You must know about now that I am a bit of a geek when it comes to learing about the luxury global fashion industry :) Both from a fashion science and ethografical perspective, I just suck up"lesson about luxury fashion" preferable from relevant forums or traditional news.
Recently, at B&T Breakfast Club, Louis Vuitton Australia’s non-executive director Philip Corne, who’s also the non-executive chairman of Cure Cancer Australia held his speech: ‘Retail marketing, how it’s changing and what you can do to stay ahead of the curve’. That man truly confirm many of my personal analysis of the luxury market, both from my academic studies of it and from all my years of working within luxury fashion retail. Therefor, in no particular order I choose to show you some sentences that are spot-on right and gives me a reassurrance that I am not alone with some of my thoughts about luxury fashion:
"At LVMH and in particular Louis Vuitton – you have a chairman, major shareholder, and company that is never satisfied – if 3 words are spoken – innovation and creativity are 2 of them – the drive for growth is relentless.
The consumer today – unlike the past – has the power of information at their finger-tips. The world can be shopped from anywhere any time.
In my mind however – what has always been true remains the true. It starts with your product – is it genuine – does it have a clear point of difference – does it have a market – can it be priced effectively into that market – are margins sufficient to produce an appropriate return – is the business scalable – the need to embrace relentless attention to detail and who is your competition both existing and potential?
An added complexity is that having the best product is not enough. Assuming all the boxes above can be ticked then the questions remain:
What is the brand story and how to tell it?
Is it genuine?
Can it stand the test of time?
How to communicate to your current and potential client?
When has this ever been different?
The mode of delivery may have changed but the objective and message remain the same.
I hear much about luxury – an easily used word – apparently now you can purchase luxury toilet paper – computers etc. I hear that personalisation is luxury, surprise and delight is luxury, client experience is luxury, scarcity is luxury – maybe.
In my view the currency of luxury today is trust – trust in product, providence, sustainability, retail environment and trust in the fact that relationship takes precedence over transaction – understanding that if the relationship is established the transaction will follow and trust must be consistently maintained over time.
In terms of marketing therefore regardless of the method of delivery the brands that in my view will win are those that understand these basics and have at the centre of all they do an obsession with having the client as the reason for their existence.".
Take a moment and think about this sentences and what they tell about the time we live in and what effect contemorary living has on the luxury fashion market. Earlier on at this blog I have posted many clips and texts about LVMH and Louis Vuitton (check out by my searchfunction above). Feels legit for me as I have been in perfect company during these 2 last years. / xoxo