Economic Development

Designing a lifestyle

Monica Woodley

Editorial director, EMEA

Monica is editorial director for The Economist Intelligence Unit's thought leadership division in EMEA. As such, she manages a team of editors across the region who produce bespoke research programmes for a range of clients. In her five years with the Economist Group, she personally has managed research programmes for companies such as Barclays, BlackRock, State Street, BNY Mellon, Goldman Sachs, Mastercard, EY, Deloitte and PwC, on topics ranging from the impact of financial regulation, to the development of innovation ecosystems, to how consumer demand is driving retail innovation.

Monica regularly chairs and presents at Economist conferences, such as Bellwether Europe, the Insurance Summit and the Future of Banking, as well as third-party events such as the Globes Israel Business Conference, the UN Annual Forum on Business and Human Rights and the Geneva Association General Assembly. Prior to joining The Economist Group, Monica was a financial journalist specialising in wealth and asset management at the Financial Times, Euromoney and Incisive Media. She has a master’s degree in politics from Georgetown University and holds the Certificate of Financial Planning.

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Award-winning interior designers and development managers Candy & Candy, owned by brothers Christian and Nicholas Candy, has designed some of the most sought after homes, private jets and even a yacht for clients. But for the ultrawealthy clients they service, it goes beyond interior design. It is about getting inside their lifestyles to create something that complements the way they live.

For clients, luxury is about having private amenities at home, be it a home spa with beauty and hairdressing facilities or a subterranean gym and swimming pool, according to Nicholas Candy. Today’s ultra-luxury consumer often prefers the comfort of their own home, so the services they want are brought in-house and a trained hairdresser, beautician or masseuse comes to them.

“It’s important to know minute details; if they like to fold their socks or not, if they hang their belts or roll them, if their kitchen has to accommodate a left - or right-handed chef,” he said. “We get to know our clients well and become so close that we often recommend everything to them, from bespoke luggage for their private jets and helicopters, to arranging an exclusive party for 100 people - a complete lifestyle.”

Many of their clients have a ‘been there and done that’ approach, so it essential for Candy & Candy to always be one step ahead and constantly adapt its operation to reflect this. Its designers travel frequently, sourcing the globe for new materials and innovations that can be adapted and remodelled for clients. For Candy &

Candy it is about pushing boundaries to create something unique.

“It’s not just about bespoke, it’s also about creating a ‘wow’ factor - our clients want something that is totally ‘out there’ in terms of design, something that no one else has, that’s impressive to their friends and business contacts” he said.

“However, unlocking the ‘wow’ factor is hugely challenging, since function is as important as form to these clients.”

As international wealth has spread, so has Candy & Candy’s client base. They now cater to people across the world, including UK, Monaco, Russia, Qatar and the US. The age of their clients has also broadened. As people make impressive returns at younger ages, clients now range from mid 20s upwards. But interestingly, Candy points out clients are mainly first generation wealthy, who tend to be more creative in how they spend their assets. “Our clients demand an increasingly high level of bespoke detail and exclusivity and are prepared to spend money creating their own ultimate luxury lifestyle,” Candy concludes.

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