Okonkwo Prelims

Modern business principles

The story of Charles Worth hasn’t been recounted simply for entertain-

ment, it is rather an important illustration that draws out highly relevant

business guidelines for practitioners in the luxury fashion sector and

beyond.

Charles Worth applied two major principles that made his fashion business

highly successful. The first was his utilization of influential people in society

as a publicity tool. He had an early realization of the importance of attaching

his name to the celebrities that could influence fashion, and this practice

continues to be applied by current luxury brands, notably with Hollywood

stars.

The second business principle that he applied was the use of insight into

consumer behaviour as a guide to creating desirable clothes. Worth under-

stood the important role that societal evolution played in fashion, and was

able to anticipate change and remain flexible enough to innovate his designs

and business approaches according to changing consumer tastes and attitudes

at different times.

Other business lessons that can be drawn from the fashion innovator and

genius, Charles Frederick Worth, are the following:

1 He never gave up his ambition to become a couturier.

2 He spotted opportunities quickly and moved swiftly to exploit them.

3 He was bold enough to enter an industry dominated by women and was

ready to be a laughing-stock in the short term in order to achieve his long-

term goals.

4 He understood his business thoroughly and gained an unparalled level of

expertise in both textile merchandizing and dressmaking.

5 He knew his signature style and never compromised it.

6 He understood the concept of differentiation and innovation and knew

when a product and a brand required extension.

7 He was a true trend-watcher and recognized the evolution of his market

environment.

8 He knew that the rich and famous not only mattered in society but are an

effective tool for brand promotion.

9 He was a skilled self-promoter and extended his personality to his brand

image.

10 He trained himself to be the best in his field and he became the best.

Additional business lessons can be drawn from the factors that contributed to

the demise of La Maison Worth. They are the following:

1 La Maison Worth became too comfortable in its market leadership position

and relaxed its competitive edge, giving room for newcomers to encroach

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luxury fashion branding