Fashion: Branding and Luxury Brands
luxury brands and industries in step with lifestyles, values and attitudes of modern society and culture?
“Luxury is a necessity that begins where necessity ends” Coco Chanel
The display of luxury signifies individual power and achievements. The manner which people dress reflects economic, political, social standing and self worth. Christian Dior quoted “it seems to me that women and men instinctively yearn to exhibit themselves”. Luxury in the fashion industry is usually defined in elements as: silk, gold, silver, and precious stones. Luxury products are usually identifiable through exceptional quality and high aesthetic appeal and value, and often belong to the range of products which can be clearly identified either through logo, brand name or design elements. The central features of a luxury brand are: perceived exclusivity; well recognised brand identity; high levels of brand awareness and strong sales and customer patronage.
Many of today’s prestige brands were started a century or more ago, and usually one-person operating the brand. The products sold were handcrafted by skilled artisans, usually preserved for the aristrocratic world of royalty and old money. Today, many of these brands are run by corporations which have transformed these small sized businesses into thriving multi-billion dollar retail brands. Their products are easily accessible as they are readily available at retail stores found on main city streets, in airports and outlet centers.
The luxury market has significantly changed since the days of ‘old luxury’ where it was once attainable only to the super elite. Louis Vuitton, Cartier, and Hermes founded in the 18 and 19th centuries, created products for the royal court until the fall of the monarchy. In the late 19th century where there was an incremental rise industrial fortunes luxury became the domain of old-money European aristocrats and elite American families. Luxury only once belonged to the upper class, and faking
“Luxury is a necessity that begins where necessity ends” Coco Chanel
The display of luxury signifies individual power and achievements. The manner which people dress reflects economic, political, social standing and self worth. Christian Dior quoted “it seems to me that women and men instinctively yearn to exhibit themselves”. Luxury in the fashion industry is usually defined in elements as: silk, gold, silver, and precious stones. Luxury products are usually identifiable through exceptional quality and high aesthetic appeal and value, and often belong to the range of products which can be clearly identified either through logo, brand name or design elements. The central features of a luxury brand are: perceived exclusivity; well recognised brand identity; high levels of brand awareness and strong sales and customer patronage.
Many of today’s prestige brands were started a century or more ago, and usually one-person operating the brand. The products sold were handcrafted by skilled artisans, usually preserved for the aristrocratic world of royalty and old money. Today, many of these brands are run by corporations which have transformed these small sized businesses into thriving multi-billion dollar retail brands. Their products are easily accessible as they are readily available at retail stores found on main city streets, in airports and outlet centers.
The luxury market has significantly changed since the days of ‘old luxury’ where it was once attainable only to the super elite. Louis Vuitton, Cartier, and Hermes founded in the 18 and 19th centuries, created products for the royal court until the fall of the monarchy. In the late 19th century where there was an incremental rise industrial fortunes luxury became the domain of old-money European aristocrats and elite American families. Luxury only once belonged to the upper class, and faking
Bibliography: Priest, A 2005 ‘Uniformity and differentiation in fashion’, International Journal of Clothing Science and Technology, Vol 17 no ¾, pp 253-263, Viewed 15 Aug 2008, Emerald Group Publishing Limited Moore, C & Birtwistle, G 2004, The Burberry business model: creating an international luxury fashion brand, International Journal of Retail & Distribution Management, Vol 32, No 8, pp 412-422, Viewed on 15, 16 Aug 2008, Emerald Group Publishing Limited Park, H & Rabolt N 2008, Purchasing global luxury brands among young Korean consumers, Journal of Fashion Marketing and Management, Vol 12, No 2, pp 244-259, Viewed 21, 22, 23, 28 August 2008, Emerald Group Publishing Limited. Stuart, D 2002 ,LVMH brand for success, thanks to know-how from the top, Strategic Direction, Vol 18, No 5, pp 7-9, Viewed 24 August 2008, MCB UP Ltd. Moore, C & Birtwistle, G 2005, The nature of parenting advantage in luxury fashion retailing – the case of Gucci group NV, International Journal of Retail & Distribution Management, Vol. 33 No. 4, pp. 256-270, Emerald Group Publishing Limited. Chevilier, M & Mazzalovo, G 2008, Luxury Brand Management, A World of Privilege, 1st edn, Wiley & Sons, Asia.