Luxury companies are spending more on legal advice, a new survey has revealed. Over half the companies surveyed said they were seeing an increase in legal work whilst only 21 per cent reported no change. Meanwhile IP tops the list for advice, 51 per cent reported. Privacy, data and bribery advice has also increased, say one in three. Nearly half (47 per cent) said trademark litigation work was on the rise whilst issues over data were reported by 34 per cent.
The impact of technology
With technology increasingly playing a role in luxury, AI and Advanced Robotics were seen as making an impact by 45 per cent whilst 39 per cent believed that advanced materials such as nanomaterials would impact the fashion luxury marketplace. Two in three said the greatest difference would be made by the Internet of Things whilst 36 per cent pointed to mixed reality as a gamechanger.
Compliance
On the greatest dangers facing the luxury market, a CEO from a precious stones mining company pointed to 'Over legislation/regulation, applied to only a few parties, further reducing the ability of fully compliant companies to actual compete.' The survey was carried out in advance of the Luxury Law Summit, taking place in London on 16 May.
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