Apparel Online India Magazine February 1st Issue 2019 | Page 33

FASHION BUSINESS What are the key parameters which decide whether a brand can be called a luxury brand? 1. History: When was the brand founded? The history of the brand usually plays a very important part in defining a luxury brand. Brands like Dior, Chanel and Balenciaga are more than 40-50 years old. The DNA of such brands is enriched with fascinating stories and iconic creations. People aspire to be associated with such rich past by possessing something from such brands. 2. Savoir Faire: Luxury brands have unique  ‘Savoir faire’ or ‘Technical know-how’, which distinguishes them from other brands. For example, Louis Vuitton is known for making exceptional luggage bags for travelling or Burberry is known for its trench coats. 3. Quality: Luxury brands are very particular about quality. Everything is made where it is best-made. Shoes are made in Spain, bags in Italy and high- end garments all over Europe. 4. Brand Bouquet: It is not an obligation but today most of the luxury brands offer many product categories – prêt-à- porter, shoes, leather goods (bags and accessories), perfumes, sun shades, cosmetics, jewellery. Some brands even offer home products such as Hermès. “In 2016, Banka launched a brand of hand-embroidered scarves and accessories called LAÏTEworks. This brand combines design inspirations from France and handcrafted skills from India. LAÏTEworks as a brand participates in Maison&Objet, Paris and currently retails from several stores in Italy, France, Switzerland, United States and Japan.” 5. On the Fashion Map: Luxury brands participate in one of the four main fashion weeks – Paris, London, Milan, New York. 6. Trendsetters: Luxury brands hire the most talented of the creative minds to create the latest and trendsetting looks whether in bags, watches, perfumes, etc. One has to surpass that which already exists. 7. Image: Luxury brands employ strong marketing strategies to set the image of the brand. Choicest of celebrities are made brand ambassadors. These brands are published in all leading magazines. Expensive locations are chosen for store placements. Huge investments are made in show windows as they are the image of the brand. 8. Price Points: Luxury products come with a price tag. Price is not the limit in luxury business. 9. Service: The service in luxury business is of prime importance. If one wants to Luxury Brand is like a fivestar rating for hotels. It’s like Rolls Royce amongst the cars, flying business class in flights. Everything has to be on the top of the line– the products, the quality, the price, the stores, the services and the ambience. sell a dress worth € 3,000 to a client, one has to imagine how the store should look like, how the staff should behave, what all services should be provided to such a client, how the dress will be packaged to be handed over to the client and so on. Having said that, luxury brands may break one or two codes to be more original but the underline codes or parameters to call a brand a luxury brand remain the same. When companies market a luxury brand, what customer instincts and desires are they really appealing to and has that changed over the time? How is it different in India vis-a- vis abroad? Humans have the desire to rise financially. Buying a luxury product validates this progress as it reflects the purchasing power of a client. It boosts their ego. It is an indirect way to show one’s power, reputation, money and status. The main focus of a luxury product is to satisfy the aspirational/ associative desires of a client. The product has to have a history/ www.apparelresources.com | FEBRUARY 1-15, 2019 | Apparel Online India 33