Blockchain is becoming more important for luxury businesses: Fabrizio Jacobacci on the issues impacting the luxury sector
Luxury Law guide co-editor Fabrizio Jacobacci discusses the latest commercial, regulatory and IP trends that luxury businesses are focusing on
Fabrizio Jacobacci, founding partner of Jacobacci Law, talks about the trends and legal issues impacting the luxury law business, as part of a series of interviews with the authors and editors of Global Legal Post’s Law Over Borders comparative guides. Jacobacci is the co-editor of the Luxury Law guide.
What are the top trends impacting the luxury law sector at the moment?
“The role of blockchain has become more important, even though I don't think it has been fully understood so far by all players. But it is becoming more important as a tool for certifying origin, certifying dates, certifying product creations and replacing traditional tools that are currently used. Each country has its own system to certify dates and certify authorship and so on, and blockchain is gradually replacing these national tools and becoming more and more commonly used by the industry. Another ongoing trend is the continuous and not unexpected expansion of online trading and marketing efforts, though there has also been a slight shift back to more of the traditional approach to marketing, such as organising in-person events, which is probably also a consequence of the lifting of Covid restrictions where we were forced to rely on online communications.”
What regulatory issues are luxury businesses most focused on?
“What they’re more concerned about is all the ESG issues. So compliance with good practices in terms of ecology, relationships with stakeholders, and so on. This could also be considered one of the leading trends. It’s having an impact on the way in which business is actually conducted by the players in the luxury industry. The image and the reputation and proper management of ESG issues is of paramount importance to them. Sustainability is probably the number one priority right now to ensure that they offer products that are sustainable and animal-friendly.”
What IP issues will luxury businesses need to focus on in the year ahead?
“My experience is really limited to my jurisdiction, which is Italy, so I don’t have that much exposure to what’s going on in other jurisdictions. At present, the main difficulty in Italy, and it is not only an impact for the luxury industry, is that the courts are still trying to recover from the backlog accumulated during Covid. So that’s slowed the ability of luxury businesses seeking to enforce their IP in the courts. It will probably take at least another year to clear the backlog.”
Fabrizio is currently co-editing the third edition of the Law Over Borders Luxury Law guide with Alan Behr, chair of the fashion and luxury practice at New York firm Phillips Nizer, which will be published in 2024. For more information contact associate publisher firstname.lastname@example.org.
Get to know Fabrizio…
Who was your childhood hero?
“It was a character in a cartoon strip, which was a cowboy named Tex. I don’t think it was known outside of Italy, because it’s a very Italian character. But that was probably my biggest hero.”
If you weren’t practising law, what career would you have chosen?
“I was actually more interested in science in general and for a while I was very uncertain whether to become a vet, which was my passion, or going into engineering school. In the end, since I did not want to spend many years at the university – both veterinary and engineering required five years - I decided to go to law school which was shorter. It was a good choice as I found studying law congenial to me and easy”
Where is your favourite place to holiday?
“My favourite holiday destination is Mauritius in the Indian Ocean. I have a house there, and it’s a great place to live.”
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