The brand symbols shown are a mixture of luxury and prestige, premium and mass fashion brands. When you looked at each of the logos, something happened in your mind. You had a thought about every one of the brands, no matter how fleeting. Now take another look at the logos, this time a little bit longer. What connotations do you have from your perceptions of each of the brands? If you make a note of them, you'll discover from your list that you already have an idea of their brand attributes, brand strengths and their level of influence. You can gauge the brands that are likely to have a high brand asset value, even without looking at their financial figures. If this is the case, then you already know exactly what I'm talking about!
We as consumers expect luxury brands to be innovative in designing products and in creating trends. We don't expect them to wait around to understand what we want before creating them. We desire for them to understand our psychology, changing tastes and way of thinking before even we do! We expect them to be ahead of the game. We want them to analyse the current trends, evaluate what needs to be changed, and to innovate and produce desirable products that will appeal to us. And this is what true luxury brands do. However, the magical offerings of luxury brands is reinforced through branding.
Luxury brands didn't happen by accident. There is no such thing. They have been uniquely crafted through consistent and diligent strategies in branding, marketing strategy. They enjoy a specific position in the global consumer world and branding spectrum as well as in the consumer's subconscious.
The core characteristics of luxury brands are: brand strength, differentiation, exclusivity, innovation, product craftsmanship and precision, premium pricing and high-quality. It is the differentiated quality of the materials, design and performance of a wristwatch from Chanel that separates it from a basic functional watch sold at a supermarket. As a result, Chanel can charge a premium price of $3,000 and the supermarket $30. It is also as a result of the foresight and innovation characteristics of Louis Vuitton that the brand introduced the canvas in the nineteenth century. It is the craftsmanship and precision qualities that result in an eighteen-hour manufacturing process of one Hermès Kelly bag by a single workman, from start to finish. It is the
high-quality feature that has resulted in the high cost of the Hermès Birkin bag, which is equivalent to two first-class tickets from Paris to New York. It is the strong brand image of Gucci that results in several of the brand's products being back-ordered for up to two years. The end result of all these characteristics is of course the creation of brand value, which translates into billions of dollars in revenues and an indispensable intangible asset for the w companies. The brand value is also related to consumers, who attain an immeasurable level of satisfaction from luxury fashion products.
The following chapters explore the deep and intriguing subject of brand-x ing and other business aspects related to luxury fashion goods. This is what 3 this book is all about.
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