STUDY ON LUXURY BRANDS
SUBMITTED BY: SHWETA SINGH M/MFM/09/26
That is to say. defining luxury has become difficult. a wealthy person stops buying increasing numbers of luxury cars for his automobile collection to start collecting airplanes (at such an income level. despite the substantial body of knowledge accumulated during the past decades. It also meant the definition of luxury was fairly clear. and may change sign at different levels of income. In contemporary marketing usage. higher-priced) tier of offer in almost any product or service category. This also means. Luxury goods are said to have high income elasticity of demand: as people become wealthier. Similarly. several new product categories were created within the luxury markets which were aptly called ± accessible luxury or mass luxury. This kind of luxury specifically targeted the middle class (or what is sometimes termed as aspiring class). they will buy more and more of the luxury good. a luxury good may become a normal good or even an inferior good at different income levels. researchers still haven¶t arrived on a common definition of luxury. the luxury car would become an inferior good). researchers have used the uniqueness aspects of luxury too.
. Jean-Noel Kapferer takes an experiential approach and defines luxury as items which provide extra pleasure by flattering all senses at once. Prof. that should there be a decline in income its demand will drop. LUXURY BRANDS A luxury good is a good for which demand increases more than proportionally as income rises. however. Income elasticity of demand is not constant with respect to income. e. However. With the clear differences between social classes in earlier civilizations.e.g. With increasing µdemocratization¶. As luxury penetrated into the masses. the consumption of luxury was limited to the elite classes. for which demand is not related to income. Its role was just as important in ancient western and eastern empires as it is in modern societies. and is a contrast to a "necessity good". Prof. Whatever the poor cannot have and the elite can was identified as luxury.LUXURY The concept of luxury has been present in various forms since the beginning of civilization. Bernard Dubois defines µluxury¶ as a specific (i. Several other researchers focus on exclusivity dimension and argue that luxury evokes a sense of belonging to a certain elite group. Many other attempts have been made to define luxury using the price-quality dimension stating higher priced products in any category is luxury.
Chanel¶s Couture¶s image is associated with Nicole Kidman. Cultivate the emotional and the sensual in advertising to differentiate from masspremium brands Luxury advertising remains very different from other advertising. 2. When Jean-Baptiste Mondino presents l¶Air du Temps by Nina Ricci. or Heidi Slimane takes over the artistic direction of the campaign for Dior¶s new men¶s perfume. the need for differentiation is becoming imperative as mass-premium brands usurp the language of stars and further blur boundaries (Sarah Jessica Parker for the Gap. The first thing to remember about advertising messages concerns the benefits expressed. Beyond simply illustrating the brand. The other strong differentiating feature of luxury is its capacity to invent worlds that are intimately linked to the brand more than to the product and that constitute very strong brand signatures. Givenchy¶s with Liv Tyler. J¶Adore¶s with Charlize Théron. for example. considering the involvement of certain artists ² especially photographers ² and the imprint of the major luxury brands¶ artistic directors. which must always be emotional and sensual and never rational.
. is the spirit of Chanel as Inès de la Fressange and Carole Bouquet were before her. passion. This is hardly surprising. Hermes freedom. They must not only be reassuring with well-known faces. All the great campaigns tell simple. Star power is also raising the artistic bar as international brands seek world-famous spokespeople at the height of their talent. luxury brands have highly exacting standards for choosing their muses. is becoming more widespread. Here. They must be living incarnations of the brand. Dior J¶adore¶s pool of gold. and Dior Kiss sensuality« but always reinforced by status and elitism. Lancôme¶s men¶s line with Clive Owen. As a result. which began with the series of Chanel N° 5 campaigns. luxury brand stars are the spirit of the brand and its creator. or the sporting world of Tag Hauer. Some examples are the tribal world of Dolce & Gabbana. Halle Berry embodies the daring and independent spirit in Versace. we know we¶re dealing with luxury and not just fashion. and independence. too. a model of perfection. le Mâle and Fragile.TWO MAJOR DIFFERENCES BETWEEN LUXURY BRAND & MASS BRAND 1. they must be fundamentally distinctive. Total art in advertising production is also key to differentiation Luxury advertising stands out from other types of advertising in the way that advertising messages are delivered because of differentiation in execution. or Jean-Paul Gaultier launches his classic perfumes. Particular care and attention give it a unique artistic dimension. The photos are works of art. Versace¶s with Halle Barry. poetic stories that tempt people into the brand¶s world. The discerning audience of luxury clients has no trouble picking up on all these communication codes. Fauchon sells the gourmet experience. Today. Matching stars with advertising campaigns. or Stella McCartney for H&M). Tag Heuer¶s with Maria Sharapova. Nicole Kidman. both in the message it delivers and the way it is delivered.
3.MAJOR LUXURY BRANDS IN INDIA
7. Giorgio Armani
9. Tiffany & Co
as a result of the on-going economy boom and increased awareness.
The concept of luxury is undergoing a huge transformation as a response to the ever-changing world around us. Clive Christian¶s Imperial Majesty perfume or a clock from Zadora Timepiece are good examples of the trend.LUXURY BRANDS
Yesterday¶s luxury was for the few. Flylite even packs your clothes and dry-clean them if necessary. we have seen an explosion of luxury goods. Another private members club called Casa Casuarina. Millionaire fair sticks out as world¶s leading luxury fair and it is a glamorous spectacle with branches in Moscow. Amsterdam. Shangai and Kortrijk. It is most unlikely that they will accept an executive job: the hours too long. Products like the worlds most expensive computer mouse from Fabstuff. Today people pay a lot of money for door-to-door luggage delivery services like Flylite.The enlarged luxury trend is about products and services that a lot of people at least in theory could afford. too little time to spend with family and friends. It was quite shallow and was desired because it separated from the masses.
. world¶s leading private members¶ club with an irresistible package of offers. But what happens to the concept of luxury if everyone can take part in it? Is it a contradiction? In a world where with a mere mouseclick can buy a Guerlain perfume or a LV bag it is just not luxury any longer. If you are obsessed with luxury products you can try out samples by entering exclusive communities like Fractional life or Limited Edition. situated in Gianni Versace¶s former residence in Miami. which isn¶t necessarily the same thing. The luxury segment has been divided into an uber premium trend and a more enlarged trend. Over the last few years. Just something expensive. People that are born in the 80s and later will prefer to control their life and do what*s fun. has a membership price tag equal to a years salary for an average American. privileges and bespoke services. Malmasion flatware by Christofle with handles trimmed with diamonds. Through renting they offer you to fly a private jet. drive a Rolls-Royce or swing around a limited edition bag from Gadino. If we are talking about living an uber premium luxury life then Palm Jumeirah and The World Islands (among a lot of other island projects going on) in the Gulf region is the place to be. The luxury of today is a growing part of society (at least in the developed countries) and more people adapt to it every day. There are fairs as well that concentrates on uber premium luxury. Even if it maybe doesn¶t reach all the way to the luxury segment it is definitely a sign of our time! The uber premium luxury trend on the other hand consists of product and service offerings with super expensive prices. Other people dream of a membership in Quintessentially. The same goes with services.
³Overconsumption is no longer a signal of success. As an example China and India are in the upstart of wealth creation and the traditional demand for luxury goods first has to be satisfied. But future luxury will not be all about consumption. We are spotting another more sophisticated pattern around the corner in the traditional luxury markets. Unfortunately it will still not be available to all and every one. That¶s the builtin nature of luxury. It will probably be more about cultural experiences than material possession. That¶s why it is so important for us. Already as a small kid you want to be seen and be acknowledged. The future development of luxury will differ between mature and rising markets. We see a new kind of responsible luxury that is evolving from the inside.
. It doesn¶t feel ok to buy unnecessary things when people are starving and the world is about to get overheated. kind of selected.FUTURE
But people start to experience luxury as depthless and the expression is definitely in process to be redefined. It just doesn¶t feel right.´ as Chris Sanderson of Future Laboratory puts it. It looks quite different from luxury as we know it today. More about sharing than keeping. It makes us feel special.