Alpha, they buy because they want to buy less 94 00:04:47,200 --> 00:04:49,680 Speaker 1: and buy better. They want to buy because they see 95 00:04:49,680 --> 00:04:53,440 Speaker 1: it's a financially wise investment, but everybody buys for a 96 00:04:53,440 --> 00:04:57,120 Speaker 1: different reason. For me, it's part of continuing to build 97 00:04:57,240 --> 00:05:03,240 Speaker 1: our brand, our reputation, come company and telling our story 98 00:05:03,800 --> 00:05:07,240 Speaker 1: in engaging ways to all sorts of clients. 99 00:05:07,360 --> 00:05:12,400 Speaker 2: But do you have to speak differently to the younger generation, No. 100 00:05:12,320 --> 00:05:17,880 Speaker 1: Not really. Our story of so Affare, our story of craftsmanship, 101 00:05:17,960 --> 00:05:21,440 Speaker 1: our story of how how many hours goes into making 102 00:05:21,440 --> 00:05:25,840 Speaker 1: this jacket, like a hundred hours, all handmade, is still 103 00:05:25,960 --> 00:05:29,640 Speaker 1: the core of our story, our craftsmanship, our so Affare. 104 00:05:30,320 --> 00:05:34,000 Speaker 1: It is still how people engage with luxury, the quality 105 00:05:34,000 --> 00:05:36,520 Speaker 1: of it, the beauty of it, a thing of beauty 106 00:05:36,640 --> 00:05:39,160 Speaker 1: gives us all joy. So that is still a very 107 00:05:39,240 --> 00:05:41,880 Speaker 1: very big reason how people look at luxury, the quality 108 00:05:41,920 --> 00:05:45,080 Speaker 1: the sub wire being part of that, and the story 109 00:05:45,120 --> 00:05:47,880 Speaker 1: of Gabriel Chanel and the story of her DNA and 110 00:05:48,320 --> 00:05:51,400 Speaker 1: what she means for us, a spirit of constantly inno 111 00:05:51,440 --> 00:05:56,080 Speaker 1: waiting and radical ways. Because when she designed clothes, it 112 00:05:56,320 --> 00:05:59,919 Speaker 1: was about the freedom of movement. It was about anticipate 113 00:06:00,200 --> 00:06:03,760 Speaker 1: the needs of the modern woman. It was about creating trousers, 114 00:06:03,760 --> 00:06:07,520 Speaker 1: crossbody bags so that women could ride bikes, ride horses. 115 00:06:08,160 --> 00:06:10,640 Speaker 1: So it was about supporting women to be and become 116 00:06:10,760 --> 00:06:13,239 Speaker 1: whoever they wanted to be and become. It was about 117 00:06:13,680 --> 00:06:16,920 Speaker 1: being on this journey of self discovery with women, and 118 00:06:17,000 --> 00:06:19,800 Speaker 1: that core part of our story doesn't change. It is 119 00:06:20,360 --> 00:06:24,159 Speaker 1: the story of being supporting women to be and become 120 00:06:24,200 --> 00:06:28,080 Speaker 1: the best versions of themselves, to discover themselves. And that 121 00:06:28,240 --> 00:06:31,839 Speaker 1: story still engages no matter what age you are, And 122 00:06:32,200 --> 00:06:35,000 Speaker 1: the core of our story really doesn't change. How we 123 00:06:35,080 --> 00:06:37,440 Speaker 1: say it might change. They're more channels than you and 124 00:06:37,520 --> 00:06:42,520 Speaker 1: I can count today. There's all sorts of things, Instagram, tiktop, 125 00:06:42,600 --> 00:06:45,599 Speaker 1: everything that's coming. So the media channels might change through 126 00:06:45,600 --> 00:06:48,160 Speaker 1: the ecosystem, and how we engage might change, but the 127 00:06:48,160 --> 00:06:50,520 Speaker 1: core of our story is still very much who we 128 00:06:50,560 --> 00:06:51,279 Speaker 1: are as you know. 129 00:06:51,680 --> 00:06:53,920 Speaker 2: Get my action was like a pioneer, and I feel 130 00:06:53,920 --> 00:06:56,200 Speaker 2: like when you talk about her, it's also maybe telling 131 00:06:56,240 --> 00:06:58,279 Speaker 2: a little bit about your story. I mean, you have 132 00:06:58,320 --> 00:07:02,160 Speaker 2: a unique story. You grow up in a town in 133 00:07:02,160 --> 00:07:05,760 Speaker 2: India where not many females were educated to a higher level. 134 00:07:06,680 --> 00:07:08,320 Speaker 2: So what was what was that journey like? 135 00:07:10,360 --> 00:07:12,960 Speaker 1: It was a long journey, it was. I grew up 136 00:07:12,960 --> 00:07:15,960 Speaker 1: in a small town in the southwest of India, col Kolhapur, 137 00:07:16,720 --> 00:07:21,200 Speaker 1: and the world of luxury, refinement, sophistication was very far 138 00:07:21,280 --> 00:07:24,320 Speaker 1: away from where I grew up. It was a small 139 00:07:24,360 --> 00:07:26,440 Speaker 1: town like any other. Most of my memories of me 140 00:07:26,560 --> 00:07:29,560 Speaker 1: running barefoot in the town or having my little bike 141 00:07:29,600 --> 00:07:33,600 Speaker 1: and running around women. Being ambitious was not the norm. 142 00:07:33,880 --> 00:07:36,720 Speaker 1: In fact, I remember my mother constantly telling me, who'll 143 00:07:36,760 --> 00:07:39,160 Speaker 1: marry you? You're so ambitious and do you really know 144 00:07:39,200 --> 00:07:42,040 Speaker 1: what you're going to do with your life? And so 145 00:07:42,240 --> 00:07:45,840 Speaker 1: very limited access to role models, to opportunities. I did 146 00:07:45,920 --> 00:07:49,120 Speaker 1: engineering after sort of convincing everybody in my family that 147 00:07:49,200 --> 00:07:52,160 Speaker 1: engineering was good for girls, which was great. It was 148 00:07:52,200 --> 00:07:55,400 Speaker 1: electronics and telecommunications, and I quite enjoyed again being in 149 00:07:55,440 --> 00:07:59,800 Speaker 1: the minority, but learning a lot more about the world 150 00:07:59,800 --> 00:08:02,920 Speaker 1: of technology, which we're all in now part of. Then 151 00:08:02,960 --> 00:08:05,840 Speaker 1: did my management studies. Worked all over the country as 152 00:08:05,880 --> 00:08:09,560 Speaker 1: part of Kindestani and Aliva. I worked. I had an 153 00:08:09,600 --> 00:08:12,160 Speaker 1: all round experience, a hands on experience. Worked in the 154 00:08:12,160 --> 00:08:15,120 Speaker 1: shop floor, worked in frontline sales, rode the trucks in 155 00:08:15,160 --> 00:08:18,760 Speaker 1: the morning, going to the trade selling tea. So it 156 00:08:18,840 --> 00:08:22,560 Speaker 1: was a fun experience, it was an adventure. It meant 157 00:08:23,080 --> 00:08:28,400 Speaker 1: being constantly underestimated. It meant that you always looked different 158 00:08:28,680 --> 00:08:31,160 Speaker 1: because you were the first woman of the first brown person, 159 00:08:31,200 --> 00:08:33,400 Speaker 1: the first Asian, the first Indian, the first person of 160 00:08:33,440 --> 00:08:36,559 Speaker 1: color to leader global luxury brand. You're always the first. 161 00:08:36,600 --> 00:08:40,400 Speaker 1: You're always underestimated. People don't know exactly what to expect, 162 00:08:40,840 --> 00:08:45,040 Speaker 1: they're suspicions of what your agenda might be. And along 163 00:08:45,040 --> 00:08:47,480 Speaker 1: with it comes the responsibility of making it easier for 164 00:08:47,520 --> 00:08:50,479 Speaker 1: those who come after you. So I feel a tremendous privilege, 165 00:08:50,760 --> 00:08:54,679 Speaker 1: tremendous sense of responsibility to make it easier, which means 166 00:08:55,120 --> 00:08:59,000 Speaker 1: questioning norms, being a role model, mentoring as many people 167 00:08:59,040 --> 00:09:01,480 Speaker 1: as I can, trying to make it easier for others, 168 00:09:01,559 --> 00:09:03,560 Speaker 1: constantly championing a more equal bird. 169 00:09:04,120 --> 00:09:06,480 Speaker 2: You like a challenge. Is there ever challenge that you 170 00:09:06,520 --> 00:09:07,600 Speaker 2: actually shine away from. 171 00:09:09,760 --> 00:09:13,440 Speaker 1: You know, every single thing I've done, it's almost as 172 00:09:13,440 --> 00:09:15,200 Speaker 1: if somebody had said it can't be done. I mean, 173 00:09:15,240 --> 00:09:17,040 Speaker 1: I remember I was in a fashion factory and I said, 174 00:09:17,040 --> 00:09:18,600 Speaker 1: I want to go in the night shift, and they said, no, 175 00:09:18,640 --> 00:09:20,079 Speaker 1: we don't put women in the night shift. I said, 176 00:09:20,120 --> 00:09:22,480 Speaker 1: how will I be a successful production manager or personal 177 00:09:22,480 --> 00:09:24,559 Speaker 1: manager of a factory if I never went into a 178 00:09:24,640 --> 00:09:27,600 Speaker 1: night shift and knew how a third of my people worked. 179 00:09:27,920 --> 00:09:31,479 Speaker 1: So in some ways it has fueled some of my determination. 180 00:09:32,160 --> 00:09:35,000 Speaker 1: It's fueled some of my Okay, I'm going to show 181 00:09:35,040 --> 00:09:37,960 Speaker 1: this is possible, a sense of I'm going to go 182 00:09:38,040 --> 00:09:40,600 Speaker 1: get on and do it. It also gives me courage 183 00:09:40,640 --> 00:09:42,720 Speaker 1: because I feel sometimes I'm not just doing it for me, 184 00:09:42,840 --> 00:09:44,760 Speaker 1: I'm doing it for everyone else who comes after me. 185 00:09:44,840 --> 00:09:47,640 Speaker 1: So it gives me courage too. So it fuels my determination, 186 00:09:48,160 --> 00:09:50,719 Speaker 1: fuels my courage. But it is I don't shy me 187 00:09:50,840 --> 00:09:53,719 Speaker 1: from challenges. And I always tell women who ask me 188 00:09:53,760 --> 00:09:56,040 Speaker 1: for advice, saying, put your hand up for the most 189 00:09:56,040 --> 00:09:58,600 Speaker 1: difficult job, put your hand up for things that are challenging, 190 00:09:59,160 --> 00:10:02,040 Speaker 1: you know, go in there and lean into things that 191 00:10:02,080 --> 00:10:04,520 Speaker 1: are difficult, that are challenging, because that's what gives you 192 00:10:04,520 --> 00:10:09,160 Speaker 1: the greatest credibility, respect reputation as you built your career. 193 00:10:10,360 --> 00:10:13,520 Speaker 2: Coming up, Chanelle's lenonaire on the long term outlook for 194 00:10:13,600 --> 00:10:16,320 Speaker 2: luxury and the changing role of what it means to 195 00:10:16,320 --> 00:10:24,320 Speaker 2: be a chief executive. Chanelle is behind some of the 196 00:10:24,480 --> 00:10:28,720 Speaker 2: most recognizable designs and fragrances in modern fashion. The French 197 00:10:28,800 --> 00:10:32,679 Speaker 2: luxury house is still privately held by the billionaire family Vartheimer, 198 00:10:33,200 --> 00:10:36,400 Speaker 2: involved with the company over the past century. I continue 199 00:10:36,400 --> 00:10:43,960 Speaker 2: my rare interview with the firm's chief executive Lemannair. Do 200 00:10:44,000 --> 00:10:46,640 Speaker 2: you see that again, you know, the high end luxury? 201 00:10:46,679 --> 00:10:49,760 Speaker 2: Does that even go higher end luxury that actually there's 202 00:10:49,800 --> 00:10:51,679 Speaker 2: a lot of players in the fashion world right now, 203 00:10:51,720 --> 00:10:53,920 Speaker 2: in luxury world, and it's really the ones that are 204 00:10:54,280 --> 00:10:57,360 Speaker 2: very high that will do well. And does that also 205 00:10:57,440 --> 00:10:59,959 Speaker 2: justify some of the price increases that we've seen at Channel. 206 00:11:00,880 --> 00:11:05,440 Speaker 1: Our prices are related to our cost prices. We use 207 00:11:05,840 --> 00:11:10,600 Speaker 1: exquisite raw materials and our production, as you know, is 208 00:11:11,200 --> 00:11:16,559 Speaker 1: very rigorous, laborious, handmade, so we raise our prices according 209 00:11:16,600 --> 00:11:18,600 Speaker 1: to the inflation that we see, so they're really linked 210 00:11:18,600 --> 00:11:22,000 Speaker 1: to the cost price. We've also made a commitment to 211 00:11:22,120 --> 00:11:27,800 Speaker 1: price harmonization across the world, which means our client should 212 00:11:27,840 --> 00:11:32,280 Speaker 1: not experience excessive price, different shills, price different shills, no 213 00:11:32,320 --> 00:11:33,679 Speaker 1: matter where they buy. 214 00:11:34,000 --> 00:11:36,520 Speaker 2: And secondhand the market is also something that we're saying 215 00:11:36,520 --> 00:11:39,200 Speaker 2: more and more in the last like four to five years. 216 00:11:39,640 --> 00:11:41,440 Speaker 2: What does that mean for a company like shanew. 217 00:11:41,800 --> 00:11:44,640 Speaker 1: You know, we've famously not been on e commerce. We've 218 00:11:44,720 --> 00:11:48,800 Speaker 1: always said we want our clients to buy from our 219 00:11:49,240 --> 00:11:53,960 Speaker 1: beautiful stores because we believe that clients must enjoy the 220 00:11:54,080 --> 00:11:59,360 Speaker 1: immersive experience, immersive physical experience where they build a relationship 221 00:11:59,400 --> 00:12:01,480 Speaker 1: with the fashion advice or the beauty advice or the 222 00:12:01,480 --> 00:12:04,560 Speaker 1: boutique assistant, which is so magical and so core to 223 00:12:04,600 --> 00:12:05,480 Speaker 1: the Chanell story. 224 00:12:05,800 --> 00:12:07,520 Speaker 2: And how do you see the China market right now 225 00:12:07,559 --> 00:12:11,480 Speaker 2: compared to the US market, because it's not that volatile. Actually, 226 00:12:11,520 --> 00:12:13,280 Speaker 2: you kind of have like a base set stage for 227 00:12:13,679 --> 00:12:14,400 Speaker 2: quite some time. 228 00:12:14,920 --> 00:12:19,280 Speaker 1: China is a very central market for the luxury ecosystem 229 00:12:19,320 --> 00:12:22,240 Speaker 1: because of the fast adoption of luxury, because of the 230 00:12:22,400 --> 00:12:27,200 Speaker 1: appreciation of refinement and sophistication. So it's a very important 231 00:12:27,440 --> 00:12:30,400 Speaker 1: central market for US. I came back recently from China 232 00:12:30,440 --> 00:12:33,280 Speaker 1: and I was really happy to see the energy and 233 00:12:33,360 --> 00:12:37,200 Speaker 1: vibrancy in the market, so we continue to run our 234 00:12:37,240 --> 00:12:39,240 Speaker 1: business for the long term and continue to invest in 235 00:12:39,320 --> 00:12:42,880 Speaker 1: China for the long term. Similarly, US, I see US 236 00:12:42,880 --> 00:12:45,560 Speaker 1: as a long term market for luxury. It always has been, 237 00:12:46,080 --> 00:12:48,400 Speaker 1: and all markets see a bit of ebbs and flows, 238 00:12:48,880 --> 00:12:51,679 Speaker 1: but if you keep a long term perspective, we continue 239 00:12:51,679 --> 00:12:54,679 Speaker 1: to invest. I mean, we just opened our beautiful Watches 240 00:12:54,720 --> 00:12:57,959 Speaker 1: and Fine to Restore on the fifth Avenue. It is 241 00:12:58,200 --> 00:13:03,800 Speaker 1: absolutely breathtaking, designed by Peter Marino, with everything that you'd 242 00:13:03,800 --> 00:13:09,240 Speaker 1: expect a nationally boutique, great personalization, intimacy, beauty, things that 243 00:13:09,679 --> 00:13:13,320 Speaker 1: uplift you. So we we believe in both these markets 244 00:13:13,320 --> 00:13:14,240 Speaker 1: and they important to us. 245 00:13:14,280 --> 00:13:16,079 Speaker 2: So it's probably tough for being a chief executive in 246 00:13:16,120 --> 00:13:18,560 Speaker 2: twenty twenty four than it was for the last twenty 247 00:13:18,679 --> 00:13:21,240 Speaker 2: years because of the constant change, and we don't really 248 00:13:21,240 --> 00:13:22,440 Speaker 2: know what AI brings either. 249 00:13:22,840 --> 00:13:25,920 Speaker 1: Yes, it is. It is definitely more challenging, and one 250 00:13:25,920 --> 00:13:29,280 Speaker 1: of my principles as a leader is about tapping into 251 00:13:29,320 --> 00:13:32,600 Speaker 1: collective intelligence because I truly believe the days of the 252 00:13:32,640 --> 00:13:35,800 Speaker 1: superhero leader are well and truly behind us. World is 253 00:13:35,840 --> 00:13:39,719 Speaker 1: so complex. There are crisis on multiple levels that you 254 00:13:39,800 --> 00:13:42,559 Speaker 1: imagine one individual, no matter how bright they are, how 255 00:13:42,640 --> 00:13:46,160 Speaker 1: experience they are, can have answers to all the questions. 256 00:13:46,520 --> 00:13:50,880 Speaker 1: No chance. That's why I believe in collective intelligence, diverse perspectives. 257 00:13:50,920 --> 00:13:53,319 Speaker 1: Go around the room, listen to every voice. It's very 258 00:13:53,360 --> 00:13:55,160 Speaker 1: important to me that I'm not just listening to the 259 00:13:55,160 --> 00:13:58,120 Speaker 1: dominant voices in my room, in my meeting room, but 260 00:13:58,160 --> 00:13:59,880 Speaker 1: listening to all voices around the table. 261 00:14:00,120 --> 00:14:02,080 Speaker 2: So is that what you also lead by empathy? I 262 00:14:02,080 --> 00:14:04,120 Speaker 2: mean I'm always you always say you know you lead 263 00:14:04,160 --> 00:14:06,480 Speaker 2: and lived, which is not always easy. 264 00:14:06,760 --> 00:14:09,120 Speaker 1: I remember in my early days in my career and unilvel, 265 00:14:09,600 --> 00:14:12,800 Speaker 1: when I was going to a place in a factory 266 00:14:12,800 --> 00:14:14,640 Speaker 1: and I felt if it was not safe for women, 267 00:14:14,760 --> 00:14:16,480 Speaker 1: I would go back and fight the battle to make 268 00:14:16,520 --> 00:14:18,560 Speaker 1: sure it was made safe for women who came after me. 269 00:14:18,840 --> 00:14:22,160 Speaker 1: It was always questioning the norms, challenging what was happening 270 00:14:22,600 --> 00:14:24,280 Speaker 1: so I could make it easier for others who come 271 00:14:24,320 --> 00:14:27,600 Speaker 1: after me. It's beautiful in chanel Vius, seventy six percent women, 272 00:14:28,040 --> 00:14:31,240 Speaker 1: sixty percent of my management team are women, so it's 273 00:14:31,840 --> 00:14:35,320 Speaker 1: it's easier to set into place everything to support the 274 00:14:35,800 --> 00:14:38,680 Speaker 1: development and career of all these standard women and create 275 00:14:38,680 --> 00:14:39,800 Speaker 1: a more equal world. 276 00:14:40,400 --> 00:14:42,720 Speaker 2: Would you ever go into menswear with Chanelle? 277 00:14:42,720 --> 00:14:45,000 Speaker 1: If we're going to menswear, it's a rare time in 278 00:14:45,040 --> 00:14:49,080 Speaker 1: our history where we have a female founder, a female CEO, 279 00:14:49,800 --> 00:14:54,760 Speaker 1: female creative director of fashion. So it's a rare time. 280 00:14:55,160 --> 00:15:00,560 Speaker 1: And I think we support women everyone such a beautiful 281 00:15:01,840 --> 00:15:04,840 Speaker 1: you know, we do make things for men. Blur is 282 00:15:05,000 --> 00:15:07,160 Speaker 1: one of the largest selling perfume for men, and I 283 00:15:07,160 --> 00:15:11,520 Speaker 1: hope it stays that way. We really buy women for women, 284 00:15:11,640 --> 00:15:14,560 Speaker 1: support women and were here to empower and support women 285 00:15:14,600 --> 00:15:15,800 Speaker 1: on the journey of becoming. 286 00:15:16,200 --> 00:15:18,920 Speaker 2: Yeah, and you're right the perfume. I forgot the perfumes. Yeah, 287 00:15:18,920 --> 00:15:20,600 Speaker 2: talk to me a little bit. I mean there's things 288 00:15:20,600 --> 00:15:22,840 Speaker 2: that people don't understand about Chanel or we talked about 289 00:15:22,840 --> 00:15:25,760 Speaker 2: the foundation because actually for so long it was all 290 00:15:25,840 --> 00:15:29,320 Speaker 2: kept you know, in house. But you also have other brands, 291 00:15:29,360 --> 00:15:33,440 Speaker 2: like how do you see all of these companies working together? 292 00:15:33,640 --> 00:15:38,720 Speaker 1: Yes, you know, we are the world leader in many categories. 293 00:15:39,120 --> 00:15:43,200 Speaker 1: There is all a fashion which is well known. We 294 00:15:43,240 --> 00:15:46,960 Speaker 1: are in fragrances and beauty and skincare. And one of 295 00:15:47,000 --> 00:15:49,680 Speaker 1: the things is we as with my leadership team, which 296 00:15:50,120 --> 00:15:52,200 Speaker 1: we started working on what we call a beacon of 297 00:15:52,280 --> 00:15:54,680 Speaker 1: inspiration for the next hundred years, or we call the 298 00:15:54,680 --> 00:15:57,320 Speaker 1: one hundred year of plan, you know, constantly thinking ahead. 299 00:15:57,760 --> 00:15:59,880 Speaker 1: We started putting some building blocks of fit, which is 300 00:16:00,160 --> 00:16:02,240 Speaker 1: having a positive impact in the world. And there was 301 00:16:02,240 --> 00:16:06,040 Speaker 1: sustainability in my middle, social sustainability and the whole area 302 00:16:06,080 --> 00:16:09,680 Speaker 1: of women's empowerment and girls. So we are one of 303 00:16:09,720 --> 00:16:14,720 Speaker 1: the largest philanthropic organization dedicated to women empowerment and girls. 304 00:16:14,800 --> 00:16:16,600 Speaker 2: It's amazing because not many people know that. 305 00:16:17,400 --> 00:16:19,400 Speaker 1: One hundred and twenty five million this year, so one 306 00:16:19,440 --> 00:16:21,520 Speaker 1: hundred million as soon as they came in and now 307 00:16:21,560 --> 00:16:23,840 Speaker 1: we've increased that two hundred and twenty five million, so 308 00:16:23,880 --> 00:16:27,200 Speaker 1: we are truly one of the largest organizations in the world. 309 00:16:27,200 --> 00:16:30,680 Speaker 1: We work with two hundred and thirty seven partners in 310 00:16:30,880 --> 00:16:37,080 Speaker 1: fifty fifty cluss countries on beautiful programs that support women 311 00:16:37,960 --> 00:16:39,840 Speaker 1: to be free to shape their destiny. 312 00:16:40,680 --> 00:16:43,120 Speaker 2: Coming up, Lena Nair on how Chanel is trying to 313 00:16:43,200 --> 00:16:46,480 Speaker 2: change luxury and how her background in HR is helping 314 00:16:46,520 --> 00:16:55,720 Speaker 2: to shape her mindset. As a chief executive, Lena Naire 315 00:16:55,800 --> 00:16:59,359 Speaker 2: is used to breaking convention and changing norms in the workplace. 316 00:17:00,200 --> 00:17:04,119 Speaker 2: Her transition for Unilever and Human Resources to becoming the 317 00:17:04,200 --> 00:17:07,720 Speaker 2: chief executive of one of the most prestigious names in luxury. 318 00:17:08,240 --> 00:17:10,560 Speaker 2: She tells me how Chanelle is positioning for the future 319 00:17:10,560 --> 00:17:13,040 Speaker 2: of fashion and what it means for her legacy at 320 00:17:13,040 --> 00:17:19,960 Speaker 2: the iconic firm. How difficult is it for a big 321 00:17:20,240 --> 00:17:23,239 Speaker 2: luxury company to be sustainable? I mean, you have very 322 00:17:23,280 --> 00:17:24,200 Speaker 2: ambitious goals. 323 00:17:24,320 --> 00:17:28,359 Speaker 1: I'd like us to set the bar for luxury. I 324 00:17:28,520 --> 00:17:31,719 Speaker 1: would like other luxury players to be inspired by what 325 00:17:31,800 --> 00:17:33,840 Speaker 1: Chanelle does every day. We are one of the few 326 00:17:33,920 --> 00:17:36,399 Speaker 1: luxury players that has now publicly set a goal of 327 00:17:36,480 --> 00:17:39,160 Speaker 1: net zero twenty forty. So we want to really reduce 328 00:17:39,440 --> 00:17:43,560 Speaker 1: our corbon emissions. So, for example, we are in cobon emissions. 329 00:17:43,680 --> 00:17:49,560 Speaker 1: We are reducing our logistics, transport and corbon footprint to 330 00:17:49,600 --> 00:17:52,119 Speaker 1: do with digital Chanelle dot Com saw an increase in 331 00:17:52,160 --> 00:17:55,280 Speaker 1: traffic of thirty percent but a sixteen percent reduction in 332 00:17:55,359 --> 00:17:56,240 Speaker 1: carbon footprint. 333 00:17:56,520 --> 00:17:59,160 Speaker 2: How much of this comes from I guess the heart, 334 00:17:59,359 --> 00:18:01,400 Speaker 2: you know, try to to do good. And how much 335 00:18:01,520 --> 00:18:04,400 Speaker 2: does this also play with consumers because in five ten 336 00:18:04,480 --> 00:18:06,439 Speaker 2: years will be even more focused on this. 337 00:18:06,680 --> 00:18:10,920 Speaker 1: Yes, you know for insane. I think clients believe luxury 338 00:18:10,920 --> 00:18:14,040 Speaker 1: is sustainable because they know we make few things and 339 00:18:14,119 --> 00:18:17,000 Speaker 1: we make them beautifully, and we make them with hand, 340 00:18:17,520 --> 00:18:21,840 Speaker 1: and that genuine desire by clients to see us continue 341 00:18:21,880 --> 00:18:23,720 Speaker 1: to sustainable is only going to go up. And I 342 00:18:23,800 --> 00:18:26,679 Speaker 1: mentioned about more gen Z and Alpha buying, and they 343 00:18:26,720 --> 00:18:29,160 Speaker 1: buy because they want to buy less and buy better, 344 00:18:29,280 --> 00:18:32,840 Speaker 1: which is the right mindset to engage with luxury. So 345 00:18:33,200 --> 00:18:36,880 Speaker 1: it is going to be increasingly important in sustainability. 346 00:18:36,960 --> 00:18:39,479 Speaker 2: You need to be a risk taker, like the idea 347 00:18:39,520 --> 00:18:42,199 Speaker 2: that as a chief executive, I guess you need to 348 00:18:42,200 --> 00:18:44,720 Speaker 2: be careful, But do you need to Is there anything 349 00:18:44,760 --> 00:18:47,240 Speaker 2: coming where you, you know, will challenge I guess you're. 350 00:18:47,200 --> 00:18:51,359 Speaker 1: Risk taking, you know. I think for all of us 351 00:18:52,600 --> 00:18:56,800 Speaker 1: it's the world today is so complex and moving fast 352 00:18:57,359 --> 00:19:02,720 Speaker 1: that you're constantly adjusting being a child taking. For me, 353 00:19:03,240 --> 00:19:06,359 Speaker 1: we are a courageous brand because we walk in the 354 00:19:06,400 --> 00:19:11,320 Speaker 1: footsteps of a courageous woman. Gabriel Chanel lived the life 355 00:19:11,359 --> 00:19:16,320 Speaker 1: she wanted courageously passionately, made the choices she wanted courageously passionately. 356 00:19:16,760 --> 00:19:20,320 Speaker 1: And one of our values is audacity. So for me, 357 00:19:20,880 --> 00:19:24,159 Speaker 1: audacity so important. Lean do you call it restaking, I 358 00:19:24,200 --> 00:19:25,040 Speaker 1: call it audacity. 359 00:19:25,359 --> 00:19:28,679 Speaker 2: I like, I actually prefer audacity. It has a certain 360 00:19:28,720 --> 00:19:31,840 Speaker 2: cachet that I'm sure Gabrielle Chanell would have loved. What 361 00:19:31,920 --> 00:19:34,359 Speaker 2: have you learned about yourself? As chief executive? So you 362 00:19:34,359 --> 00:19:36,840 Speaker 2: were in charge of HR for Uniliver, and this is 363 00:19:36,880 --> 00:19:40,120 Speaker 2: a massive company, it's one hundred thousands of employees. I mean, 364 00:19:40,200 --> 00:19:42,959 Speaker 2: is it different actually being in charge of a company 365 00:19:43,000 --> 00:19:44,720 Speaker 2: than being in charge of of HR. 366 00:19:45,920 --> 00:19:49,000 Speaker 1: When when I was moving to Chanel, a mentor told 367 00:19:49,040 --> 00:19:52,440 Speaker 1: me you're doing a quadruple jump. So what do I mean? 368 00:19:53,359 --> 00:19:57,240 Speaker 1: So it's changed on so many dimensions. It's public to private. 369 00:19:58,200 --> 00:20:03,480 Speaker 1: It's FMCG to LUG. It is from Anglo Dutch to 370 00:20:03,760 --> 00:20:09,040 Speaker 1: French heritage. I have weekly French classes. It's HR to CEO. 371 00:20:09,200 --> 00:20:12,480 Speaker 1: So it's been changed on all dimensions. It's not just 372 00:20:12,480 --> 00:20:16,560 Speaker 1: one dimension, It's been all dimensions. And luxury is very 373 00:20:16,560 --> 00:20:19,960 Speaker 1: different from fmcs. You know, the preciousness, the rarity, it's 374 00:20:20,040 --> 00:20:24,760 Speaker 1: not available everywhere every time. It's the balance between timeless 375 00:20:24,920 --> 00:20:29,240 Speaker 1: quest for new it's all of that. It's different to me. 376 00:20:29,880 --> 00:20:35,240 Speaker 1: The principles of business and the principles of leadership are 377 00:20:35,240 --> 00:20:39,760 Speaker 1: transferable across sectors. How to run a business across multiple countries, 378 00:20:39,840 --> 00:20:45,760 Speaker 1: multiple product categories, multiple geographies, multiple cultures. How to galvanize 379 00:20:45,760 --> 00:20:50,680 Speaker 1: and inspire teams across again, multiple cultures, multiple kinds. There 380 00:20:50,720 --> 00:20:53,919 Speaker 1: are principles that hold you in good step because people 381 00:20:53,920 --> 00:20:59,960 Speaker 1: are people. At the end of the day, they have motivations, dreams, aspirations. 382 00:21:00,440 --> 00:21:02,760 Speaker 1: They won't to engage in a particular way. I must 383 00:21:02,800 --> 00:21:06,400 Speaker 1: say being in Chanel has taught me to be more patient, 384 00:21:06,800 --> 00:21:11,520 Speaker 1: more long term. The treadmill of quarterly results, etc. Is 385 00:21:11,960 --> 00:21:14,800 Speaker 1: a different world. So it's taught me to be more patient. 386 00:21:15,040 --> 00:21:20,439 Speaker 1: It's taught me to appreciate a lot more. And you know, 387 00:21:20,480 --> 00:21:22,640 Speaker 1: I want to change the world but look good while 388 00:21:22,680 --> 00:21:23,080 Speaker 1: doing it. 389 00:21:23,880 --> 00:21:26,400 Speaker 2: I love that. Do you think about your legacy? 390 00:21:28,200 --> 00:21:31,359 Speaker 1: Yes? I do. For me, I hope people say that 391 00:21:31,400 --> 00:21:33,960 Speaker 1: I'm a purpose led visionary leader, which means you spend 392 00:21:34,000 --> 00:21:36,720 Speaker 1: a lot of time thinking about what are you doing, 393 00:21:36,840 --> 00:21:39,480 Speaker 1: what are you giving back? What will be the difference 394 00:21:39,520 --> 00:21:41,960 Speaker 1: you make? I think for me, the biggest thing is 395 00:21:42,000 --> 00:21:46,040 Speaker 1: if a hundred years from now people look back and 396 00:21:46,080 --> 00:21:50,119 Speaker 1: say that we at Channel did stuff today that inspires them, 397 00:21:50,480 --> 00:21:55,120 Speaker 1: that helped them question norms about what they're doing, Audacious 398 00:21:55,160 --> 00:22:01,919 Speaker 1: things that have redefined the norms, supported women everywhere to 399 00:22:02,080 --> 00:22:05,959 Speaker 1: feel like they can be the best version of themselves. 400 00:22:06,600 --> 00:22:09,560 Speaker 1: I think that would be something that I would feel 401 00:22:09,560 --> 00:22:11,320 Speaker 1: good about it. If I've made a few women in 402 00:22:11,359 --> 00:22:14,320 Speaker 1: the world dream a little bit more about what they 403 00:22:14,320 --> 00:22:18,600 Speaker 1: could achieve in their lives, I would feel very fulfilled 404 00:22:18,640 --> 00:22:19,600 Speaker 1: in my life and career. 405 00:22:20,200 --> 00:22:22,840 Speaker 2: Do you think you're ipoceanal Oh no. 406 00:22:23,200 --> 00:22:26,600 Speaker 1: And IPA is not on the table. We love the 407 00:22:26,680 --> 00:22:30,320 Speaker 1: privilege of being an independent company, being able to make 408 00:22:30,359 --> 00:22:32,880 Speaker 1: long term decisions. Twenty thirty hundred years old. 409 00:22:33,359 --> 00:22:35,240 Speaker 2: I being a best piece of advice and worst piece 410 00:22:35,280 --> 00:22:36,480 Speaker 2: of advice you've ever been given. 411 00:22:38,119 --> 00:22:40,520 Speaker 1: Best piece of advice I'm actually going to do too. 412 00:22:41,400 --> 00:22:44,120 Speaker 1: One is fall in love with the life a job 413 00:22:44,200 --> 00:22:46,480 Speaker 1: you have. Don't wait for the perfect job. Fall in 414 00:22:46,520 --> 00:22:48,280 Speaker 1: love with the job you have and make it the 415 00:22:48,280 --> 00:22:50,880 Speaker 1: most perfect job in the world. And the other is 416 00:22:51,200 --> 00:22:53,680 Speaker 1: which my husband also tells me a lot, enjoy the 417 00:22:53,760 --> 00:22:57,000 Speaker 1: journey as much as you enjoy the destination. We're always 418 00:22:57,040 --> 00:22:59,679 Speaker 1: in a hurry to get somewhere, and you get promoted, 419 00:22:59,680 --> 00:23:01,840 Speaker 1: you and given the next promotion. No, no, no, just 420 00:23:02,600 --> 00:23:05,520 Speaker 1: enjoy breathe a bit and enjoy the journey as much 421 00:23:05,560 --> 00:23:11,960 Speaker 1: as the destination. Worst piece of advice. I think most 422 00:23:12,000 --> 00:23:13,560 Speaker 1: often when you get a worst piece of advice you 423 00:23:13,680 --> 00:23:19,080 Speaker 1: just ignore it and forget about it. But you know, 424 00:23:19,119 --> 00:23:24,560 Speaker 1: I've received advice like you know, when I was in 425 00:23:24,640 --> 00:23:27,000 Speaker 1: many rooms the only woman in the room, the only 426 00:23:27,000 --> 00:23:29,080 Speaker 1: woman in the room. So many times in my career, 427 00:23:29,760 --> 00:23:34,080 Speaker 1: I've received advice like you know, stay quiet for as 428 00:23:34,119 --> 00:23:36,520 Speaker 1: long as you can, and try and blend in, and 429 00:23:37,040 --> 00:23:39,119 Speaker 1: you know you're already standing out because you looked at 430 00:23:39,119 --> 00:23:42,120 Speaker 1: from from the rest. And I think that's terrible advice. 431 00:23:42,600 --> 00:23:45,639 Speaker 1: I think it's really important you feel safe to be 432 00:23:45,720 --> 00:23:48,480 Speaker 1: who you are, and it takes courage to be who 433 00:23:48,520 --> 00:23:51,400 Speaker 1: you are, and you're changed by being who you are. 434 00:23:52,240 --> 00:23:54,160 Speaker 2: I mean, no, no, thank you so much for joining yesterday.