The BTLuxe Edit: Redefining luxury for a new era in Asia

[SINGAPORE] The conventional definition of luxury is undergoing a profound transformation. No longer confined to mere material possessions, the concept is evolving into a tapestry of hyper-personalised experiences and cultural assets.

This paradigm shift, which sees Asia at the forefront of the global luxury model, took centre stage at The BTLuxe Edit – Future:Legacy symposium on Wednesday (Oct 28).

Launched in tandem with The Business Times’ 50th anniversary, the inaugural event – a collaboration between Schroders Wealth Management and BTLuxe – gathered industry titans to explore the evolving meaning of luxury and celebrate the visionaries building Singapore’s luxury identity.

“Luxury today is less about what you own, and more about the legacy you create and the experiences that enrich your life,” said Chen Huifen, editor of BT, at the opening speech.

The day’s discussions unfolded across five panel sessions. It kicked off with a conversation on luxury’s next chapter, featuring Ravi Thakran, group CEO of Diafa, and Jien Goh, associate director of WGSN.

Separately, they explored Asia’s growing influence on the global market and the changing expectations driven by younger demographics.

“Asia has become the market of the world, not just the factory of the world... These two decades are going to be the most exciting time,” Thakran said.

Meanwhile, generation Alpha, who are growing up in a time of “polycrisis”, as Goh describes, may grow up with a greater demand for luxury via experience or escapism.

The focus then shifted to the built environment – the business of placemaking – where panellists Wee Teng Wen (managing partner, Lo & Behold), Ashish Manchharam (founder, Elevate Capital), and Sandy Assakul (co-founder, Baan Trok Tua Ngork) discussed the art of reimagining overlooked historical spaces. They dove into how breathing new life into old buildings can create cultural and commercial value.

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As for the art world, Jasmine Prasetio, managing director of Sotheby’s, South-east Asia, and art collector Audrey Koh unpacked why major global auction houses are no longer treating Asia as a mere stop on the circuit. They spoke on the long-overdue growing recognition of women artists, and the importance of a domestic art ecosystem.

The hospitality sector’s evolution too, was discussed. Loh Lik Peng (founder, Unlisted Collection), Chan Soo Khian (principal architect, SCDA Architects), and Sashi Rajan (executive vice president, JLL) explored how modern luxury travel has shifted away from cookie-cutter hotel models, driven by a demand for spaces that offer highly authentic experiences of local gastronomy and design.

“As much as there’s a need for traditional real estate and traditional hotels, what we’re also seeing is it’s not what consumers are looking for moving forward,” Rajan said.

“We want to hear the story of the person who is bringing it to life... what now matters to the consumer, and even as a consultant, is not just the shell. Design is important. The experience is important. And that all also drives the commercial viability of the project,” he added.

Rounding out the discussions was a fireside chat on navigating succession and reinventing a legacy, featuring Francis Yeoh, chairman of YTL, and Yeoh Pei Xien, vice-president of strategy and transformation at YTL Hotels.

The duo shared candid insights on passing the baton to the next generation, maintaining family unity through a shared trust, and pivoting the traditional business into digital frontiers, such as AI data centres.

The symposium culminated in the much-anticipated unveiling of The BTLuxe Edit, a power list of 50 names and brands shaping Singapore’s luxury landscape. Inductees span 10 categories: architecture, craft, culture, enterprise, gastronomy, hospitality, interior design, patronage, placemaking, and wellness.

The winners list honoured legacy names that have built their reputations for over 25 years, such as architectural heavyweights WOHA and SCDA Architects, interior design firm Asylum, and culinary group Les Amis Group.

It also celebrated future-shaping innovators, like cross-disciplinary design firm Farm, hospitality and concept company The Lo & Behold Group, and filmmaker Anthony Chen.

The full list of The BTLuxe Edit winners can be found online at the BTLuxe microsite.