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Luxury Brands Must Develop Their Customer Experience To Survive

Luxury Brands Must Develop Their Customer Experience To Survive
Luxury retailers must focus on providing a rounded customer experience, rather than simply flogging goods, if they are to survive the ongoing recession. According to a new report by The Future Laboratory, commissioned by the property company Grosvenor, has found there are five key areas luxury brands must improve to keep their customers happy. 1) Providing one-on-one experiences 2) Micro-events that are highly tailored to suit VIP shoppers, larger community moments that are shared via digital tools and clever event management. These events are now about much more than pop-up and publicity; they will be highly tailored to suit VIP shoppers. Cocktail parties for 200 people are now old hat - something more intimate such as a sit-down dinner is now en vogue 3) The creation of luxury villages where familiarity and conviviality are key - providing a healthy mix of amenities such as coffee shops on retail streets Burberry Regent Street Store “A personalised experience is the ultimate in luxury. Related:  freyahannayLuxury BrandsLuxury Brands

Les religions et le luxe, critique du nouveau livre de Pascal Morand Crédit image Acé (crayondactu.blogspot.com) C’est une grande première pour moi car je vais vous parler d’un livre que j’ai lu et m’essayer à l’art délicat de la critique littéraire. Il s’agit du dernier livre de Pascal Morand, « Les religions et le luxe. L’éthique de la richesse d’Orient en Occident » aux éditions du Regard (IFM). J’avais déjà assisté à l’exposé de ce thème lors d’un de ses cours donnés à l’ESCP, il y a maintenant 2 ans, où j’étais restée sur ma faim après les 3h passées sur le sujet. L’annonce de la parution de ce livre était donc une bonne surprise et c’est tout naturellement que je suis allée chez mon cher libraire me le procurer. L’objectif de Pascal Morand est en fait d’expliquer comment sont perçus la richesse et le luxe dans les dix principales religions du globe, plus précisément leur impact sur la formation des systèmes de valeur dans les sociétés. Que retenir de ce livre? Chanel, toujours aussi prisée par les touristes chinois Publicité Shang Xia

Luxury brands must redefine the way they do business | Media Network There were times when China was the holy grail for global retailers. Logo-obsessed Chinese buyers seeking opulence were armed with cash fresh from the economic boom. Luxury retail brands flocked to the new market, with the result of 35% of sales for brands such as Omega, Harry Winston and Balmain coming from Greater China, according to estimates by Exane BNP Paribas. The region is responsible for a whooping 25% of sales at Burberry and 20% of sales at Prada. The strategy of growth by opening stores in emerging and existing markets is neither new nor unique to luxury retail. The logic of this is that if consumers aren’t buying your stuff, create more stuff. From 2008 to 2011, there was a 42% spike in the number of luxury retail stores in Asia, compared with a 28% rise in Europe and 5% rise in North America, according to Lux Redux report by Boston Consulting Group. Overexposure is a bad strategy. Exactly how dangerous, luxury retailers are only about to find out.

Yves Saint Laurent Has Been Accused of Copying: Is the Role of Creative Director's Changing? | Tania Phipps-Rufus Saint Laurent, under the creative direction of Hedi Slimane has just been accused of copying the fast fashion retailer forever21, highlighting a burgeoning problem in the business of fashion that creative directors are far more removed from the creative process than we think. High-street brands like Forever 21 are accustomed to finding themselves associated with copying, but now the shoe is on the other foot and high fashion is getting its ideas from the high street, after fashion blogger and Marie Claire contributing editor Nicolette Mason noticed a lipstick print dress in the Saint Laurent's Fall/Winter 2015 collection almost identical to a dress from Forever21, the first to sell the lipstick dress design a few years back. FOREVER 21 (RIGHT) SAINT LAURENT, Net-a-porter.com (LEFT) These infringement cases highlight a growing problem with luxury fashion brands these days, which begs the question, just how involved are creative directors in the creative design process?

V Magazine: ‘Wheat is Wheat is Wheat’ by artist / designer... ‘Wheat is Wheat is Wheat’ by artist / designer ©Peddy Mergui “By observing Peddy Mergui’s new and improved “luxury” products we may see how brand alignment is perceived by many as acceptance to a status group or an affirmation of successful lifestyle. His exhibition: Wheat is Wheat is Wheat is a humorous yet provocative commentary on global consumer culture that may just have us questioning our next purchase.” Museum of Craft and Design Salami by Louis VuittonEggs by VersaceSalt & Pepper by HermèsPickles by GucciPasta by FerrariCorn-flavored Ramen Noodles by BurberryInfant Formula by ChanelFlour by PradaYogurt by Tiffany & Co.Soft Butter by BVGLARI more via his website - the exhibit is currently on view until June 15 at MCD San Francisco

Luxury footwear brand Jimmy Choo boosted by weaker pound Celebrity-favourite footwear brand Jimmy Choo has posted rising profits and said it expects a weaker pound in the wake of Brexit to further boost revenues and profits. The luxury shoes and accessories firm, popular with the likes of Jennifer Lopez and Sandra Bullock, said that because only 9.5 per cent of its global revenues are in pounds compared to a larger 28 per cent of operating costs, a weaker sterling ‘will lead to a reported upside in business performance at a revenue and profit level’. The comment came as Jimmy Choo posted a 43 per cent rise in operating profits for the six months to the end of June to £25.3million boosted by a weak pound, as well as growth in China and in its men's coillection. Luxury appetite: Jimmy Choo said it saw ‘impressive’ growth in China, which has been a tough market for its competitors recently While being well-known for its skyscraper heels, Jimmy Choo's men’s line and handbags have also been doing well.

Report contents | WorldWatchReport The WorldWatchReport™ measures and benchmarks more than dozens of indicators to analyze the performance of luxury watch brands. Main indicators include: Social Media The WorldWatchReport™ monitors the popularity of brands and their respective interactivity on Facebook, Twitter, YouTube, as well as leading Chinese social media platform, Sina Weibo. The following indicators are used to benchmark the performance of watch brands on these platforms: : These basic indicators highlight social media footprint and allow brands to benchmark with key competitors. : The engagement rate is a qualitative indicator measuring the level of interactivity between a brand and its community on Social Media sites. Mobile A shift is happening in the way the clients are consuming digital media, increasingly through web-enabled mobile devices. Word Watch Report analysts identified the rising demand for point-of-sales information for luxury watches. Product Range Brand Distribution Client Behavior China Regional Searches

Fast fashion online business have made a fortune for owners of businesses like Zara — Quartz In its first seven years of existence, Uber has irked cities, flouted regulators, and petrified whole industries. It has yet to make money but is worth a fifth more than BMW and almost a third more than General Motors, both the owners of tons of futuristic technology, tens of billions of dollars in capital equipment, and big profits. In recent deals resembling famous speculative bubbles, rich investors eager for a piece of this juggernaut have poured hundreds of millions of dollars into custom funds that provide exposure to Uber but no equity or financial disclosure. Which is to say that investors have made a one-way, uber-bullish bet on Uber, forecasting that the company will be at the center of an utter transformation of our collective lifestyle. If not everyone is betting on it, they’re at least not betting against it. Even if you wanted to short Uber, it is generally thought impossible to do. Part I: Self-driving technology is indisputably on its way There is logic to this view.

How Premium Fashion Brands Are Maximizing Their Social Media ROI Social media and digital technology have forever changed the retail industry. In 2011, brands and retailers have reached a tipping point, digital innovations have decentralized commerce, and real-time consumer demand for designer merchandise has forever changed retail production cycles. Many fashion brands, mocked for their inability to move with the web because of a fear of accessibility, are no longer fighting the flow. Through their embrace of social media and social commerce, fashion brands are now innovating and profiting from their online marketing strategies. Fashion Brands and Social Commerce In order to understand just how far fashion has come in the past few years, I spoke with James Gardner , CEO of CreateTheGroup , a New York-based digital firm that has established itself as a leader and pioneer in the fashion and luxury retail segments. Online shopping is becoming a socially connected event. Fashion Brands Seek New Technologies Luxury Retailers Adopt Private Sale Site Models

Luxury brands still reluctant to embrace e-commerce|WCT A Chanel outlet in China. (Photo/CFP) Many global high-end fashion brands are still hesitant to fully embrace e-commerce despite consumers all over the world showing interest in buying goods online, according to the website of Shanghai's China Business News. Many global luxury brands believe that high-end fashion should have its own unique sales strategies and that embracing the e-commerce would disrupt industry marketing models, the report said. Luxury brands consider that embracing e-commerce channels would unsettle production and sales schedules, said the report. Online shipping also posses security risks, as the products are vulnerable en route and could be swapped and sold illegally while customers end up with counterfeit merchandise, said the report. Pricing will be difficult to control between exchange rates and tariffs. Promotional sales have been the closest thing most luxury brands have come to selling online.

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