You might wonder how branding has gained so much prominence in the
luxury fashion business and for how long the concept of branding has been
around. The answer to this can be found in Chapter 2 of this book.
In addition to being an asset to owners, brands also have invaluable
benefits for consumers. Branding helps consumers identify the source of a
product and reassures them that their purchase decision is the right one,
making their buying process easier. A brand is also a symbolic device that
signals quality, precision, craftsmanship and several other associations that
make it unique. As a result of this, consumers are reassured that what
they’re buying is the most suitable for their needs. This results in a rela-
tionship of trust between the consumer and the brand. For strong brands that
maintain their promise of value, the relationship is often sustained through
brand loyalty. Luxury brands are also highly beneficial to consumers
through the fulfilment of functional and emotional needs. These needs are
identified through brand promises and brand perceptions. Branding also
reduces the risk of disappointment with products and services for
consumers.
Luxury fashion branding strategy development
This chapter doesn’t provide a magic formula or a definite model for devel-
oping or managing a luxury fashion brand that would guarantee instant
success and perpetual steady income. However it provides a guide to aid in
strategic thinking through a critical analysis of brand development and brand
management issues related to luxury fashion. As we all know, fashion and its
industry is ever-changing, but what remains constant are branding principles
and strategies that can be applied in luxury fashion and beyond.
We’ve already seen the importance of branding to the luxury fashion
sector, and will now evaluate how luxury brands are developed and how they
can be managed successfully. First, let’s take a look at the attributes of luxury
brands. A true luxury brand exhibits 10 core characteristics as indicated
below:
1 innovative, creative, unique and appealing products;
2 consistent delivery of premium quality;
3 exclusivity in goods production;
4 tightly controlled distribution;
5 a heritage of craftsmanship;
6 a distinct brand identity;
7 a global reputation;
8 emotional appeal;
9 premium pricing;
10 high visibility.
chapter 5 105the art of creating and managing luxury fashion brands