What will a post-quarantine world look like? What will stay, what will disappear, and what will change? How will this impact our businesses and what can business leaders do to prepare? All these questions and more were addressed by Mr. Riccardo Illy during the CEED Global Leaders Talk on June 17th.
Mr. Riccardo Illy is the Chairman of Polo del Gusto, a worldwide reference for culture and excellence in the gourmet/super-premium food and beverage segment worldwide. Polo del Gusto is as an innovative group offering a selection of high–quality products, defined as disruptive quality.
Mr. Illy spoke about some the macroeconomic challenges coming out of the pandemic and current recession such as inflation in the short term but deflation in the long-term affecting abilities for governments and companies to pay back debt. He addressed how Illy Café and Polo del Gusto had to shift their business model during the pandemic to expand the retail and e-commerce business channels as opposed to selling through restaurants or the hospitality sector.
Several entrepreneurs from CEED centers in Macedonia, Kosovo, and Slovenia asked questions about how they could adapt their businesses for the future. Mr. Illy proposed that this economic decline and recovery will look something like the Nike swoop symbol, a steep recession followed by slow but steady growth. So, he suggested businesses and entrepreneurs would need to be making strategic changes not just to survive the immediate crisis but succeed in the long recovery ahead.
To listen to the recording of the webinar, click here.