8 Factors That Show Us the Exclusivity of Luxury Brands

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I don’t have much knowledge in the fashion industry as much as I know other FMCG brands. But, a recent headline got stuck in my head, the headline was - Top luxury brand in the world is Louis Vuitton, with a $32.223 billion brand valuation and 14% year-over-year growth.

So my marketing mind dived deep further and I found out very interesting things, I came to know the basic factors which stand out from others; USP is important no doubt, but you need other ingredients to give your dish (Brand) an experience that they will always remember.

According to me, the essence of a brand is nothing but unique selling proposition of the brand which states what the brand is willing to offer through their products, their selling purpose along with mystique features.

Many brands are ruling the world currently especially luxury brands. But what makes a brand, a luxury brand? If we talk about this, A common misconception is that luxury goods are simply more expensive than premium goods, but it’s not the price tag that defines luxury.

While it’s true that luxury brands are typically (but not always) more expensive than premium brands, luxury is defined by timelessness, story, scarcity, and social cachet.

If we study Louis Vuitton as the luxury brand its heritage, prestige, and uniqueness; its identity makes it a luxury brand.

Louis Vuitton stands tall than others because- 

1. The company invests in collaboration with a variety of artists without diluting the brand.

2. Regardless of the artist collaboration or Creative Director at the helm, LV maintains consistent brand identity.

3. The parent company of Louis Vuitton, LVMH, also owns a slew of other luxury brands, so they have a ton of experience in this area.

But what got Louis Vuitton to the position it is at today, is that the company carefully measured everything related to the brand. The company also kept a long-term brand building strategy in mind the entire time. 

Let's have a look,

1. Rarity- Luxury is not democratic. By definition, it’s exclusive, rare, and limited or it becomes a mass affluent product. Luxury products aggressively restrict when, where, and how they are made, sold, and to whom. This controlled and limited availability adds to its desirability.

2. Excellence - Luxury never negotiates on quality. No concession is ever made on materials, craftsmanship, or standards, which are unflinching. Excellence is not fleeting or variable. It is earned and consistent.

3. Expensiveness - Just because a product is expensive, does not mean it is a luxury product. But conversely, all luxury products are expensive. Expensiveness intensifies rarity and gives reason to believe that the product delivers on excellence.

4. Timelessness - Luxury is timeless. It has a past. Even if manufactured through communications. It is also immortal because it leaves a lasting, indelible impression.

5. Tailored - Luxury feels bespoke even if it isn’t. Luxury instinctively knows what its perfect customers want often before they do. So good are luxury products at this magical skill that everything feels specifically designed, and ultimately, unique.
Think Ede and Ravenscroft, London’s oldest tailoring company. Their heritage stretches back over 300 years to 1689 when they were entrusted with the ultimate commission: to create the robes for the coronation of William and Mary.

6. Experience - Luxury is an experience and not just an object. For the most part, it’s about the little things that leave an outsized impression. Components of experience include high-touch service –or how luxury is delivered, packaging (the context of an object which provokes a powerful first impression of what is to come), store environment and sales staff (the store’s design, ease of layout, the staff’s education, personal style, comportment and more must match the object being sold.)

Along with this the history, heritage, and prestige matters, to retain a strong presence in the luxury marketplace. Building a luxury brand today amidst other longstanding brands in the current market landscape may seem daunting. However, with a clear plan to identify a niche customer segment and emphasize the brand’s symbolic value, there is huge potential for brand managers in Asia to differentiate and position new, iconic luxury brands in the market.

 

Written by - Soham Upadhye 

Edited by - Bushra Makhdoomi