New Perspectives

Cartier CEO Cyrille Vigneron reflects on the continuing evolution of the Cartier Women’s Initiative Awards and the new Asian luxury customer, writes Hong Xinyi

ender equality has dominated the cultural conversation in recent months, with many industries newly alert to the power of diverse points of view. French luxury house Cartier, however, got woke a long time ago. Back in 2006, it launched the Cartier Women’s Initiative Awards (CWIA) to identify and support women entrepreneurs who aim to make a strong social impact. The annual initiative is an explicit recognition of the importance of women to the brand—they make up to 85 per cent of Cartier’s clientele, 62 per cent of its workforce and 55 per cent of its managers. “With the CWIA, we receive as much as what we give,” says Cartier CEO Cyrille Vigneron. “Giving these women entrepreneurs a platform and a way to share with one another is, for us, a fantastic window into the world today. If you want to know how the world is evolving, you have to see it through everyone’s eyes.” To date, the CWIA has recognised 198 finalists, and about 80 per cent of their businesses are still active, “which is an amazing rate for start-ups”, Cyrille notes. That is a key reason that the initiative, which is organised in partnership with consulting firm Mckinsey & Company and INSEAD business school, decided to scale up its support. This year, for the first time, all 18 finalists received US$30,000 in prize money for their business, and a place on the INSEAD Social Entrepreneurship Programme. This is in addition to the personalised business coaching, media visibility and networking opportunities similar to that of the previous editions. A new partnership with Ted also saw the media company curating a special session during the awards ceremony at Capella Singapore in April, featuring conversations between female entrepreneurs and thought leaders. And with women still only making up 30 per cent of all entrepreneurs in the world, Cyrille believes there are more ways for the CWIA to help. One possibility: “Following these businesses three to five years into their development, when they usually are at the weakest, and looking into what action might be taken to escalate growth.” Indeed, one of the issues highlighted in a 2016 assessment study of the CWIA is that many of the laureates and finalists face challenges in scaling their businesses. When it comes to growth, Cyrille’s advice is: “Embrace audacity, accept risk balanced with prudence. Let yourself be inspired, not intimidated by the people who have accomplished great things before us.” And never forget the importance of community, he urges. “With the CWIA, participants join a community of over 500 peers and professionals from all over the world who are passionate about women and entrepreneurship. They will share their experience and knowledge, support business development and limit the isolation that many entrepreneurs can face.” Cyrille’s stints with Cartier and parent company Richemont included several years in Japan, where he came to see quality, attention to details, and refinement as hallmarks of that market’s customers. “The expectations are really high.” Today’s Asian luxury customer is no less exacting. Another striking element of the region is “the speed of evolution, in fashion and style, and also in maturity and sophistication”, he points out. “Asian customers really want to learn, and they become very knowledgeable. They often know more about the brand than the staff. Amazing.” Adding to the challenge is the fact that the buying patterns of female consumers have completely changed. “This is particularly true in Asia, and especially China. People are less patient than they used to be. If they can afford it, they want to experience the world’s best right away, be it haute couture or Michelin-starred restaurants. As a consequence, there is no longer any pattern to define ‘what can be the next purchase?’ You need to stay in touch, and follow your customers’ personal journey, in style, taste and attitude. The opportunity for Cartier is that there is not only one Cartier style or one Cartier woman. Each and every woman can find her own Cartier, at the right period of her life.”