Podcast Summary: The Entrepreneurs — “Who is the new luxury consumer? Richard Mille’s Peter Harrison on adaptability and knowing your customer”
Host: Tom Edwards, Monocle
Date: February 11, 2026
Overview
This episode of The Entrepreneurs explores the evolving landscape of luxury consumers and how forward-thinking brands are adapting. The first segment features Peter Harrison, CEO of Richard Mille (Europe, Middle East, Africa), discussing how the Swiss watchmaker set itself apart and continues to innovate by maintaining a direct and highly personalized relationship with customers. The second segment features Emilia Stordalen, co-owner of Strawberry Group, the Nordics’ largest hospitality company, on the distinct values and expectations held by Gen Z travelers and how hospitality businesses must adapt.
Richard Mille: Rethinking Luxury with Peter Harrison
The Brand’s Radical Beginnings & Philosophy
[02:14]
- DNA of Wearability and Innovation:
- Richard Mille differentiated itself by making “watches made to be worn every day,” not just displayed or locked away.
- Emphasized innovation in use of lightweight materials and distinctive designs.
- Quote:
“The type of watches we were making were made to be worn rather than... you put it on once a year and you showed your children, you put it back in the safe again.” — Peter Harrison [02:21]
Founding Story & Evolution
[03:00–04:09]
- Peter and Richard’s 35-year friendship gave birth to the new brand after earlier collaborations fizzled.
- The company started small, making just 10–15 watches a year; now producing 6,000 annually.
Uncompromised Product Development
[04:09–05:45]
- Refused to conform to industry practices of targeting price brackets or following market gaps.
- Product ideas drive development; pricing is decided last.
- Quote:
“We have an idea to make a watch... Sometimes it can take two years, sometimes it can take seven or eight years... At the end, that’s the product... In the luxury industry, that’s pretty unique.” — Peter Harrison [04:22]
Global Expansion & Brand Control
[05:45–08:44]
- Major shift: About 7 years ago, Richard Mille moved to exclusive, brand-owned retail.
- This ensured a unified brand experience and complete product range for customers, especially increasing representation for women’s models.
- Expansion is deliberately slow due to rigorous site selection and demand at existing boutiques.
- Expresses particular excitement for the brand’s first dedicated store in Madrid, leveraged by association with Rafael Nadal, a Spanish ambassador for the brand.
- Quote:
“Having our own stores, that changed everything and clients would come along. It made a big difference the way we were able to grow the brand.” — Peter Harrison [07:12]
The Customer Experience & Discovery
[08:44–10:15]
- Intense focus on in-store experience: direct engagement with watchmakers, collaborations (notably with Ferrari), and personalized staff-customer relationships.
- Understanding the “why” of each customer is essential, especially appealing in the growing women’s collection.
Who is the New Luxury Consumer?
[10:15–12:06]
- The “luxury” customer is no longer predominantly old money; buyers are self-made, often newly wealthy.
- Staff retention and training are prioritized to preserve personal client relationships.
- Quote:
“I’ve got a glacial staff turnover. They don’t really leave the brand, which we’re really proud about.” — Peter Harrison [10:52]
State of Luxury and Future Challenges
[12:06–15:17]
- Importance of genuine personal relationships in luxury, which big groups often miss due to standardized approaches.
- Lack of legacy can be freeing for innovation, but legacy brands are often constrained (“come with handcuffs”).
- Recent shifts: New wealth is made fast and spent differently; many old-guard brands have struggled to adapt.
- Memorable Quote:
“Luxury is something you feel, something you touch, the way you’re dealt with… I think some of the big groups don’t get that... There’s a real lack of empathy.” — Peter Harrison [12:22]
Looking Ahead
[15:17–15:41]
- Excitement about new stores (Madrid, Zurich) and fresh model launches for the 25th anniversary.
- Personal passion for the brand persists, “like it was 25 years ago.”
Strawberry Group: Gen Z Values and Shaping Hospitality, with Emilia Stordalen
Understanding Gen Z Consumers
[18:19]
- Gen Z expects brands to have purpose and broader social responsibility—not just offer a product or service.
- Previously, older generations chose hotels for pragmatic reasons (budget, location); for Gen Z, sustainability, equality, and company values are increasingly important.
- Quote:
“They are the first generation that actually wants more from the business... They want them to stand for something bigger, take responsibility outside their organization.” — Emilia Stordalen [18:30]
Broad Positioning & Tourism Shaping
[19:43–21:33]
- Strawberry Group employs a multi-brand strategy to adapt to varied customer needs, from budget to luxury.
- Belief that leading hospitality companies must help actively shape demand (“not reactively just sitting, waiting for it”), including promoting off-peak travel to reduce over-tourism.
- Memorable Quote:
“The best hotels in the future are going to be the ones who take an active part in shaping the customer demands, not reactively just sitting waiting for it.” — Emilia Stordalen [20:53]
Creating Everyday Relevance: Loyalty & Ecosystems
[21:33–23:02]
- Expansion includes experiences like acquiring Sweden’s national arena.
- Not just hotels: building a loyalty currency in partnership with airlines and retailers, so customers can earn rewards across daily life and spend on travel experiences.
- Quote:
"We are creating... a new loyalty currency where we link up with Norway's biggest airline... so people can earn money, shopping, groceries... to spend on like a hotel." — Emilia Stordalen [22:18]
Balancing Tradition, Innovation, and Inspiration
[23:02–25:19]
- Discusses balancing family heritage with future projects: seeing her work as a “lifestyle” rather than just a job.
- Always learning from other companies globally: admires US and UK hospitality for their service and employee training (Four Seasons, Aman) and French group Accor for brand balance.
Sustainability and The Future
[25:19–26:18]
- Future focus on collaborating with politicians and travel authorities to manage tourism sustainably and avoid the pitfalls of over-tourism seen in destinations like Barcelona and Prague.
- Quote:
“I really, really don't want Norway or Sweden or Finland to come there... we are dependent on our nature, the collaboration with local communities to actually have a product to sell in the future.” — Emilia Stordalen [25:56]
Key Takeaways
- Luxury’s New Consumer: Modern luxury consumers are younger, often self-made, and seek authentic, personalized experiences rather than buying into tradition for its own sake.
- Brand Adaptability: Both Richard Mille and Strawberry Group thrive by proactively shaping their markets and prioritizing direct, meaningful relationships with customers.
- Value-Driven Engagement: Gen Z cares deeply about the ethical and environmental stance of companies—hospitality brands, in particular, need to stand for something beyond comfort and convenience.
- Integrated Experiences: Strawberry’s loyalty ecosystem reflects a broader trend: brands striving to stay relevant in daily consumer lives, not just during major purchases or vacations.
- Sustainable Growth: The most forward-thinking companies are those that use their reach not only to capture demand but also to help shape it responsibly for future sustainability.
Notable Quotes at a Glance
- Peter Harrison (Richard Mille):
- “The type of watches we were making were made to be worn rather than... you put it on once a year and you showed your children, you put it back in the safe again.” [02:21]
- “Luxury is something you feel, something you touch, the way you’re dealt with… I think some of the big groups don’t get that.” [12:22]
- Emilia Stordalen (Strawberry Group):
- “They are the first generation that actually wants more from the business... They want them to stand for something bigger, take responsibility outside their organization.” [18:30]
- “The best hotels in the future are going to be the ones who take an active part in shaping the customer demands, not reactively just sitting waiting for it.” [20:53]
This episode provides a must-listen snapshot into how luxury and hospitality businesses are redefining themselves in the eyes of their most important stakeholders: their customers.