Quotes from the Global Luxury summit on Tuesday

NEW YORK (Reuters) - Here is a selection of quotes from the Reuters Global Luxury Summit on Tuesday:

MILTON PEDRAZA, CEO, LUXURY INSTITUTE:

"This severe downturn really has been a catalyst for opening luxury executives' minds from the Victorian age now into the 21st century."

RAMESH PRABHAKAR, MANAGING PARTNER FOR RIVOLI GROUP:

"This is an episode people won't forget in a hurry. The whole financial model has disintegrated. People will be cautious, will think twice."

GERALD LAWLESS, EXECUTIVE CHAIRMAN OF JUMEIRAH GROUP

"The era of big spending is not over. People who know and enjoy luxury hotels do not trade down. They might on an airline ticket but not on a hotel."

STEPHEN SADOVE, CHAIRMAN AND CEO, SAKS INC:

"Luxury is not about fast fashion."

WILLIAM LAUDER CEO OF ESTEE LAUDER COS INC, on stock analysts who follow the company:

"We are in the business of selling a lot of lipstick. They are professionals who spend an extraordinary amount of time buying and selling stock for their own reasons.

"The fact of the matter is that our business is largely misunderstood, if you will, primarily because there are no comparables to us, or if there are any companies that are publicly traded that are comparable, they are very few and none of them are U.S.-based."

PARMIGIANI CHIEF EXECUTIVE JEAN-MARC JACOT:

"The worst is still ahead of us."

KIM WINSER, FORMER CHIEF EXECUTIVE OF ICONIC BRITISH

CLOTHING RETAILER AQUASCUTUM:

"There could be a whole turnaround in some of the bigger companies becoming smaller companies and some of the smaller businesses, that are actually better at listening to the customer, becoming more of the medium-sized businesses."

STANDARD CHARTERED SENIOR ECONOMIST PHILIPPE

DAUBA-PANTANACCE:

"One of the major risks in the Dubai retail luxury market is saturation, the risk of the luxury part of image being eroded."

MONTBLANC REGIONAL DIRECTOR JOE NAHHAS:

"People who have the money are the people who travel a lot. They are definitely spending, but not as much in their country. A few luxury brands are making sure there is the right environment there in Saudi Arabia."

(Compiled by Brad Dorfman and Jessica Hall, editing by Matthew Lewis)