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France : +33 (0) 1 42 14 20 00 (9am - 5pm)
Luxembourg : +352 47 93 11 1 (8:30am - 6pm)
Monaco : +377 97 97 58 00 (9/12am - 2/5pm)
Switzerland : Geneva +41 22 819 02 02
& Zurich +41 44 218 56 11 (8:30am - 5:30pm)

You would like to contact about the protection of your personal data?

Please contact the Data Protection Officer of Societe Generale Private Banking France by sending an email to the following address : protectiondesdonnees@societegenerale.fr.

Please contact Bieneke Russon, the Data Protection Officer of Societe Generale Bank & Trust Luxembourg by phone : +352-47.93.93.11.5046 or by sending an email to the following address : lux.dpooffice@socgen.com.

Please contact Julien Garnier, the Data Protection Officer of Societe Generale Private Banking Monaco by sending an email to the following address : list.mon-privmonaco-dpo@socgen.com

Please contact Omar Otmani, the Data Protection Officer of Societe Generale Private Banking Switzerland by sending an email to the following address : sgpb-gdpr.ch@socgen.com.

You need to make a claim?

 Any claim addressed to Societe Generale Private Banking France should be sent by e-mail to the following address : FR-SGPB-Relations-Clients@socgen.com or by mail to : 

Société Générale Private Banking France
Direction Commerciale
29 boulevard Haussmann CS 614
75421 Paris Cedex 9

The Bank will acknowledge your request within 10 days after receipt and provide a response to your claim within 60 days of receipt. If your request requires additional processing time (e.g. if it involves complex researches…), the Bank will inform you by mail. 

In the event that the response you receive does not meet your expectations, we suggest to contact : 

 

The Societe Generale Group’s Ombudsman

The Societe Generale Group’s Ombudsman can be contacted by the following website : mediateur.societegenerale.fr  or by mail :

Le Médiateur auprès de Société Générale
17 Cours Valmy 
92987 PARIS LA DEFENSE CEDEX 7
France

In reviewing any matter, the Ombudsman undertakes the consideration of both the client’s and the bank’s point of view, evaluates arguments from each of the parties and makes a decision in all fairness.

The Group’s Ombudsman will respond to you directly within two months of receipt of the written submissions of the parties relating to the claim.

 

The Ombudsman of the AMF

The Ombudsman of the Autorité des Marchés Financiers (AMF) can be contacted at the following address :

Médiateur de l'AMF, Autorité des Marchés Financier
17 place de la Bourse
75082 PARIS CEDEX 02
FRANCE


The Insurance Ombudsman

Please contact the Insurance Ombudsman : contact details must be mentioned in your insurance contract.

To ensure that your requests are handled effectively, any claim addressed to Societe Generale Bank & Trust should be sent to:

Private banking Claims department
11, Avenue Emile Reuter
L-2420 Luxembourg

The Bank will acknowledge your request within 10 days and provide a response to your claim within 30 days of receipt. If your request requires additional processing time (e.g. if it involves complex research), the Bank will inform you of this situation within the same 30-day timeframe.

In the event that the response you receive does not meet your expectations, we suggest the following :

Initially, you may wish to contact the SGBT Division responsible for handling claims, at the following address:

Corporate Secretariat of Societe Generale Bank & Trust
11, Avenue Emile Reuter
L-2420 Luxembourg

If the response from the Division responsible for claims does not resolve the claim, you may wish to contact Societe Generale Bank & Trust's supervisory authority, the Commission de Surveillance du Secteur Financier (Financial Sector Supervisory Commission) :

By mail: 283, Route d’Arlon L-1150 Luxembourg
By e-mail:direction@cssf.lu

 Any claim addressed to Societe Generale Private Banking Monaco should be sent by e-mail to the following address: servicequalite.privmonaco@socgen.com or by mail to our dedicated department : 

Societe Generale Private Banking Monaco
Middle Office – Service Réclamation 
11 avenue de Grande Bretagne
98000 Monaco

The Bank will acknowledge your request within 2 days after receipt and provide a response to your claim within 10 days of receipt. If your request requires additional processing time (e.g. if it involves complex researches…), the Bank will inform you of this situation within the same 30-day timeframe. 

In the event that the response you receive does not meet your expectations, we suggest to contact the Societe Generale Private Banking Direction that handles the claims by mail at the following address : 

Secrétariat Général de Societe Generale Private Banking Monaco 
11 avenue de Grande Bretagne 
98000 Monaco

Any claim addressed to the Bank can be sent by email to: sgpb-reclamations.ch@socgen.com
Clients may also contact the Swiss Banking Ombudsman : www.bankingombudsman.ch

Buying second-hand can be pure luxury

Shapers of the future - Second-hand luxury has certainly taken on a new shine, with average annual market growth of around 10% between 2015 and 2019, three times higher than that of the luxury market as a whole, at €28 billion in 2020. What are the future prospects? How will it be structured and are brands ready to engage with it? A discussion with Joëlle de Montgolfier and Osanna Orlowski.
JOËLLE DE MONTGOLFIER

Vice-President of Global Consumer Products, Retail and Luxury Practices at Bain & Company.

Bain & Company is an international strategy and management consulting firm. Its head office is located in Boston, United States.

OSANNA ORLOWSKI

Chief Operating Officer and co-founder of Collector Square.

Collector Square specializes in the online sale of second-hand luxury watches, bags and jewellery.

What are the reasons for the current craze for second-hand luxury?

Joëlle de Montgolfier: This is an established trend which has been growing for many years and which corresponds to the expectations of mainly younger consumers. The very strong growth of
this market can be explained by simple economic reasons—the second-hand market makes luxury accessible to new generations—and also by concerns surrounding responsible consumption. Customers no longer feel pressured to own things or buy them new. They realize that their consumer patterns have an impact on the environment and wish to act to help preserve the planet.

Osanna Orlowski: For a long time, our customers have been guided by the price—with a discount
of 30 to 50% compared to the price new—or by the search for limited collections, or rare or new products that are difficult to obtain. Today, we are also seeing the development of shopping centred around the very idea of second-hand, as a responsible approach inspired by the circular economy. This concerns mainly young people, who are somewhat more sensitised to this concept.

However, the majority of our customers come from a more mature demographic because our average unit purchase price (over 3,500 €) remains relatively high.

The second-hand market has evolved over time. Originally associated with physical outlets, it focused mainly on jewellery and watches,
but with the Internet explosion, shopping is increasingly migrating online as customers seek out new types of pre-loved products, including clothes, shoes and accessories.

How did the market weather 2020 and the pandemic crisis?

J.d.M.: The second-hand market was historically distributed across physical networks and very focused on watch making and jewellery.

With the closing of stores and auction houses, the second-hand market has moved to the Internet as well as broadening to include fashion and accessories. Consumers have had time to sort through their closets, put their clothes for sale and at the same time continue shopping across a range of online platforms.

O.O.: Collector Square has recorded an average annual growth of between 20 and 30%. In 2020, we grew by nearly 25% thanks to a very strong increase in digital, despite the closure, for several weeks, of our showroom, which usually represents between 20 and 30% of our activity. Our pieces combine an investment dimension and a dimension of pleasure, which means that our attractiveness has not weakened, rather it has increased.

What are the medium term prospects?

J.d.M.: Everything suggests that the trend should continue or even accelerate. The rate of growth in recent years—in the low end of a double-digit range—should continue. In a conservative scenario, the market should maintain its current momentum but it could do more. It has notably strong growth margins in certain segments that are still poorly represented, such as children’s fashion or shoes. This includes sneakers, which can become real collector’s items when models are created in collaboration with celebrities.

O.O.: We are certainly confident. The past 18 months have been an accelerator of trends, particularly in terms of the digitization of sales and with pieces that combine as both investment and items of pleasure for the purchaser.

Are Chinese customers, so fond of luxury, starting to enter this market?

O.O.: The very principle of vintage is quite foreign to Chinese customers, as to those from the Middle East or Latin America. These customers are more interested by more recent or brand new pieces, sometimes never previously worn or very difficult to find. But mentalities are changing and certain categories of customers, often the youngest and the certain regulars, are turning more to vintage or rarer pieces, in order to stand out.

J.d.M.: The market remains mainly European (55% in 2019) and North American (United States, 27%). In China—the locomotive of global luxury—the attraction of new, high-status products remains very strong because the luxury object remains a tool in the demonstration of a certain social status. Suspicion surrounding possible counterfeit items sold on the platforms also constitutes a powerful brake on the development of this market in China. There is a second-hand market in Asia but it remains fairly local, especially for jade jewellery, offered in Hong Kong auction houses.

“ The second-hand market makes luxury accessible to new generations. There are also concerns surrounding responsible consumption. ”

JOËLLE DE MONTGOLFIER

How are brands positioned?

J.d.M.: As with other thorny subjects, they tend to look the other way, as it were. It is true that this can make them a little schizophrenic because their job is to manufacture and sell new products. But ultimately, as they begin to increasingly integrate themes around sustainable development, brands will be able to respond positively to a real customer demand, welcoming younger generations and supporting them in their move upmarket. Even though the model is complex, they should analyse the reality of the situation on the ground and consider developing it themselves. In leather goods in particular, the second-hand market can be interesting because with the decrease in meat consumption, the supply of quality skins may ultimately become difficult to sustain.

O.O.: It is still a fairly sensitive subject, which divides opinion. But it’s a reality that is not going away any time soon, and which brands are also now beginning to accept, and they are working out how to position themselves to profit from it. They are sceptical about platforms who go around them, but are reassured by models like ours which exercise greater control over product supply, and who assess and authenticate the brands in a serious way.

Some are getting started...

O.O.: Yes. Cartier sells some vintage watches. These are in very small volumes but the idea is perhaps gaining ground. I think it’s a conscious choice on their side. That said, being an intermediary and being a creator of products are really two different trades. This would require a completely separate internal brand organization.

J.d.M.: In more accessible luxury segments some, like Weston, have started to invest in the second-hand market because they consider that it is an interesting ground to exploit in terms of communication, product life-span and responsible consumer positioning.

Department stores such as Le Bon Marché and Selfridges are also getting involved.

O.O.: Yes. Collector Square was the first second-hand player to open a permanent space in a department store, with space on the ground floor of Le Bon Marché. As a proof of changing attitudes: we sell second-hand Rolex watches just a few metres away from the Rolex space. We obviously work intelligently, focusing on models that are no longer in the retail store. It’s a big change and I’m sure brands will reposition themselves little by little, perhaps in the form of a partnership. Or even just do it themselves.

The appearance of many startups certainly testifies to the appetite of investors for this business sector.

J.d.M.: In luxury goods, for obvious reasons linked to price levels, the second-hand market has created opportunities that have been clearly identified by disruptive digital players. They responded to a need that was not met by brands, and resale platforms such as The RealReal or Vestiaire Collective have multiplied as a consequence. New unicorns have emerged like StockX, a specialist in sneakers that are now worth more than a billion dollars, or Poshmark, floated on the stock market in 2021 and already valued at more than $2 billion.

“ Collector Square was the first seller of luxury second-hand items to have a permanent presence in a department store. ”

OSANNA ORLOWSKI

Are we heading towards a time of consolidation?

O.O.: Collector Square has been approached by funds or foreign companies who operate close to our business model. We did not however follow up on them because we have no plan to open up our capital. We could make our own acquisitions, of course. But nothing is under consideration at the moment.

J.d.M.: The number of actors is multiplying. Yes, eventually a market consolidation will occur because not everyone will have an appropriate supply chain or the service standards that are expected by buyers. And the business equation will not yield a positive result for everyone. Are luxury groups going to join in? I think they will leave the startups to develop, and then when they reach a certain critical size, there may be takeovers, aimed more at internalizing the skills and infrastructure required than at acquiring a specific portfolio of clients.

Brands are cautious about the second-hand market, because they are primarily in the business of making and selling new products. But they know that this sector cannot be ignored and will allow them to reach young customers more easily and then, over time, retain them as they move upmarket.

Do new rental or subscription based models have a future?

O.O.: These are not models that we are considering adopting. We have a service that is not so far from this concept already as a customer can resell a piece in the year following their purchase under preferential terms. This helps bring a certain fluidity and liquidity to the market. Customers want to own watches, jewellery or bags—unlike with an evening dress, for example, which is often linked to a one-off event—but they also want to be able to change them easily. At Collector Square, 30% of customers are both buyers and sellers.

J.d.M.: The subscription model has not really taken off, despite the interest expressed in it. Renting certainly works better. It is the same logic by satisfying a simple need for use rather than for ownership. The first luxury unicorns such as Rent the Runway have thus positioned themselves squarely within this segment. But rental remains very focused on clothing for certain occasions, such as weddings or formal evenings. It still satisfies an exceptional need, rather than a daily one. The issue for this sector would be to extend it to everyday fashion but this has not yet been seen to any great degree.

What impact can new technologies have?

J.d.M.: Technology like the blockchain could accelerate the growth of business activity in the second-hand market insofar as it facilitates certification, traceability and authentication, which are key elements for sustaining consumer confidence.

O.O.: The blockchain has a very great interest for brands since it allows for the creation of a kind of tamper-proof digital passport for products. 

 

Interview by Pascale Denis.