The luxury goods sector is a dynamic industry requiring leaders who combine innovation with respect for heritage.
The global luxury market reached €1.5 trillion in 2023, with Japan leading growth in 2024 due to a tourism boom. However, headwinds such as economic slowdown and shifting consumer expectations are influencing strategies. Key trends include:
Our team in Friisberg possesses unparalleled expertise in the global luxury goods sector, rooted in decades of first-hand industry experience and a commitment to staying ahead of market trends.
We know the luxury sector, its many facets and its various fields of activity, because we have experienced it from the inside, in important companies that feed it. We have learnt the concepts of "tailor made" and "customisation" that are specific to this world, and we apply them in the selection of the professionals that the sector requires. We continue to monitor its trends and evolutions in terms of digital transformation, sustainability and consumer expectations to ensure that the candidates we propose are 'tailor-made' to the client's needs and able to lead and innovate. Our focused experience in the industry gives us a unique perspective, allowing us to assess candidates in depth and find those who possess the qualities that the best luxury brands need.
After a period of robust growth, we see that the luxury sector is facing a slowdown. Factors such as economic uncertainties in major markets like China and the U.S., along with increased prices, have contributed to this deceleration. Notably, LVMH reported a 3% drop in sales in Q3 2024, marking its first decline since the COVID-19 crisis.
Consumers are increasingly favouring understated elegance over conspicuous branding, and this 'quiet luxury' trend emphasizes high-quality, timeless pieces without overt logos, reflecting a shift towards subtlety and sophistication. The younger generations, particularly Millennials and Gen Z, are becoming significant drivers of luxury consumption. They prioritize experiences, sustainability, and authenticity, prompting brands to adapt their strategies to meet these preferences. There's also a growing consumer preference for luxury experiences over products. This includes exclusive events, personalized services, and unique travel opportunities, leading brands to expand their offerings beyond traditional goods.
Considering the global luxury market in 2024 so far, we are witnessing a change in consumer behaviour in specific regions. China’s economy has been slowing down and Chinese consumers have been questioning their luxury buying transactions. Due to the weakening Yen, Chinese consumers are spending their shopping budget in Japan rather than their local market. For this reason, Japanese sales have been growing despite the global trend. Other markets, including China and the U.S., are experiencing stagnation or decline. With a 23% sales increase in Japan and a growth in all regions, Hermès stands out with its long-term focus and continued success story.
By consistently staying ahead of industry trends, including digital transformation, sustainability, and the evolution of consumer expectations, we ensure that the candidates we recommend are equipped to lead and innovate. Our targeted industry expertise gives us a unique vantage point, enabling us to assess candidates holistically and find those with the qualities that top luxury brands need.
These trends indicate a dynamic and evolving luxury market, with brands needing to adapt to changing consumer behaviours and global economic conditions to maintain their relevance and growth.
For many luxury brands, filling senior roles also requires a sensitivity to cultural and geographic considerations, as well as an understanding of emerging markets and global consumer trends. We incorporate these factors into our strategy, ensuring our clients can access the most suitable candidates regardless of their location.
My colleague Leila Othieno, who has worked extensively in the fashion and entertainment industries, recently noted that whether it’s goods, experiences, or hospitality, the word ‘Luxury’ evokes a feeling - something intangible yet unforgettable. It carries its own kind of magic, and at the heart of this magic lies one critical element: people.
There is no doubt that leaders who inspire, who cultivate cultures that bring out the best in their teams, and who connect authentically are essential. In the luxury sector, where every detail matters, selecting the right leaders is more than a strategic decision - it’s an investment in the brand’s legacy and future.
The luxury goods market in New York saw stable growth despite challenges from macroeconomic uncertainties and changing consumer behaviours. Recovery in tourism, particularly from international visitors, supported demand for premium products and experiences. However, growth slowed compared to prior years due to inflation and cautious spending among domestic consumers. Key trends included a focus on "less but better" purchases, with watches and jewellry remaining strong performers. Emerging preferences for subtle, minimalist styles ("quiet luxury") contrasted with past tastes for logo-heavy items, reflecting broader economic pressures. Additionally, younger luxury buyers leaned into tech-driven innovations and showed interest in sustainable and ethical practices, signalling a shift in brand engagement strategies. These developments indicate the sector's need to balance exclusivity with accessibility to maintain relevance and growth.
Luxury brands are unique because their leaders must embody the brand's DNA while driving growth and innovation. Our recruitment process is highly personalized - we invest time understanding each brand's identity, values, and market positioning. This enables us to find leaders who can authentically connect with consumers and inspire teams. Confidentiality is also crucial in this sector. We prioritize discretion throughout our process, handling sensitive matters with professionalism to maintain the trust and integrity that our clients expect.
In 2024, Poland's luxury goods market is thriving, driven by rising consumer confidence, economic stability, and growing wealth. Premium and luxury cars lead the sector, with increasing demand for electric and hybrid models. Personal luxury items such as designer apparel, watches, and jewelry are also popular, reflecting a cultural trend to display status through high-end brands. E-commerce is gaining traction for personal luxury, although in-store shopping remains significant for items like beauty products and fashion. Meanwhile, luxury real estate and experiential luxury, such as premium hospitality, are expanding due to rising incomes and a surge in domestic and international tourism.
When we work with companies, our role goes beyond filling a position; we build enduring partnerships with our clients. We remain involved as their businesses evolve, providing insight and expertise to help them navigate change. Our track record speaks for itself - we consistently place leaders who make meaningful contributions, enhancing their brands’ market presence and cultural significance. Our success is rooted in a deep understanding of the luxury sector, mirroring the emphasis on reputation and relationship-building that defines the industry.
Team Friisberg: The key lies in understanding the unique essence of each brand and aligning it with leaders who can honor its heritage while fostering innovation. It’s a delicate balance that requires industry knowledge, a trusted network, and an unwavering commitment to excellence. For luxury brands, every leadership choice is a strategic investment in their legacy and future.
Recruiting senior talent for luxury brands demands an intimate knowledge of the industry’s nuances, trends, and cultural significance.
Friisberg’s team combines first-hand experience, strategic insight, and a tailored approach to connect luxury brands with visionary leaders who drive both tradition and transformation.
Natalia Kadia is a distinguished expert in neuromanagement, certified by the NeuroLeadership Institute in New York. She is a seasoned consultant specializing in organizational development, leadership, and human resources management, and she serves as a board member at the Centre for Social Change and Behavioural Economics.
With over a decade of experience, Natalia has successfully applied behavioural change strategies to enhance performance in both business and public organizations. Her work empowers leaders to unlock their leadership potential through evidence-based Neuromanagement methodologies. In her role as a lecturer at the Lviv Business School of UCU (LVBS), mentor, and certified coach from Erickson University International (ICF), Natalia guides leaders to improve their decision-making and build emotional intelligence using cutting-edge educational tools and coaching practices.
Beyond her consulting and teaching commitments, Natalia is a frequent media expert for the national 1+1 television channel, sharing her insights on leadership and organizational behavior.
We are delighted that Natalia is joining Friisberg in our Kyiv office. Her arrival marks an exciting chapter for our team, as her extensive expertise and innovative approach will further strengthen our consulting services and provide invaluable insights to our clients.
Natalia’s experience in driving behavioural change and developing leadership excellence aligns seamlessly with Friisberg’s commitment to empowering organizations and leaders.
Zoltan Petho, Chair of Friisberg said,
“We are thrilled to welcome Natalia Kadia to Friisberg. Her proven track record in neuromanagement and leadership development makes her an outstanding addition to our Kyiv team. Natalia’s deep understanding of organizational dynamics and her innovative methodologies will undoubtedly inspire growth and success for both our clients and our consultants. We look forward to the positive impact she will bring as we continue to support leaders and organizations in achieving their full potential.”
Friisberg is confident that her contributions will elevate our capabilities and reinforce our presence in the region.
In an era marked by continuous disruptions, leaders are increasingly called to guide their teams through challenging and unpredictable times.
Crises stemming from political, economic, and geopolitical events prompt leaders to rethink how they maintain productivity, engagement, and cohesion. However, while current crises undoubtedly impact team morale, they may not be the sole factor. Pressures such as a results-driven culture and shifts in management practices also shape the employee experience. Senior managers need to develop critical competencies, both to navigate the immediate effects of uncertainty and to prepare for long-term resilience.
Crises can create stress within teams, affecting engagement and cohesion. Issues like rising fuel costs, resource shortages, and heightened geopolitical tensions may play a significant role in reducing morale, yet they are part of a broader array of challenges employees face today. A study by Gallup suggests that nearly half of employees feel disconnected from their organisation’s objectives in times of uncertainty. But are crises really the primary cause? Leaders are encouraged to look holistically at factors influencing engagement, responding proactively to strengthen alignment with organisational values and maintain team motivation.
During a crisis, the leadership role extends from traditional oversight to embodying stability and clarity. Leaders are not only responsible for decisive actions but also for addressing underlying anxieties within their teams. A Deloitte report shows that consistent and transparent communication from senior leaders can foster trust and engagement, which are critical during uncertain times. Leaders are thus called to remain adaptable and empathetic, addressing both the operational and emotional needs of their workforce.
Adapting to crises requires a dynamic approach to leadership that balances immediate operational resilience with a forward-looking mindset. Key actions include:
While crises reveal organisational vulnerabilities, they may also uncover opportunities for growth and adaptation. The World Economic Forum reports that organisations accelerating digital transformation efforts during the COVID-19 pandemic often achieved substantial revenue growth post-crisis. This highlights how a proactive, future-focused approach can enable organisations to adapt and even capitalise on changes in the environment, transforming adversity into competitive advantages.
Effective crisis management involves looking beyond immediate issues to anticipate future challenges. Deloitte's research highlights that organisations with robust continuity plans are better equipped to handle subsequent crises. Leaders should prioritise risk anticipation, foster a culture of continuous learning, and reinforce organisational agility to create a workforce capable of thriving amidst ongoing uncertainties.
Leadership during crises requires a blend of strategic insight, adaptability, and empathy. For executives and senior managers, leading teams through uncertainty is as much about resilience as it is about building a foundation for long-term success.
Rather than solely responding to crises, leaders should cultivate an organisational culture ready to confront future challenges and to transform adversity into progress.
Last week, Vienna, a city known for its rich history, vibrant culture, and world-class venues, played host to one of our most memorable conferences . The event brought together professionals, thought leaders, and innovators from various industries, showcasing our capability as a global advisory firm in leadership.
This, our 121st, conference attracted many of our Senior Partners and Senior Consultants from more than 20 countries, making it a truly global event. With a focus on 'Innovation and Growth in Challenging Times', the program was packed with insightful presentations, interactive workshops, and lively panel discussions.
Some of the key highlights included:
Keynote Speakers: Thought leaders contributed to a truly inspiriting debate on Innovation and Growth in Challenging Times:
We are hugely grateful for their participation.
Sabine Pirkner, who heads up our office in the heart of Vienna, ensured there were numerous opportunities for networking, with dedicated sessions for attendees to exchange ideas and make meaningful connections. These included informal meet-and-greet sessions, lunchtime roundtables, and a gala dinner offering a fantastic setting to wrap up the event.
Vienna’s well-known coffeehouse culture played a subtle role, with several breaks offering traditional Viennese coffee and pastries. This created a relaxed and social environment that fostered deeper conversations among participants.
No visit to Vienna is complete without experiencing its rich cultural heritage. Sabine curated a cultural program that allowed all our attendees to immerse themselves in the city’s artistic traditions. We all enjoyed an exclusive teambuilding afternoon at Kunsthistorisches Museum Kunstkammer with the unbelievably competitive and focused team of Zoltan Petho, Lorri Lowe, Alexander Matties, Leila Othieno, Thorsten Marquadt and Anna Pommersbach declared the clear winners!
Feedback from participants was overwhelmingly positive. Many praised the seamless organization and the mix of high-level strategic and thought leadership content together with practical advice. The venue, the quality of speakers, and the opportunities for collaboration were all cited as standout features of the event.
"Vienna provided the perfect setting for our conference. The city’s charm, combined with the high quality of the sessions and the diversity of attendees, made this a truly exceptional experience," said Zoltan Petho, Chair of Friisberg.
This conference was a resounding success and the attendees returned to their respective countries with fresh insights and new connections. They also had a renewed confidence in Friisberg as a leading Management Consultancy firm with a world class specialism in Executive Search.
Friisberg is excited to announce its highly anticipated conference on 9th-11th October in Vienna, Austria. This year’s conference promises to be bigger and more impactful than ever, bringing together industry leaders, innovators and professionals from across the globe to share insights.
With an agenda packed with inspiring keynote speakers, and interactive workshops we aim to foster collaboration and spark meaningful conversations. We will have the opportunity to connect with peers, gain valuable knowledge, and be the first to experience Friisberg’s newest innovations. Attendees can expect a warm, welcoming atmosphere where relationships take centre stage. From casual networking events to in-depth collaborative sessions, this conference is about strengthening bonds and creating a sense of belonging.
“We are thrilled to bring together such a dynamic group of professionals and thought leaders for this year’s conference” said Zoltan Petho, Chair of Friisberg. “This conference is all about sharing ideas, and shaping our future, together. We look forward to creating an unforgettable experience for all and cementing our deep connections and shared values that make our company truly special.
“For Friisberg, people are the foundation of everything we do, and this event is a way for us to come together like family." said Sabine Pirkner, from our office in Vienna, "The success we’ve built is rooted in trust, support, and mutual growth, and our conference reflects that spirit of collaboration. Our team in Vienna can’t wait to welcome everyone and celebrate the next chapter in our already long history.”
Friisberg is proud to announce that Maarten van de Sande has been appointed to our Executive team. In this pivotal role, Maarten will spearhead our global expansion and drive the growth of our firm on an international scale.
Maarten brings a wealth of experience and a proven track record in business development and strategic growth. His expertise will be instrumental as we continue to expand our footprint across new markets and strengthen our presence in existing ones. His appointment aligns perfectly with our vision to enhance our global capabilities and deliver unparalleled value to our clients around the world.
Throughout his career, Maarten has demonstrated exceptional leadership and a deep understanding of the dynamics of global markets. His strategic insights and innovative approach are exactly what Friisberg needs as we embark on this next phase of growth. We are confident that Maarten will be a driving force in our mission to build and nurture strong, long-term relationships with clients and partners across the globe.
As we welcome Maarten to our executive team, we look forward to the exciting opportunities and achievements that lie ahead. His leadership will be crucial in navigating the complexities of international markets and ensuring that Friisberg continues to lead with excellence and integrity.
We are excited about the future and confident that, with Maarten's energy behind our global expansion efforts, Friisberg will continue its remarkable success.
When engaging in Executive Search, the main goal for most is to find the right employee for your team. However, throughout the Executive Search process many advantages evolve as a result of the thorough market survey / market analysis that takes place.
Insights are obtained through a deep dive into the market's talent pool as well as interviewing and engaging with key executives and leaders within the industries. This provides the client and the firm with extensive information about salary levels, employment conditions, company reputation, DEI, competitor analysis, and much more. The knowledge, information and insights that are discovered during the process prove to be highly valuable.
One of the primary benefits of conducting a market analysis is obtaining up-to-date information on salary levels and employment conditions within the industry for specific profiles. This data ensures that your compensation packages are competitive, which is crucial for attracting and retaining top talent.
By engaging with market opinion leaders and senior management, we can gauge the reputation of the client company. This feedback is invaluable for assessing the company’s attractiveness as an employer and informs the employer branding strategy. For instance, if a company is perceived negatively, strategic measures can be taken to improve its image.
A thorough market analysis provides insights into the diversity of profiles in the market. This helps in understanding the current state of diversity within the industry and aids in formulating effective DEI strategies. Companies can then position themselves as inclusive and equitable workplaces, enhancing their appeal to a broader range of candidates.
The information gathered during a market analysis can be leveraged for future internal recruitment. Understanding the talent landscape helps in anticipating recruitment needs and hereby understanding how to increase retention rate, improve and promote career development etc.
By analyzing competitors, you can understand what they are doing to retain their best employees. This includes their retention strategies, career development opportunities, and overall job satisfaction levels. Armed with this information, your company can develop superior strategies to attract and retain top talent. This also includes identifying what motivates or dissatisfies employees in similar roles elsewhere can help in crafting more appealing job roles and work environments.
In 2024, organizations are increasingly recognizing that attracting and retaining top-tier talent is crucial for sustaining competitive advantage and driving innovation.
As the market for senior executives becomes more dynamic, we advise companies must adopt smart hiring strategies to ensure they secure the best leaders who can navigate the complexities of today’s business environment.
The senior-level talent market in 2024 is characterized by a blend of traditional leadership qualities and modern competencies. The rapid pace of technological advancement, the increasing importance of sustainability, and the need for diversity and inclusion have reshaped the expectations from senior executives. Today’s leaders must be agile, forward-thinking, and adept at managing cross-functional teams in a hybrid work environment.
Redefine Leadership Competencies: Modern senior leaders must possess a unique blend of skills. Beyond traditional competencies like strategic vision and financial acumen, they need to excel in areas such as digital literacy, change management, and emotional intelligence. Organizations should redefine their leadership competencies to align with the current and future needs of their business.
Leverage Advanced Analytics: Data-driven decision-making is revolutionizing the hiring process. Utilizing advanced analytics can help identify the characteristics and experiences that correlate with successful leadership within a specific organization. Predictive analytics can also forecast a candidate’s potential for growth and adaptability, ensuring a better cultural fit.
Enhance Employer Branding: In a competitive talent market, a strong employer brand is essential. Companies need to communicate their values, culture, and vision effectively to attract high-caliber candidates. Highlighting commitment to innovation, diversity, and employee well-being can make an organization more attractive to senior executives who are seeking purposeful and impactful roles.
Expand Search Horizons: The talent pool for senior-level positions is global. Organizations should look beyond local markets and consider candidates from diverse geographical and industry backgrounds. This approach not only widens the talent pool but also brings in varied perspectives that can drive innovation and growth.
Emphasize Cultural Fit: Cultural alignment is critical at the senior level, where leadership decisions significantly impact organizational culture. During the hiring process, it’s important to assess whether candidates’ values and management styles align with the company’s culture. This can be achieved through comprehensive behavioral interviews and cultural fit assessments.
Prioritize Diversity and Inclusion: Diverse leadership teams are proven to enhance decision-making and drive better business outcomes. Organizations must prioritize diversity and inclusion by actively seeking candidates from underrepresented groups. Implementing unbiased recruitment practices and ensuring diverse interview panels can help mitigate unconscious biases.
Utilize Executive Search Firms: Executive search firms can be valuable partners in the hiring process. These firms have extensive networks and expertise in identifying and attracting top talent. Collaborating with a reputable search firm can streamline the process and provide access to candidates who might not be actively seeking new opportunities.
Offer Competitive Compensation Packages: Attracting top senior talent requires competitive and comprehensive compensation packages. Beyond salary, candidates are looking for benefits that support work-life balance, such as flexible working arrangements, opportunities for continuous learning, and long-term incentives like equity options.
As the market evolves, staying ahead with these smart hiring strategies will be key to organizational success.
Volvo Trucks is a world-leading truck manufacturer, committed to drive progress and shape the future landscape of sustainable transports.
Małgorzata: Completely! 12 years is a long time, and today we are totally different. I joined an organization managed in a directive manner, organized in silos, where information was treated as an asset to build an advantage to maneuver within the company. Few people understood why I, a woman, with no technical knowledge of trucks, suddenly became the Managing Director. I had to deal with some problems and the reluctance of others, who did not believe that a woman in a truck business could survive in the long -term, but I managed. Let me remind you that the concept of diversity was not that strongly promoted at that time, and I joined what was a very macho business.
Much time has now passed, and we have made many collective changes to become a great organization today, balancing experience with new generations, more women, as well as activating engagement of individuals to fight jointly for the company goals.
Małgorzata: Building a culture of open communication and trust. It's a long process, but it has paid off in many ways. I didn't know about the technicalities of the trucks, but I knew how to deal with people. Today, we are all proud of the community Volvo Trucks Poland creates, and some of our solutions are inspirational, not only for other Volvo Group entities, but also for our competitors. I have to say proudly that we created and still create many talents.
Katarzyna: One of the assumptions of our strategy is the slogan: #Inspired by Your Needs. It means that we are inspired by the needs of our customers, our employees and our business partners. Our company employs 500 people in 13 distributed branches. This is not the easiest structure to manage, so we need to be close to people, genuinely listen to their needs and address them appropriately. People feel cared for, they feel our concern for them (the “care” factor increased from 60% to 90% in the last 3 years), it's not a slogan, but our everyday life.
Małgorzata: This approach strongly impacts the company's results. Last year we achieved our highest result and we believe we are doing so because we listen to people - I mean all people: our customers, our business partners and of course our employees, who are definitely the biggest assets of our organization, as well as the creators of our common achievements. As a Management Team we travel around our locations, give space to ask questions and listen to ideas, analyze and address what people say, no matter whether it concerns basic or more sophisticated issues. We don't sweep anything under the rug. Maybe sometimes we don't have an answer immediately, but we acknowledge the issue and come back with answers encouraging local colleagues to propose solutions, improve processes, and to make constant small improvements.
Małgorzata: Volvo Group is an organization that appreciates people feedback, but what we do is that we create “Local WHY” with everything we do in Poland. Today Poland is the 4th Volvo Trucks market in Europe and 6th in the world, so we are an important player, and we need to be strong for our customers, who act in an extremely difficult and competitive international environment.
Sales of the trucks as such, is not enough. In Volvo Trucks we want to be the best and the most desired transport solution provider. It means that what we do must have a measurable value for our customers and our approach must be effective and focused on premium services. We also need to have a very professional and transparent dialogue with our customers to build relations for good and bad times.
Katarzyna: Employees feel listened to and cared for. They consciously work for innovative solutions. We believe that our customers can feel that we have a unique culture and that employees are stronger, dedicated, engaged and want to work with us.
Employees are ambassadors, they feel a unique sense of belonging here to our Volvo community, and this attracts customers. This energy transfers from people to people. This is what distinguishes us from the competition.
We are the market leader in many fields and have very high customer satisfaction which is measured systematically either in the area of trucks sales and delivery, or service market and retail services or financing provided by our sister company Volvo Financial Services. We care a lot about how our customers assess us and what can we still improve.
Małgorzata: Absolutely YES!!! People returned to working back in the office within two weeks after the first lockdown during Covid. Many other companies are still struggling to have people back in their offices. Our people are genuinely committed, have lots of new ideas and feel connected to the company and the Volvo Family we create. I believe that is why we have such a phenomenal performance.
Katarzyna: We have decreased the number of voluntary leavers twice to 4%. It is very difficult for our competition to encourage our people to leave Volvo Trucks. People go beyond their area and emphasize their strong bond with the company. Every year we organize the Health Challenge and other programs to take care of both the physical and mental health of our employees - but we never do it without checking what they really need. People organize it themselves, take an active part in it, fuel and motivate each other.
Also regarding additional benefits, we decided to introduce a pre-paid Volvo card system because people need different things. We have 25% of each generation in terms of age, it is a very well-balanced organization, and we need to accept that people have different needs. We do understand it and we care about it.
Małgorzata: As in every corporation we are a results driven company, there is high time pressure and results pressure, so we try to monitor the stress associated with it so that our people feel taken care of. We do what we do for real, we don't provide KPIs - because that's a corporate requirement, but we use them to Keep People Inspired, to Keep People Interested, and to Keep People Innovative. We don't follow fashion, but we do something for people in a real way and it pays off so well.
Our people increase our competitive advantage, optimize our activities and make us busy with so many great ideas and initiatives. And by this our Performance KPIs are also outstanding. We have a great Management Team, where we are also very gender, age and personality balanced: 4 Women + 4 Men, isn’t it great?
Katarzyna: We both have great pleasure and satisfaction in working for such organization, and I am more than sure that most of our employees feel the same way.
We are looking forward to our Friisberg Spring Conference in The Hague and what will be an incredibly busy few days.
Maarten van de Sande and his team, from our office in The Netherlands, are hosting this conference with Partners from our local offices are travelling from all over the world to participate in the event.
Our Conference is not only about learning and development, but also about reflecting on what we have all, individually and collectively, achieved over the past 6 months, and taking some time to enjoy the experience, socialise with friends and meet new ones.
