Extract
[...] While our representative at Chanel expresses a more nuanced opinion. According to her, it is possible to achieve notoriety in luxury by focusing on the product and communication, but she also highlights the difficulty of achieving the status of great brands that have existed for several generations. We add that her smile and laughter at that moment suggest that she finds it impossible to arrive at making a place among the great luxury brands without antiquity. These exchanges show that indeed the great history of a brand on the market can be considered as an asset in the luxury industry, but it is not necessarily indispensable to be perceived as a luxury brand. [...]
[...] In a way, in the price of luxury, there is quality, history, recognition by others and, contrary to what one might believe, ostentation is part of the luxury business model. Luxury brands benefit from great customer loyalty due to their prestigious image and history. Customers who buy luxury products can feel special or exclusive, which can strengthen their attachment to the brand. According to the French expert on brands that we mentioned earlier, explains that luxury will necessarily transform because it must face great challenges: the first challenge being that of success, facing the abundance of global demand. [...]
[...] Also, for him, there are only about thirty luxury brands that control 60% of the market and a dozen more modest houses that take care of the rest. Most luxury brands are centuries old. They are present internationally and establish their boutiques in the great avenues of the Metropolises or in airports and factory outlet shopping centers. These brands invade magazines and streets with advertising posters targeting women aged 30 to 50 with high incomes. REFLECTION During this reading, I was able to see several dimensions: social and economic, historical, aesthetic, experiential, and emotional. [...]
[...] As many other luxury brands look at this new technology from a distance. Some are used in different ways according to the values and philosophy of the brand. While some brands remain present through their website and social networks, others explore new horizons, such as the metaverse to exist differently, while others use new technologies to improve their production, communication and customer experience. By combining these different opinions, we can conclude that luxury brands consider technological innovation as a means to improve product quality and enrich the customer experience. [...]
[...] Generally, luxury is considered high-end, which means that the service, product, or brand is of superior quality followed by a higher price than the mid-range. However, on the contrary, not all 'Premium' products are necessarily luxurious, hence luxury is part of a high-end category. It can be distinguished by refinement, prestige, exclusivity, customer experience, or a very high price. « The problem with luxury is defending the gap between real luxury and those who want to emulate it15» according to Jean-Noël Kapfere. For him, luxury is doing very well in the world and France would go as far as dominating luxury. [...]
