Looking into in the luxury sector I couldn’t stop to notice how the whole cycle of brand management requires re-evaluation. I believe several factors today play a significant role in the global luxury goods segment. Such humongous ongoing process involves a whole cycle-study from brand equity to brand evaluation, consolidation, e-commerce, m-commerce, and Private equity financing. Also competition has increased due to the change in wealthy consumer base, buying traditions, and couture designers designing for mass fashion brands, mass brands being fast at delivering new trends etc.
Additionally High quality Independent manufacturers and design studios are also providing the new entrants the same high quality finish similar to the more established brands thus lowering the comparison between the Luxury brands and new designers’ products.
More so, consumers in certain parts of the world interpret luxury differently. At present, Luxury is in its fully developed stage in the European Markets who approach and adapt fashion to their day to day lifestyle. Moving across to Japan as an emerging market, the grid gradually leans towards French brands mainly. The rest of Asia and Africa, the Luxury sector is still in its early introductory phase. Since the US market as well, is in the embryo stage, the consumers view luxury as a means to lifestyle. Coming to the Middle Eastern market, the grid takes a dramatic twist with growth in Luxury & Lifestyle at its full-bloom, this is basically attributed to the influence of the Western fashion and status symbol of wealth.
The perception and psychology of the older notion of Fashion has drastically changed with the doorway to the internet. Today Websites & portals bolster sales as any other retail outlet. The Online customer Service is constantly pampering buyers, sellers, resellers etc., with various and easily accessible options online.
So how can you strengthen your brand, well I believe the whole wins over the sum and the luxury brand today has to focus on “TOTAL BRAND EXPERIENCE” to remain strong in the face of competition where the consumer receives the whole benefit of the purchase from being associated with the brand rather than only an image.
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