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| I Was A Rich Mans Plaything |
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| I Was A Rich Mans Plaything |
The Millward Brown brand report has an interesting section on Luxury – well it’s not luxury at all rather an interesting section on luxury brands.
According to the report the current market of the top 10 luxury brands have a combined brand value of nearly 65.5 billion Dollars - I wonder does this really imply that they are manufacturing luxury goods or simply, as I have said before, mass producing tat to be consumed by the masses.
Millward Brown suggest that 'in general, Moët & Chandon, Louis Vuitton, Hermès, and the other luxury brands ranked high in brand contribution emphasized heritage and craftsmanship and limited distribution in the “mass luxury” market'. I do understand how a luxury brand can emphasize heritage because heritage adds value but how they can emphasize craftsmanship and limited distribution when their products are mass produced is confusing. But how can a brand limit distribution when their combined brand value exceeds 65.5 billion Dollars and they retail their goods around the world? Surely this is a contradiction in terms. They also go on about ethics and how consumers are no longer consuming conspicuously but are concerned with the origins of the product and how craftsmanship is once again becoming important. Are luxury brands really concerned with ethics, sustainability and the origins of their materials? I may not be looking hard enough but I have yet to find a luxury brand that has a Walmart type sustainability index. If Walmart can do it...
Millward Brown also note that luxury brand value is down 13% overall, they say that 'while the brand value of the luxury sector still lagged its pre-recession level, customers came back as evidenced by Burberry’s 86 percent leap and the brand appreciation of Cartier, Estée Lauder and Hermès.' Since when was Estée Lauder a luxury brand? This further emphasizes the confusion in the market. How are brands defined as luxury? And who decides?
The glory days of Louis Vuitton, Gucci, Chanel, Dior (not Christian Dior – that says it all) and even Hermes producing true luxury products are gone. That is not to say that don’t produce nicely made stuff – it’s just not luxury stuff. In my mind, cynical as I am, luxury brands are about money, making it for themselves and their shareholders.
Luxury, I am sure, will be re-claimed by the gifted craftsmen who embrace innovation, know how to ‘make’ and have an incessant desire to learn, teach and produce the most wonderful things.
I am not sure I agree with BOF when they suggest that ' it’s customisation platforms that have the ability to anticipate, and not just cater to, personal tastes in order to surprise consumers, as well as carry out their will, that may present the most potential for luxury fashion brands.' After all real luxury is concerned with satisfying the consumer in a very specific way and it could be argued that contact with the maker is crucial to maintaining the luxury ethos, something that a luxury brand is not really able to do.
Fashion weeks have now come and gone, New York, London, Milan and Paris and it got me thinking about the sales. I don’t know why because they are least two months away. In any event I started to think, again, about luxury brands. As I always do. And the thought that sprung to mind was.... Why do you have to queue outside Louis Vuitton?
Surely luxury is about exclusivity. When you think about it Luxury is about exclusivity but luxury brands are not. Increasingly the products produced and indeed consumed are available anywhere and everywhere. No longer are Bond Street, Madison Avenue, Rue Saint-Honoré to name a few the shopping destinations for exclusive goods they are simply destinations where conglomerates maintain a ‘Flagship’ presence. If you want to buy Dior or Chanel you could venture to an outlet store.
So what is exclusive about these so called luxury products? It’s not really the price if you can buy them at reduced prices, nor is the actual goods considering they are mass produced and sold all over the world.Yet people flock to the stores throughout the year and especially during the sales and stand in line patiently waiting to buy something that is so readily available.The idea of exclusivity is, well quite odd. Luxury brands are now building larger and larger stores, appealing to the spectacle of shopping. These cathedrals of consumption do nothing more than encourage people to spend money on more and more things that are desired rather than needed; desire created through hype and rhetoric and nothing much else. You could join the throngs that visit the newish 15,000 square foot Louis Vuitton store on Bond Street, be pushed and shoved to see the spectacle that may be an art instillation, rather like a travelling freak show. Exclusive? I am not sure. Or you could simply wait and queue for discounts during the Louis Vuitton sale.