by Kimberly Perez
Kim Kardashian-West for VOGUE US/March 2022 Cover
SKIMS Velvet Stirrup Onesie by SKIMS. Balenciaga hat and bracelet.
Luxury brands, the most coveted, much like SKIMS owned by Kim Kardashian-West now valued at $3.2 billion dollars. Prestigious brands although desired by many are, yet the most questioned. What makes a luxury brand and how does a brand become a luxury one?
Luxury is difficult to define; it's expensive but not overpriced. High-quality and long-lasting, but innovative. It's aesthetically pleasing and unique. It's not only rare but also difficult to obtain. Service-minded, yet elitist. Luxury is a belief that relies upon the feeling it evokes. It is a timeless piece, in touch with its sense of place that has no problem transcending time, ultimately becoming an investment piece.
As tastes, preferences and demographics change, how consumers define luxury and their desire to purchase is dramatically centered on how a brand is willing to redefine its marketing strategy. Luxury brands must be very agile and innovative to gain the favors of the ever-changing new luxury consumer.
Senior Contributor of Forbes, Pamela N. Danziger, and author of Putting the Luxe Back in Luxury: How New Consumer Values Are Redefining the Way We Market Luxury, believes there are ten specific values that a brand must uphold to rightfully be named "luxury." The ten luxury brand values as defined by Danziger are superior performance, craftsmanship, exclusivity, innovation, sense of place & time, sophistication & design aesthetic, creative expression, relevance, heritage, and responsibility. I have compiled these brand values to cover the key factors that make a luxury brand stand out from the rest.
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PRICE
The first thing one may do when faced with an incredibly beautiful item is to check its price tag, and it may be the first thing one may answer when asked what is luxury? The expense alone doesn't form luxury nor a luxurious brand identity. It is easy for someone to put down a pricey item and find a more affordable one closer to what the original coveted product looks like. Price doesn't equate to luxury in the minds of these consumers, a brand must have more to offer.
QUALITY OF MAKE
Luxury products will tend to last longer as they are made of higher-grade materials and will hold longer than their competition. The touch of authentic craftsmanship is second to none for luxury brands. Customers desire products and services done by the “creme de la creme” professionals with the highest quality. The craftsmanship can be immediately recognizable, which sets luxury brands apart. Many top designer labels are known for their unique stitching or accents, and they can be easily labeled as “scams” if they don’t fit the mark.
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DESIGN AESTHETIC
Luxury is a statement of identity. Because it is rare, being seen with a luxury brand identifies you in a way that separates you from others. It is a showstopper, a statement. The look of a luxury item communicates its stature and uniqueness through sophistication. The aesthetic a luxury brand presents shows the quality, underlying it effortlessly extending through its creativity. Luxury brands connect through the spark of artistic creativity as interpreted through the eyes of a designer.
MEANING
Luxury has to be built on reality and adapt to the changes around it. Increased ability, better materials, and durability are the main focus. The price of an item reflects the expense of incorporating these elements into a luxury product. The final look is created to set these qualities apart in a distinctive way from its competitor. Luxury suggests a certain lifestyle.
The reason many luxury brands don't succeed lies in not getting enough of their target market to believe in that brand's image. A luxury brand must create an image, a desire for a lifestyle that customers can’t access through others. Social and economic ethics are crucial to luxury customers who connect with brands who feel the same. When a luxury brand owns up to its social responsibility and helps improve its communities, the customer can comfortably support the brand.
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EXCLUSIVITY
Along with the brand image, accessibility comes in hand with luxury items. There is nothing more desiring than something that isn't easily attainable. Some intricately designed products with decades of engineering aren't luxury items because they are multiplied numerously. The purchasing power of the customer lies in the satisfaction of obtaining an item that isn’t going to be for sale that long. Exclusivity extends further today by making customers and brand loyalists feel a member of an exclusive community linked by shared values and ideals.
SERVICE
Luxury brands connect with their customer through the story of their lineage and provenance. The reason a brand becomes prestigious is through its intimate and personal connection. Everyone wants a touch of human interaction and luxury brands must follow through with their brand image even through their customer service. Giving off a weak customer experience will devalue your brand in the mind of a customer. The expense spent on luxury means that an element of high-quality service is expected and with repeated positive experiences, brand loyalty is reinforced. Luxury customers spare no opportunity to lavish and expect that the brands they support do the same.
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The title of “luxury brand” must be earned. A brand can’t claim the label for itself. While brands aspire to the earmarking of luxury, it is all about the commitment to these shared core values. Luxury is a feeling, a belief, a mindset, and a lifestyle. A brand must interpret and express its luxury distinctly in such a way that is authentic while resonating in the minds of its customers. Luxury, at the end of the day, depends upon how a consumer’s relationship with a luxury brand makes them feel.