Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - Dymant-bm (Disrupting luxury craftsmanship through innovation : An innovative model for a traditional sector)

Teaser

\"● The issue being addressedLuxury and TechnologyDymant has a strong conviction. Our everyday lives are more and more connected and linked to technology such as the web, social networks, smartphones and connected objects. Even luxury consumers, despite their longstanding...

Summary

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● The issue being addressed

Luxury and Technology

Dymant has a strong conviction. Our everyday lives are more and more connected and linked to technology such as the web, social networks, smartphones and connected objects. Even luxury consumers, despite their longstanding attachment to a traditional, physical experience, have become digitalised: according to a BCG study, 6 out of 10 clients have become digital (online purchases, digital influences, etc.).Still, luxury and technology are often de-connected.

Traditional luxury brands have a very low degree of digital awareness. Very few luxury brands have bridged the gap between craftsmanship and technology and more often than not they refuse to embrace the digital transition in order to meet the needs of the digital-savvy consumer.

The main reason for this is that luxury and craftsmanship are fundamentally linked, and that craftsmanship today represents the opposite of mechanised and globalised production: it seems to be a reaction against any form of technology and modernity. The \"\"handmade\"\" label is what they are reclaiming: ancestral techniques that persist through time, unchanging. This premise puts craftsmanship in a delicate situation: how can these techniques be kept alive in harmony with today\'s ultra-connected world, without distorting them?



Dymant’s ambition is to solve this paradox and answer these challenges thanks to the potential of linking craftsmanship and technology.
We believe that there is room for disruption on the luxury market. This industry - which is key for the European economy and has untapped market potential - still relies on traditional business models with high margins and opacity. Dymant’s objective is to disrupt luxury craftsmanship through innovation with an innovative model for a traditional sector.



Isolated craftsmanship

Another observation supports Dymant\'s approach. Today, talented craftsmen are faced with one uncompromising choice: work for prestigious luxury brands by responding to the vision of an Artistic Director and keeping their own creativity under wraps, or work independently, without the network or the means necessary to develop large-scale projects.




● The overall objectives
In order to solve both of those findings, Dymant is developing a solution that connects its proprietary database of European craftsmen with its client (many luxury houses), while giving them the tools that enhance the luxury experience for both of them. The overall objective to the project is to design a platform, which would bring together Luxury Brands (our clients), Designers and Craftsmen, in order to generate creative synergies and facilitate product or project development through technology. Dymant’s overall objective is to disrupt the luxury industry by bringing an innovative business model to European craftsmen. Highly-skilled craftsmen working on their own would be able to work for luxury houses through a digital tool which would enhance their know-how and their development process. Through our solutions, we want to help craftsmen enter the digital era.

● Its importance for society
In our globalized world, luxury is one of the rare markets where one can produce consumption goods in Europe and sell them in Asia, when usually it is the opposite. With a market of €250+ billions, that is concentrated in France, Italy, Germany, the UK and Spain, luxury is a real asset for the European economy.

In addition, thanks to is rich heritage and unrivalled global reputation for high quality goods, Europe accounts for 70% of the production of luxury goods and craftsmanship is deeply rooted in European culture, history and industry. This represents an incredible asset for the European economy and huge opportunity for european craftsmen, highly skilled men and women whose jobs cannot be easily transferred or outsourced elsewhere.

Our solution offers a springboard for many craftsmen who are struggling to carve themselves a place i\"

Work performed

Since the beginning of the project, Dymant has gathered more than 500 craftsmen, tens of designers and with them Dymant has created more than 300 objects and generated 6 figures revenues.

In addition to our B2C website (Dymant.com) that has been relaunched, a B2B website has been launched (Commandes-Speciales.com) and is already used by more than 60 corporate clients including many of the main luxury brands.

Our innovative project was selected to be part of the LVMH Luxury Start-up Lab at the European tech event Viva Technology in Paris. We were also featured in more than 100 media including Cosmopolitan, Grazia, Le Parisien, Le Figaro, Maddyness, Frenchweb, etc..

In order to foster the growth of the company, a team of experts dedicated to this project has been recruited including a special project director, a Strategic director, an offer and production director as well as designers.

Final results

Strong potential impacts have been identified for Dymant even though it is so far too soon to speak about a progress beyond the state of the art in terms of technology. As a project focused on business model innovations, Dymant plans to have a sizable socio-economic impact and societal implications.

We have already created the largest network of European craftsmen and connected them with designers, B2C clients and corporate clients from the biggest and most prestigious global luxury brands. We’ve generated 6 figures revenues with this craftsmen, helping them to diversify their business and therefore Dymant has contributed to the safeguard of European craftsmanship.

Meanwhile, we have created a large quantity of media assets (pictures and videos) that promote the European craftsmanship. They are promoted online through our website (Dymant.com), our social media account (Instagram, Facebook, Snapchat) as well as through the various PR articles that covered our activity. We have also presented Dymant and our project at more than 10 conferences in Europe.

Website & more info

More info: http://www.dymant.com.