Steps to Building Your Brand in Fashion
Luxury fashion branding has come of age. Whether it’s from Coco Chanel or couture labels like Dior or Gucci, fashion is always evolving and changing. Innovation and change are two important facets of the luxury fashion industry. And the one that has attracted the attention of most of the fashion world is luxury real estate branding. Luxury real estate development is one of the fastest growing segments in the world of fashion.
“Luxe elegance is neither an absence nor a luxury,” proclaimed Chanel in her classic book Women. “Luxe elegance is the essence of style. Those who can afford to wear it, do so with the full heart and no reserve.”
Those who can afford to wear it, do exactly that – they wear it with absolute pleasure and seek it out with undeviating fervor. Lifestyle products such as lingerie, perfumes, cosmetics, luxurious bath and body products, bags and shoes are among the most coveted items in today’s modern luxury fashion consumer marketplace. Luxury real estate development professionals take advantage of this powerful marketing strategy by creating a first-class luxury fashion brand extension for retail properties. Special issue brands are another important avenue for luxury fashion branding development for luxury hotels, restaurants, spas, clubs, resorts and other residential and/or commercial property venues.
But there’s more to the luxury brand extension than creating a brand extension for retail and hospitality locations. One must also create premium brands for cosmetic products, hair care, personal care products, fashion accessories and luxury items such as watches, sunglasses, handbags and watches. Creating premium brand extensions requires developing a unique implicit measurement method to determine value. One such implicit measurement method is the implicit price change of each individual piece of the brand extension. Developing an implicit price change formula is crucial when valuing luxury brands.
The second step in luxury branding development is to develop a luxury brand image or luxury brand consciousness, which can be achieved through extensive research on consumer behavior. For instance, researchers at McKinsey have found that shoppers are willing to pay more for luxury brands if they perceive them to be higher quality and more reliable. Luxury brand images and luxury brand consciousness can be developed through extensive market research and development of brand images and consciousness through associations with leaders, celebrities and other high-end consumers. Other important facets of luxury branding development are developing negative branding techniques that will repel previous buyers and deter potential new buyers from the luxury brand. Negative branding techniques such as “fake” brand protection techniques are being used increasingly frequently by retailers that want to protect their “real” brands from “imitations”.
Finally, luxury fashion brands need to expand into digital media to increase their reach in the global marketplace. Social networking sites, such as Facebook, Twitter and LinkedIn provide great opportunities for luxury brands to brand themselves and connect with their target audience. This allows luxury brands to create a presence within the social networks of their choice, to showcase their products and services and to interact with their target audience. It also allows for the luxury brands to establish links to their website which enables customers to find out more about the brand, what it stands for and where they can find out how to buy its products and services.