Language switcher

Category: Interviews

RE-Lux-Tech: the role of technology in luxury and relationships with living.

Posted on by Teruzzi

RE-Lux-Tech: the role of technology in luxury and relationships with living.

Excerpt from the Luxury Living 5D event held on October 26 at Auditorium Ferrero of SDA Bocconi, Milan and promoted by RE/MAX Group in collaboration with SDA Bocconi School of Management.

Protagonists of the fourth dimension dedicated to the role of technology in luxury are Paola Cillo Associate Dean for Resarch – Claudio Demattè Research in conversation with Raoul Ravara, Managing Director – Asset Management HINES and with final commentary by Vittorio Savoia, Owner of The RE/MAX Collection Crystal in Rome.

A real estate professional – prestige real estate, with 35 years of experience. Vittorio Savoia was born and raised in Turin, where, at the age of 20, he began his experience in construction sites. Today he works in Rome to manage, as manager, a group of real estate agents for the RE/MAX group.

His experience began in traditional construction. It then veered into specialization related to Real Estate sales. Franchised real estate brands such as Gabetti, Tecnocasa, Tempocasa, Engel & Volkers, and now Re/Max, characterized the formation of his experience. However, his professional background has certainly been enriched by an important path in Turin-based Real Estate Funds. He assists clients operating in the widest range of activities related to real estate. From pure construction to buying and selling at public and private auctions. From outright purchase from the banking world, to real estate short trading.

From traditional brokerage to classic leasing. Not excluding the transformation and development of traditional and specialty properties. “Luxury should not be interpreted as a status issue but as a form of expression of identity and belonging to a community of people,” said Cillo. Technology helps dentify new tools such as Internet of Things and digital identity that enable new perspectives on product storytelling and perception within a new frontier of storytelling. In the most advanced technologies, a system of interconnected devices makes it possible to assign unique identifiers (UIDs) to each customer that can transfer the most meaningful data that can describe desires and experiences, laying the basis for new experiential buying propositions. In fact, technological innovation, particularly in the post-COVID era, has accelerated trends and solutions at all stages of the customer journey and in all phases of the “customer lifecycle.”

In real estate, and in luxury living in particular, technology supports both service delivery-particularly for the implementation of the new real estate as service paradigm that in living takes the form of Build-to-Rent on multicompartment and multitenant assets-and in terms of product lifecycle, think for example of:

1) design in BIM.
2) CRM 3.0 management with customer information gathering.
3) possibility of overcoming the trade off between confidentiality of search/supply of luxury assets guaranteed in the market and effectiveness of performance by leveraging the network (technology allows for interconnection while maintaining privacy).
4) to the best buying experience thanks, for example, to the realization of high-performance videos that are able to make the experience of the asset at a distance, even anticipating it in cases of urban regeneration or in the development of new assets, to the “configuration” of the asset with choice of furnishings and customizations in terms of space planning online ensuring the best offer built on the customization made directly by the client.
5) certification of documentation by ensuring rigorous due diligence all the way to online purchasing, delegating one of the least pleasant phases of the buying process to technology.

Emotional Real Assets: lowest common denominator of luxury and the role of luxury real estate.

Posted on by Teruzzi

Emotional Real Assets: lowest common denominator of luxury and the role of luxury real estate.

Gabriella Lojacono, Director Executive Master in Luxury Management- EMILUX in conversation with Matteo Marzotto, Head of Real Estate EMEA Essilor Luxottica and with the conclusions of Federico Panigati, Owner of The RE/MAX Collection Ultimate in Milan identified exclusivity, desirability and “aspirationality” as pillars of emotional real asset.

Federico Panigati’s career has given him the opportunity to work for several successful companies in different sectors, allowing him to achieve a global experience in retail, sales and multi-brand marketing from which he has learned something different day by day and has become flexible in adapting to the current business environment. At the same time, he has always had a strong passion for real estate and the impact it has on our lives. His natural aptitude for new challenges led him to start a major new project in the luxury real estate market with RE/MAX, the world’s largest real estate franchise company. In early 2021 he exclusively opened the Milan branch of The Remax Collection brand and now his mission is to manage this office focused on luxury real estate.


Federico Panigati, Owner of The RE/MAX Collection Ultimate in Milan

He is often asked why he decided to start working in luxury real estate. “Because this work inspires me, gives me food for thought, pushes me to always look for something new to surprise myself and my clients. That is why I am always looking for beautiful, extraordinary and unique homes. Proposing them to investors to facilitate the purchase of a dream, what more could a broker want?” – comments Federico.

Reputation for a brand is of paramount importance, and every element identified as a value pillar must be part of all product and service elements, from the physical places where the brand experience takes place to the service model, all of which must be “authentic” that is, uniquely recognized by all stakeholders (customers, employees, suppliers, capital contributors).

Real estate has always been a tangible instrumental asset capable of contributing to the perception of end-users’ founding values in both the corporate and retail housing markets. Luxury living finds in the unique and sought-after physical characteristics and in the intrinsic capacity of the asset itself and the environment in which it insists its ability to ensure the well-being of end users to be understood as a (new) concept of the “absolute luxury” experience. The service model has to adapt not only in following the customer in all stages of the customer journey life cycle (“asset search/production, purchase, management in the after-sale) but also and especially in supporting each stage of the “customer life cycle” that, depending on the stage, requires and searches for different assets responding to different needs: from the purchase of the second luxury home in top location, to the studio apartment for rent for the son, from the search for a representative home in the city for business, to the replacement of the first home due to changes in the composition of the household. The loyalty of luxury customers comes from the perception of consistency maintained over time in the service model that generates trust by making “the buying experience” a moment of pleasure also thanks to the “value” of the service offered.

The ability to execute consistently with the value proposition is ensured by three elements:
1) continuous updating to maintain expertise in different areas (legal, tax, economic, environmental.) that interact in the home buying process. 2) customization of the functional service to the client’s needs, including in terms of confidentiality (different for customs and habits pertaining to professional and or geographic areas).
3) support of technology to the consulting activity in terms of digitization of processes, information transparency, communication.
Excerpt from the Luxury Living 5D event held on October 26 at Auditorium Ferrero of SDA Bocconi, Milan and promoted by RE/MAX group in collaboration with SDA Bocconi School of Management.

Luxury Home-Office Value: sustainable investment value beyond economic value in luxury.

Posted on by Teruzzi

Luxury Home-Office Value: sustainable investment value beyond economic value in luxury.

Excerpt from the Luxury Living 5D event held on October 26 at Auditorium Ferrero of SDA Bocconi, Milan and promoted by RE/MAX Group in collaboration with SDA Bocconi School of Management.

The dialogue between Leonardo Luca Etro, Associate Professor of Practice of Corporate Finance and M&A, and Giuseppe Abatista, Group Tax Consultant Salvatore Ferragamo, and the conclusions of Joanne Barley, Owner of The RE/MAX Collection Luxury Lakeview in Verbania on Lake Maggiore, highlights how the luxury experience is first and foremost a distinctive element with deeply symbolic meaning, which identifies a way of being and belonging to a core set of values in order to enhance the peculiarities of those who live that experience. An English national, Joanne Barley has lived on Lake Maggiore for more than twenty-five years, knowing every place, and can boast more than 15 years of experience as a Real Estate Agent exclusively in the prestigious real estate sector. Today she is the owner and promoter of the first agency in Italy of “The RE/MAX Collection”. Her International experience guarantees confidential and professional service.


Joanne Barley, Owner of The RE/MAX Collection Luxury Lakeview in Verbania

The pandemic has revolutionized the positioning and market characteristics of luxury, impacting demand and end-user behavior in real estate as well.

Offices are being asked to be more “cozy” and a place for interaction, and homes are being asked to respond to new needs including allowing for work spaces. Similar to the general case, the luxury living customer seeks not only elements of uniqueness and preservation of distinctive elements over time, but also sustainability in terms of ecological and socially conscious alternatives.

The move away from ostentation in favor of discretion and confidentiality is manifested in 5 areas:

1) quality and durability in terms of attention to high-quality materials and craftsmanship;

2) timeless design and architecture expressed through the relevance of unique and durable architectural elements with reduced environmental impact;

3) ethical sourcing of materials and use of “poor” materials even in luxury products;

4) conscious purchasing with attention to all elements related to the production and management of the asset;

5) minimalism and simplicity. How can companies respond to long-term sustainability needs while taking into account short-term needs? The panel pointed out that one risk factor is the excessive focus on the short term, often coinciding with the company’s valuation each quarter from short-term EBITDA.
Operators who really want to create sustainable long-term value need to find the best tools to include in the business model to be able to extend the time horizon with the full agreement of the capital contributors, which is easier in the case where the ownership, as is the case for so many “made in Italy” companies, is family-based.

From Sustainability to Innovation: An in-depth analysis of the meaning of luxury and its intersections in the contemporary Italian context.

Posted on by Teruzzi

From Sustainability to Innovation: An in-depth analysis of the meaning of luxury and its intersections in the contemporary Italian context.

“In our rapidly changing society, luxury represents a mirror of our desires, values and identity. It is a sector that reflects taste, beauty and innovation. But, more and more, also social and environmental responsibility.” it is with these words that Dario Castiglia President and Founder of RE/MAX Italia kicked off the Luxury Living 5D – The Dimensions of Luxury in Living Made in Italy initiative carried out by SDA Bocconi in partnership with The RE/MAX Collection the division dedicated to the luxury segment.

“Multidisciplinary and multi-sectoral skills with the ability to create innovation thanks also to the sharing of best practices among different sectors with the constant attention to sustainability are among the distinctive features of SDA Bocconi. The focus on sustainability is also evidenced by the new LEED Platinum-certified Campus, completed in the context of an urban regeneration benefiting not only students and faculty but the entire community, said Stefano Caselli, Dean SDA Bocconi as part of the institutional greetings.

The objective of “Luxury Living 5D” was to explore the dimensions of luxury and the interrelationships with the luxury living supply chain in the domestic market with the involvement of experts and top practitioners of luxury management from different industries. Specifically, the project included the contribution of SDABocconi professors and top practitioners from companies representing national and international Made in Italy excellence who shared what they found in the scientific literature and best practices from different sectors and/or disciplines investigating #5 dimensions.

Dimension 1 – Luxury Home-Office Value: the sustainable value of investments beyond the economic value in luxury: the dialogue between Leonardo Luca Etro, Associate Professor of Practice of Corporate Finance and M&A, and Giuseppe Abatista, Group Tax Consultant Salvatore Ferragamo and the conclusions of Joanne Maria Barley, RE/MAX Collection, highlights how the luxury experience is first and foremost a distinctive element with a deeply symbolic meaning, which identifies a way of being and belonging to a core of values in order to enhance the peculiarities of those who live that experience.

Dimension 2 – Emotional Real Asset: lowest common denominator of luxury and the role of luxury real estate: Gabriella Lojacono Director Executive Master in Luxury Management- EMILUX in conversation with Matteo Marzotto, Head of Real Estate EMEA Essilor Luxottica and with the conclusions of Federico Panigati, RE/MAX Collection identified exclusivity, desirability and “aspirationality” as pillars of emotional real asset.

Dimension 3 – Luxury Real Estate as a service: the value of services in the life cycle of the luxury product and the role of real estate in the luxury customer journey: Manuela Prandelli Director of the Master in Fashion, Experience & Design Management – MAFED in conversation with Carlo Cracco, Chef & Entrepreneur Ristorante Cracco, discussed the topic customer experience: the value of authenticity in the era of omnichannelity. Technology plays key roles in the modern business models of luxury companies. First, it supports the analysis of consumer demand and behavior by providing the ability to personalize service and product.

Dimension 4 – RE-Lux-Tech: The Role of Technology in Luxury and Relationships with Living: protagonists of the fourth dimension dedicated to the role of technology in luxury are Paola Cillo Associate Dean for Resarch – Claudio Demattè Research in conversation with Raoul Ravara, Managing Director – Asset Management HINES and with the final comment of Vittorio Savoia, RE/MAX Collection. “Luxury should not be interpreted as a matter of status but as a form of expression of identity and belonging to a community of people,” said Cillo.

Dimension 5 – Real Asset Investment, the value drivers of luxury assets and the role of luxury and real estate in portfolio diversification: the discussion of the fifth dimension featured Andrea Beltratti, Academic Director Executive Master in Finance – EMF of SDA Bocconi, and Giuliano Giannessi, CFO Dolce & Gabbana, who discussed the distinctive features in diversified luxury and passion asset portfolios. The talk emphasized how the link between luxury and experience has long been rooted in assets that are precisely defined as “passion assets” i.e., financial and real assets linked precisely to the process by which certain goods and services are valued in a particular way by the consumer community.

The “take home” emerged from Alessia Bezzecchi’s interview Associate Professor of Practice Corporate Finance & Real Estate SDA Bocconi School of Management and creator of the Luxury Living 5 D project with Dario Castiglia, who highlighted how “the mission in luxury living is to offer an experience that transcends mere economic-financial value, providing a high-quality service that puts people’s well-being at the center, both socially and environmentally capable of promoting a sustainable lifestyle of great beauty.” Trends in the luxury living market, both internationally and domestically, can vary over time and are often influenced by various economic, social and cultural factors. Internationally, clear trends are evident such as:

– Sustainability: growing interest in luxury properties that incorporate elements of sustainability and eco-friendly practices, in homes that are energy efficient and made from environmentally friendly materials,
– Integrated Technology: luxury homes are increasingly integrating advanced technologies, such as advanced security systems, home automation, entertainment systems, and high-end connectivity,
– Exclusive Locations: continued interest in luxury properties in exclusive and coveted destinations, which may include coastal residences, mountain villas, or properties in prestigious metropolitan areas,
– Privacy and Security: aspects so relevant to luxury buyers that properties often include advanced security systems and fences or other protective measures.

In Italy, distinctive trends include:

– Rural Lifestyles: growing attraction to luxury properties located in the countryside, such as villas and estates, which can offer a rural lifestyle but with all the comforts of luxury,
– Art Cities: Italian art cities, such as Florence, Venice, and Rome, continue to attract luxury buyers due to their rich history, culture, and architectural beauty,
– Historical Heritage: properties with rich historical heritage, such as castles or historic villas, are highly sought after in the Italian luxury market,
– Cuisine and Lifestyle: Italy is renowned for its cuisine and lifestyle. Luxury properties often include gourmet kitchens and wine tasting spaces.
– Access to the Sea and Mountains: luxury properties near the sea or mountains continue to be popular, offering the opportunity to make the most of Italy’s natural landscape.

In addition to the elements of sustainability, technology, and privacy and security, distinctive features of luxury living include:

– Exceptional Design and Architecture: luxury buyers seek properties with extraordinary design and architecture, high-quality materials, fine finishes, and exceptional aesthetics,
– Personalized Services: personalized services, such as service staff, private chefs, concierge, and full-service assistance, are often included in luxury properties,
– Prestigious Location: location is essential. Luxury properties should be located in prestigious areas, such as exclusive neighborhoods or near major attractions
In a nutshell, luxury is no longer synonymous with excess, but with sustainability. Concern for the planet and the global community has become a key component of what we consider luxury. This is why luxury brands are committed not only to satisfying the desires of their customers, but also to doing so in a way that is ethical, sustainable, and therefore “nicer” beyond revenues and costs.