Rabiya Singh
Even though the definition of luxury can be subjective, generally a luxury brand is a label that is associated with a certain set of values. In the present times, there has been a significant increase in the number of luxury brands that have entered the fashion industry as the interest of people in luxury items is on the rise. Some reasons for the same include –
- Aware customers – More and more customers are educating themselves about the negative impact of fast fashion, and are moving towards sustainable fashion. The luxury brands are positioning themselves as leaders in the industry and are seen as a good alternative.
- Evolving consumer values – Consumers are placing importance on using fashion as a way of self-expression. Luxury brands are offering personalised services, which appeal to the customers.
- Social media – Social media has democratized fashion and has made it more accessible to people. Consumers are able to browse and purchase luxury brands online which has created more demand for them.
- Status symbol– Luxury fashion has become a status symbol for a vast majority. Consumers seek to emulate the lifestyle of their favourite celebrities and influencers, which drives the market for luxury goods.
Luxury fashion marketing is a subset of marketing that focuses on the brand image to differentiate its products from those of others. It is different from normal marketing as –
- It focuses on creating a functional relationship rather than a functional one alone
- It focuses on the exclusivity and rarity of the product by having exclusive distribution channels
- It focuses on the quality of the product, which only the affluent section of the population can afford, rather than the mass market
- It focuses on the heritage and history of the product to establish a long-term relationship with the customers
- It focuses on creating an unforgettable experience for the customers.
In response, luxury brands are adapting their marketing strategies in order to make it appealing to a wider audience. The ways in which luxury fashion brands market their products include-
- Fashion shows– fashion shows are key events that provide an excellent opportunity for the brand to showcase its collection to the audience and the media. They create a theatrical experience and highlight the brand’s image and craftsmanship. It creates anticipation within the public for the collection.
- Product placements – luxury fashion brands use tc shows, movies and music videos to create awareness about the brand. They place the product in a way that aligns with their values. For example, Balenciaga has appeared in music videos for Cardi B.
- Celebrity endorsements and influencer marketing – many luxury fashion brands use celebrity endorsements and influencer marketing to create an aura of exclusivity and glamour. For example, Gucci has used Harry Styles as a brand ambassador. They collaborate with influencers to reach their target audience. For example, Louis Vuitton collaborated with Emma Chamberlain.
Hence, all of the above can lead to increased brand loyalty, image and perception, higher prices and media coverage for the luxury fashion brands. In conclusion, luxury fashion marketing is a dynamic process that requires a deep understanding of the brand values and target audience.
References
https://luxurycolumnist.com/luxury-marketing-strategy/
https://textilelearner.net/marketing-strategies-for-luxury-fashion-brands/
https://www.igi-global.com/chapter/the-luxury-market-in-the-fashion-industry/151733
