When it comes to fashion, luxury brands are the epitome of quality, exclusivity, and high prices. These brands offer a high symbolic value to a select group of consumers who prioritize status over cost. With digital disruption becoming the norm in the fashion industry, it's exciting to see what new luxury brands will emerge in the next five years and how they will attract customers. Giorgio Armani, the Italian
luxury fashionbrand, is an example of a company that goes above and beyond to ensure all touchpoints are met in its global operating system.
To create a sense of exclusivity, luxury brands maintain a high level of quality and craftsmanship, and impose their level of exclusivity through high prices. Unfortunately, many luxury brands fail to reach their target market and don't convey the meaning behind their brand. Consumers' purchasing decisions for luxury goods go beyond financial extravagance; they allow them to pursue a passion or associate themselves with the brand's image and aspirations. Recently, Armani announced that it would launch Armani jeans in the US market aimed at young people from urban metropolitan cities who are looking for fashion but are sensitive to prices.
Louis Vuitton is another example of a brand that never goes on sale and any leftover merchandise is destroyed to prevent the value of the brand from being diluted. Premium brands are aimed at a wide audience who need their product and are willing to pay for high quality. To be successful as a luxury brand, it's important to maintain a high level of exclusivity and scarcity, in addition to other premium features. Many luxury brands have an extraordinary heritage and legacy that help create an emotional connection between consumers and the brand.
These are the strengths of luxury brands such as Alexander McQueen, Versace and Valentino, which often “create things that stand out and that are perceived as “independent” and “daring”, Kretz says. To differentiate their brand experience from others, luxury brands must use cutting-edge digital marketing tactics, influencer marketing, and social media platforms strategically to build a connection with their audience through visual appeal, reach their target market where they are, and create a luxurious experience in the digital world.
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