However, there is also a question if there is a magic formula of success in luxury branding, which helps some creative directors to enjoy continued success of their vision even after death, while others fail to establish their legacy.
Comes to mind the recent example of Alexander Wang's departure from Balenciaga. When in 2012 the New York designer was appointed as a Creative Director, they had big hopes for him to induce the French brand with his young spirit of cutting edge designs. The innovative styles by Cristóbal Balenciaga seemed to be a great match with Alexander Wang's free-spirited styles driven by street fashion. The Kering CEO and chairman François-Henri Pinault was quick to praise his creativity and ability to reinterpret the Balenciaga heritage in his modern, contemporary way.
Unfortunately, only three years later, Kering decided not to renew his contract. Many argue that the reason why Alexander Wang failed was his inability to follow Nicolas Ghesquière's success, who was his predecessor for almost fifteen years. Presumably, Alexander Wang's vision was not powerful enough to carry the Balenciaga brand's legacy and heritage. Even though he reinterpreted and presented Balenciaga collections quite successfully, his aesthetic vision lacked the qualities of a charismatic leader.
To put it short, the cultivation of brand's aura to emphasize its cultural heritage, historical legacy and charismatic leadership is paramount for creating customer's appeal and desire to become affiliated with the brand's lifestyle and aesthetic ideology. Failure to recognize these components of successful branding could result in crisis or over-extension due to brand's democratization and loss of exclusivity.
Resources:
Alexander Wang Named Balenciaga Creative Director.
Business of fashion. Alexander Wang to Exit Balenciaga, Says Report.
FASHIONISTA.COM. "Alexander McQueen: Savage beauty" beat attendance records in London, too.
Yuliya Suleymanova is a brand strategist and founder of Suléy Group. Victoria Stowe, an expert in the history of luxury brands, is the founder of The Victoria Stowe Collection