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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.

http://www.huffingtonpost.co.uk/2012/11/20/luxury-brands-must-develop-their-customer-experience-to-survive_n_2165351.html

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Luxury brands must redefine the way they do business 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.

Yves Saint Laurent Has Been Accused of Copying: Is the Role of Creative Director's Changing?  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?

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

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.

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. What to Consider When Marketing a Luxury Brand. Starting a business provides plenty of challenges and headaches, but when you want to create a luxury brand these challenges become even more pronounced. Positioning your business as something that provides a high-end service or product raises considerations that you otherwise wouldn’t have had to deal with - but if you are successful the luxury market can be a very rewarding place to be. Here’s some of the key things you need to consider when marketing a luxury brand. It’s Important to Create an Air of Exclusivity and Aspiration...

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:

Raf Simons Confirmed At Calvin Klein After many months of speculation, Raf Simons has finally been confirmed as the new chief creative officer of Calvin Klein. Calvin Klein took to social media on Tuesday morning to confirm the news. "The arrival of Raf Simons as chief creative officer signifies a momentous new chapter for Calvin Klein. Not since Mr. Klein himself was at the company has it been led by one creative visionary, and I am confident that this decision will drive the Calvin Klein brand and have a significant impact on its future.

Louis Vuitton to Stage Instagram-Friendly ‘Series 3’ Exhibition in London LONDON, United Kingdom — From 21 September, a Brutalist former office block neighbouring London’s Somerset House will be enveloped in a fantastical confection of style, craft skills and technical spectacle, all part of a clever marketing display designed to evoke the creative soul and manufacturing nous of Louis Vuitton. In a break from the archive-based historical displays through which the French brand once reinforced its heritage, each season since the appointment of creative director Nicolas Ghesquière in 2014, Louis Vuitton has marked the arrival of its collections in retail stores with a nomadic exhibition. ‘Series 1’ for Autumn/Winter 2014 showed in Shanghai and Tokyo; ‘Series 2’ for Spring/Summer 2015 travelled between LA, Beijing, Seoul and Rome. ‘Series 3’ will launch in London during the city’s fashion week and based on figures from the previous editions, the exhibition is expected to attract some 100,000 visitors, according to the brand.

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