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What does a luxury brand mean?

Luxury brands are prefaced on the idea of scarcity – what is scarce is of most value, and what is difficult to acquire or to access confers status.

But in a world of abundance, in which nearly everything is accessible and nothing is scarce, what are the symbols and codes that communicate that something is a luxury?

Digital has democratised so much of what had only been attainable by the few – whether that be through access to information or actual ownership. But now technology is being used for luxury brands to tap into the sharing economy and it’s hard to know what is exclusive or not any more. The sharing economy and the luxury economy are now coexisting. And nowhere is that more obvious than in social media. Communities have sprung up on Instagram and Snapchat that promote luxury brands and a luxury lifestyle, making brand promises everywhere and promoting themselves as accessible to everyone.

But brands should be wary of being too accessible. Many premium American fashion brands are losing share and have become less profitable than they once were because they were pushed to grow quickly in the short term, manufactured offshore, discounted through outlet channels and, all in all, lost sight of how to manage a luxury brand and create the right perception with consumers.

 
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