LUXURY DNA: A Gold Standard For Luxury Brands
A LUXURY BUSINESS STRATEGY: Insights From Luxury Heritage Brands + How Luxury Evolves To Stand The Test Of Time
Bolster your business strategy
Do you want to turn an existing product into a luxury offer as a way to drive sales growth and to engage with a wider range of consumers?
Or is it already particularly well-suited to mature categories where it’s more difficult to grow through penetration, and you need other strategies to succeed.
Or to simply learn the luxury strategy to craft a better life for yourself – you will be surprised at how this strategy can transform a life…
Luxury elevates, it uplifts, it puts you in a higher class. It has sophistication, taste and elegance.
The world needs new luxury brands…
The older ones are changing and some become irrelevant, and the new world needs better sustainable offerings…
If you are a brand owner, know that you could build a luxury brand – and that one day you must have a heritage, a legacy, an inspiring story, and you need to start working on that now.
History has shown that luxury is the most resilient category after recessions and economic downturns, with recoveries that are dramatically faster and stronger than non-luxury sectors.
Luxury brands, especially those highly desired and leading the market, have fared better than other industries even during Covid-19 because they create extreme value for their customers.
Although consumers are spending less on luxury goods during and immediately after lockdown periods, brands whose products are perceived to be timeless have not and will not be affected as much as those that are more dependent on fashion trends and fads.
Many brands that were passive in previous crises and the latest one, lost relevancy in dramatic ways, which vary significantly by geography and sector.
And every crisis is an opportunity for agile brands to create stronger consumer connections and more value. It’s now time to reevaluate, fix gaps, and inspire customers through relevant business strategies, content, ideas, and actions.
Why You Need This Book
Luxury has become one of the most overused words in the English language, there’s almost no ads, even for the cheapest car, that doesn’t have the word luxury in it.
The word has been abused, tossed around and adopted by almost every brand out there who talks to middle class or high networth clients.
The same problem arises among all luxury brands. It’s easy to understand that a $220,000 Louis Vuitton Tambour Tourbillon gold watch is a luxury item, but can the same be said of $275 Vuitton sunglasses?
Is a Stella McCartney collection designed for H&M any different in status from Stella McCartney’s collections for her own brand, which is part of the Gucci Group?
Luxury has become one giant pyramid, with some at the very top and others middle, near or at the bottom. From a business perspective, anywhere in this pyramid is a great place to be, since luxury firms and industry analysts predict that the market will keep growing at an annual clip of 8% to 10%.
However, there are just a limited number of houses that respect the rules of luxury. Those with time-honored traditions, the highest standards of craftsmanship, innovative design, and a selective distribution policy that usually includes a network of wholly owned stores and strict controls on licensing, discounting, and anything else that could hurt a brand’s reputation.
Unfortunately the meaning of luxury has become so disarranged and overused that there is a huge confusion today about what really makes a luxury product, a luxury brand or a luxury company.
Going back to fundamentals, one needs to redefine the luxury concept in all its depths for clarity…
Managing a luxury brand successfully, requires clear concepts and, beyond these concepts, clear business approaches and pragmatic rules.
While clever marketing strategies would help brands grow in the new market, they also ran the risk of diluting themselves out of the luxury segment.
As lower class moved up to middle class, middle class to upper class, upper to HNWI class and then up to the UHNWI – the ultra rich, at some point a brand will be outmatched, meaning, a luxury good may become a normal good, considered merely as a necessity in their upmarket lifestyle, or even seen as an inferior good for someone climbing the wealth ladder higher and higher, able to afford more and better at a different higher income level, and therefore demanding even better quality products and services.
For instance if a wealthy person gets wealthy enough, they may stop buying increasing numbers of luxury cars in order to start collecting airplanes or yachts (because at higher income levels, the luxury car would become an inferior good).
So a luxury brand has many things to consider…. one how to keep the allure for a consumer who is getting richer and richer.
The book places readers at the intersection of luxury and business. And as seen from how luxury is evolving, it will show you how to capitalize on what makes a luxury product and all these changes in luxury. It provides business and strategic knowledge combined with exposure to the luxury global sphere.
People who regularly buy luxury items or services are smart and sophisticated. They are connoisseurs. They demand seniority, experience and expert knowledge about everything.
Knowing about the luxury industry and your future competitors as much as you can to serve customers best – are vital to your success. The book helps you to be elegant, well-trained, and intelligent when interacting with customers who may become your lifelong supporters, simply because you seem authoritative on the subject, and know what you’re talking about.
Becoming part, or just learning about, one of the most exciting categories in business will change your outlook on life and automatically elevate your life.
Add this knowledge to your existing profession, as an enhancement to your career or business, or start an entirely new career or enterprise focused in this area.
Luxury also become more diverse and inclusive. In light of the current state of the world, that move is now non negotiable.
Now is the time to showcase exceptional leadership and prepare your brand for the future, as more changes are coming; the most significant being the rising expectations for experiences when the world opens up again – since consumers have been isolated for months.