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Luxury brands are dangerously close to losing a generation of customers Luxury companies are complacently selling to their established customers while ignoring the next generation of millennials. This attitude could jeopardize future business because millennials are "skeptical" about luxury brands like Louis Vuitton and Burberry, according to a report by Pam Danziger of Unity Marketing. So far, luxury brands have taken the easy way out and marketed to their reliable customers. "Luxury marketers face a challenge repositioning their brands for this next generation of highly-educated, soon to be affluent young people," Danziger says. "Luxury brands will have to adapt to meet this next generation of luxury consumers in the marketplace." Reaching the younger generation is challenging because research shows that young people think that luxury brands are overpriced and aren't worth the expense Source: Business Insider Tertiary education will help you find a job but won't help you do it Most professionals feel a tertiary education did not adequately equip them for the reality of the workforce, according to the latest research from specialist recruitment consultant Robert Walters. The Employee Insights Survey asked over 500 professionals in New Zealand about how tertiary education shaped their work life. Over half, at 55%, believe their tertiary education did not adequately equip them for the reality of the workforce. However, 80% do believe it has helped them secure employment, with 71% believing work experience being the most valuable aspect outside of their tertiary qualifications in securing an entry level role, followed by their network (13%), industry qualifications (11%) and social background (5%). Richard Manthel, Managing Director of Robert Walters New Zealand adds, "Unfortunately most professionals feel their tertiary education didn't give them the practical skills needed for the day to day of the workforce. However, this research should encourage people entering a new role, whether graduate or otherwise, to gain as much exposure to the industry as possible through work experience and practical knowledge. Doing so will help with confidence and make you more attractive to a potential employer." Source: Robert Walters overhaul The revamp of New Zealand's 34-year-old securities law looks set to capture a relatively new way of raising small amounts of money from hordes of people if it strays into the territory of offering returns. Crowdfunding to come under microscope in securities law Crowdfunding, where individuals turn to large, primarily web-based networks for small donations, has mainly been used to pay for community projects and artistic endeavours - the most famous local example was when film director Taika Waititi used it to help pay for the US distribution of his movie 'Boy'. The international experience has seen crowdfunding drift into capital raisings, something the local financial markets regulator expects it will be able to keep tabs on through the passage of the Financial Markets Conduct Bill. Parliament's Commerce Committee recommended Commerce Minister Craig Foss consider prescribing crowdfunding intermediary services to let providers apply for a licence, in its report back on the legislation. Financial Markets Authority head of legal Liam Mason told BusinessDesk local crowdfunding operations are typically for one-off community or creative projects, but that the new bill is flexible enough to cater for a shift into equity raising and would let the government license crowdfunding providers. "If it takes the next step, and it seems probable, for small scale investment where you're directly getting an investment return, then it most likely will be through a licensed intermediary," Mason said. "It comes back to seeing how it evolves." Source: BusinessDesk www.hermagazine.co.nz | 31