Marketing Strategies for Fashion Brands: Understanding Millennials and New Technologies

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[...] 22 1.2.2.3 The "influencers" 25 1.3 Market Trend Analysis of the Fashion Sector 29 1.3.1 Of a luxury brand's commercial model 29 1.3.1.1 Brand Definition 29 1.3.1.2 The Concept of Luxury 30 1.3.1.3 The Business Model 30 1.3.2 Fast Fashion and Pop-up Store 32 1.3.2.1 Fast Fashion or Rapid Fashion 32 1.3.2.2 Pop-up Stores or Ephemeral Shops 34 1.3.3 The Business Model of Emerging Brands: Digital Native Vertical Brands 38 Introduction The fashion industry has evolved over the years and fashion companies have changed the way they do business. Previously, what mattered was to showcase the product. Now, it's the consumers who are at the center of all strategies. Companies focus more and more on their consumption habits and expectations at the moment. As a result, fashion companies must adapt their activity permanently and integrate digital to make the shopping experience as pleasant as possible for the customer. [...]

[...] Perfumes and small accessories such as sunglasses are popular masstige products. The term masstige was popularized by Silverstein and Fiske (2003) and the most fundamental sense of the term is that of luxury products for the masses. The next level of the pyramid contains high-end products that are still widely distributed, but in a more selective manner than 'masstige' products. Examples of such products include perfumes and fragrances from many luxury brands. The upper level is the core business of the brand, i.e. what makes its reputation. [...]

[...] Online sales are changing traditional consumption patterns and revolutionizing the overall structure of the consumer goods sector. However, for this to happen, e-commerce companies must offer superior quality advantages to traditional channels, but two major drawbacks prevent them from optimizing their sales: the need to establish themselves in the online space and the difficulty of retaining customers online. In fact, due to the lower barriers to entry compared to most physical sectors. However, new companies are entering the market every day, making the competition extremely high and requiring very important strategic planning. [...]

[...] Anchoring is an important behavioral concept for understanding the success of the fast fashion industry. Trend anchoring causes an 'induced obsolescence' of styles and products (Raustiala and Sprigman 1719). Flooding the market with trends tells consumers what the trends are and when to buy them. By constantly adapting, modifying, and eliminating trends, fast fashion companies gain a significant competitive advantage in terms of positioning in the fashion market. Anchoring relies on easily identifiable trends in terms of silhouette, color, pattern, or style, which can be duplicated in the market. [...]

[...] Thus, the young people of this generation are therefore strongly influenced by their peers because they rely on their comments to make a decision (Barkley, 2011). They collect information not only by consulting their peers, both personally or on social networks, but also through blogs, review sites, and even corporate websites, to help them with their purchasing decisions. Once they have gathered the useful information about the product or service they want to buy, they are very confident in their choice. [...]