Luxury Brands: Losing Their Luster?
12:56 PM
While taking a stroll down NYC’s Fifth Avenue, one cannot simply ignore the big names in fashion’s elite surrounding them, the same names that gave the avenue its fashion notoriety. From Christian Dior to Louis Vuitton and Versace, these luxury brands take residence on the historical block. But what is luxury? According to Mirium-Webster, luxury is a rare indulgence that brings pleasure and satisfaction. This definition of luxury leads me to believe that the luxury industry might be losing is luster.
Looking the their general vicinity in NYC, one can find at least three Louis Vuitton handbags and copious amounts of Michael Kors iPhone cases, Gucci sunglasses and Tory Burch flats. Are these items really luxury? Sure they all cost a pretty penny, but I have reason to believe the meaning of luxury is getting lost in translation. The luxury industry has always made it’s turnover on the concept of humans always wanting what they can’t have. In today’s world, however, luxury brands are becoming increasingly attainable. Michael Kors handbag’s can’t be considered rare and unattainable if every girl in your licensing class has one, can they?
By bombarding customers with easier access to their products through new store openings, department store boutiques, e-commerce, and more affordable brand extensions, I believe the luxury industry may be making more turnover but at the cost of its brand image. By making products more accessible and at increasingly lower price points, luxury brands are reeling in newer younger customers while taking the emphasis off of loyal customers who are more willing to invest in higher-end pieces. By abandoning this market in favor of younger markets, luxury brands are putting all of their eggs in a basket the may break when the next best thing comes along. Overall by becoming attainable to customers and reaching out to a new market, luxury brands are not only jeopardizing their future turnover but also losing the roots that once gave their brand image its luster.
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