Strategic implications for luxury brands
The analysis of the luxury consumer market has several strategic implications
for luxury brands. It forms a basis for a clear direction in the formulation of
branding and overall corporate strategy, and an understanding of luxury
consumers also enables luxury brands to gain a competitive leverage in the
marketplace. In order to achieve this, the following tips are imperative:
1 Luxury brands must remain innovative and forward-thinking.
2 Luxury brands must streamline production processes for fast fashion
turnover.
3 Luxury brands must embrace mass fashion brands as complements rather
than as competitors.
4 Luxury brands must have a clear brand and market positioning. A brand
that is stuck in the middle in the current market environment is going
nowhere.
5 Luxury brands must never compromise their ‘luxury’ and ‘prestige’ status.
chapter 3 77the luxury fashion consumer