Luxury is culture now. here’s how
This forces brands to consider a unique philosophy beyond a single aesthetic, which in turn will convert more people into loyal customers, says Thomai Serdari, professor of luxury marketing at New York University. By stocking and promoting other designers, brands can create even more powerful stories and collections, she adds. âLuxury brands understand that it is riskier to have only one type of value proposition for their customer. By expanding their conservation offerings, they ensure that the customer sees them as a destination for any type of need. It’s also why today’s creative directors are less known as dressmakers, but more as people who can generate a lot of ideas, she adds.
Dilution is a risk, says Greenwood, so the basic creative eye and the right mix of products are essential. However, collaborations on branded platforms are particularly beneficial at a time when wholesale partnerships are on the decline and direct relationships with consumers are on the rise, says Barbara E Kahn, professor of marketing at the Wharton School at the University of Pennsylvania. The change is important, she explains, because “once you have this direct relationship with the end user, you become a mark of trust for them, and therefore your recommendations to other brands make sense.”
Customers about the product
When Stella McCartney reopened her London flagship store in April, she ceded her space to what she calls her friends #StellaCommunity, hosting a different local business every week, offering beauty, art, music. , food, live chats with special guests and skin care from Dr. Barbara Sturm and Face Gym, among others. The initiative marked the start of the new global rollout, with the aim of transforming its stores around the world into a hub for local businesses and consumers.
Marc Jacobs’s Heaven, which recently opened its first store in Los Angeles, also offers other brands, including Mowalola and Nodaleto – something Marc Jacobs had been doing since 2010, at its now closed Bookmarc stores in New York, Tokyo and London. , who organized books, photography, music and tchotchkes pop culture. The Heaven store is one of 15 outlets the designer plans to open in the United States this year.
âOne trend we are seeing in luxury retail is to focus on customers rather than products. What this usually means about spending is that brands prioritize customer retention; their goals are customer acquisition and retention, which is a different goal than just promoting products or innovations. It’s a different goal for their media spending, âsays Kahn of Wharton.