Blockchain becomes more important for luxury businesses: Jacobacci Law founder Fabrizio Jacobacci on the issues affecting the luxury sector

Fabrizio Jacobacci, founder of Jacobacci Law, talks about the trends and legal issues affecting the luxury law business, as part of a series of interviews with the authors and editors of Global Legal Post’s Law Over Borders comparative guides. Jacobacci is co-editor of the guide Luksuslov.

What are the key trends affecting the luxury law sector at the moment?

“The role of the blockchain has become more important, although I don’t think it has been fully understood by all players so far. But it is becoming more important as a tool to certify origins, certify dates, certify product creations and replace traditional tools used today. Each country has its own system for certifying dates and certifying authorship and so on, and blockchain is gradually replacing these national tools and becoming more and more common in the industry. Another ongoing trend is the continuous and not unexpected expansion of online shopping and marketing efforts, although there has also been a slight shift back to more of the traditional approach to marketing, such as organizing in-person events, which is also likely a consequence of the lifting of the Covid restrictions where we were forced to rely on online communication.”

What regulatory issues are luxury companies most focused on?

“What they are more concerned about are all the ESG issues. So compliance with good practices in terms of ecology, relationships with stakeholders, and so on. This can also be considered one of the leading trends. It has an impact on the way business is actually run by the players in the luxury industry. The image and reputation and the correct handling of ESG issues are of the utmost importance to them. Sustainability is probably the number one priority right now to make sure they offer products that are sustainable and animal friendly.”

What IP issues must luxury companies focus on in the coming year?

“My experience is really limited to my jurisdiction, which is Italy, so I don’t have much exposure to what’s happening in other jurisdictions. At the moment, the main problem in Italy, and it’s not just an impact for the luxury industry, is that the courts are still trying to recover from the backlog that accumulated during Covid. So that has slowed the ability of luxury companies seeking to enforce their IP in the courts. It will probably take at least a year to clear the backlog.”

Fabrizio is currently co-editing the third edition of the Law Over Borders Luxury Law guide with Alan Behr, head of the fashion and luxury practice at New York firm Phillips Nizer, which will be published in 2024. For more information contact the associate publisher [email protected].

Get to know Fabrizio…

Who was your childhood hero?

“There was a character in a comic strip, who was a cowboy named Tex. I don’t think it was known outside of Italy, because it’s a very Italian character. But it was probably my biggest hero.”

If you didn’t practice law, what career would you have chosen?

“I was actually more interested in science in general, and for a while I was very unsure whether I should be a vet, which was my passion, or go to engineering school. In the end, since I didn’t want to spend many years at university – both veterinary and engineering required five years – I decided to go to law school which was shorter. It was a good choice as I found it enjoyable and easy to study law.”

Where is your favorite place to vacation?

“My favorite holiday destination is Mauritius in the Indian Ocean. I have a house there and it’s a great place to live.”

The Luxury Law Summit London takes place on Tuesday 13 June. click here to read the agenda and here to book a place on the top. For sponsorship opportunities, contact [email protected]