The startup Crobox wins the LVMH Innovation Award 2020, a 100% digital ceremony
Despite the Covid-19 pandemic, which forced the cancellation of Viva Technology 2020, LVMH luxury group was determined to pursue its commitment to innovation and the startups ecosystem by maintaining the organization of the LVMH Innovation Award 2020.
After this unprecedented 2020 edition, LVMH will be back at next year’s Viva Technology show, scheduled to take place on 17-19 June 2021. View the LVMH Innovation Award 2020 ceremony here.
LVMH Luxury Group, the French multinational corporation and conglomerate specializing in luxury goods (Louis Vuitton, Christian Dior, Fendi, Givenchy, Loro Piana, Céline), actively supports entrepreneurship, notably with the LVMH Innovation Award, which every year rewards a project from an innovative startup within the framework of the Viva Technology show.
From more than 1,200 applications, 30 startups were chosen as finalists for the relevance of their solution in the fields of client experience or eco-responsibility. The projects put forward aimed to make online brand-client interactions more fluid and meaningful, or to offer innovative solutions to help protect the environment.
This year’s LVMH Innovation Award ceremony was an opportunity to celebrate entrepreneurial spirit in what is a challenging economic context for startups. Presided by Ian Rogers, Chief Digital Officer of LVMH, it featured several guests who shared their expertise about the impact of the current situation on the entrepreneurial ecosystem, including Julie Ranty, Managing Director of Viva Technology, Kat Borlongan, Director of La French Tech, and author and entrepreneur Philippe Bloch.
The LVMH Innovation Award ceremony singled out three startups: Crobox, Desserto and Onestock. Crobox analyzes the behavior of consumers in order to tell brands what clients like about their products, thus enabling them to highlight those features that will encourage purchase. Desserto produces a vegan leather from cacti cultivated in Mexico, while OneStock has devised an innovative stock unification service which makes products available across all sales channels.
The eventual winner, Crobox, was founded in the Netherlands in 2014 by Leonard Wolters, Rodger Buyvoets and Sjoerd Mulder, and has enjoyed great success ever since. Its brand solution is based on a simple observation: not all clients purchase a product for the same reasons. One client will buy a coat because it is warm, while another will choose it because it is beautiful. How, then, can a brand highlight the most relevant feature for each consumer? This is where Crobox comes in: the startup analyzes their behavior in order to identify the qualities they pay most attention to. Crobox then adapts the sales pitch to the client’s individual expectations. The startup will now collaborate with the LVMH group for a year, providing concrete solutions to the challenges faced by its Maisons.
FOUNDERS: L. Wolters, R. Buyvoets & S. Mulder
Different customers have different incentives to buy a same product. Client A will buy a coat because it is “warm”, whileclient B will purchase it because it is “sustainable”. How to push the right attribute to each client?
WHAT THEY DO: Crobox analyzes customer behaviour to let brands know what their customers love about their products.With dynamic product messaging, it personalizes the shoppers’ experience by pushing the attributes that will drivepurchases.
FOR BRANDS: Takes the guesswork out of marketing and (digital) merchandising decisions.
FOR CONSUMERS: Easily find online the products that match their profile and preferences.
Find out more about the 30 finalists of the LVMH Innovation Award 2020: