8. Luxury as a Customer

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Из курса от партнера Università Bocconi

Management of Fashion and Luxury Companies

1786 оценки

Università Bocconi

Management of Fashion and Luxury Companies

1786 оценки

Learn how fashion and luxury companies work and understand their brands, products, retail, and communication strategies. Travel through business models, international development, and product categories with industry influent experts. Adopting a case-study approach, the course presents strategic brand management in luxury and fashion companies as a balancing act: tradition vs. innovation, expertise vs. experimentation, casual vs. stylish; in order to increase the brand value by nurturing the brand heritage and at the same time staying fresh, relevant, and contemporary in the global marketplace. Topics such as the impact of new retail channels, new media channels, and new business declinations for the brand and emerging markets will be discussed in the course.

Из урока

What is Fashion? What is Luxury? Defining Complex Competitive Systems and Business Logics

Welcome to the first week of our course! Before moving this week contents, please dedicate some time to read the About the Course section where you can find a series of useful information to approach the course the best way. The Trips&Tricks section contains some insights and best practices that Lucia Paladino (an industry expert) shared with our community. Once you have done with these introductory readings you can finally move to the first contents! This first module is dedicated to a general introduction to fashion and luxury concepts: what they imply, how they are perceived, how they differ, and what other basic ideas in this industry are.

4. What Is Luxury?6:57

5. Luxury as a Product4:16

6. Luxury as a Business3:57

7. Luxury as a Culture4:05

8. Luxury as a Customer3:10

9. What Is Luxury Not?4:55

10. Fashion, Luxury, and Millennials: Interviews (Additional Material)5:53

Познакомьтесь с преподавателями

Erica Corbellini
Director
MAFED - Master in Fashion, Experience and Design Management
Stefania Saviolo
Director
Luxury & Fashion Knowledge Center - SDA Bocconi

Who are the luxury customers?

Let’s talk about luxury as a customer then.

I would like to start telling you that not all rich people are luxury customers.

Nor are all luxury customers rich people.

So, in the luxury world,

in the luxury consumption, there is a lot of aspirational effect.

So luxury brands, of course they position themselves with a very high-end

offers and market segment.

But at the end of the day a lot of their business is done through beauty,

cosmetics, lip sticks, accessible leather goods.

Because a lot of aspirational customers that might be actually with some money, but

not so rich, are actually the

the basis for the growth and success of the luxury world.

So, this is a first thing that is very important to know.

Not all the luxury customers are really rich, and sometimes the, what we

call, the high-net-worth-individual, so the very rich customers

are not sometimes consumers of luxury in terms of

the fast moving consumer goods that we define within the luxury range.

They might, cherry pick some experiential luxuries, so art,

services, travel, real estate, but sometimes they are so

sophisticated and so out of this kind of logic that they are not heavy

consumers of what we usually associate with luxury products.

So after this definition I would like also to

introduce the concept that the luxury customer is very very heterogeneous.

So most of the luxury market, the market for

luxury goods and luxury brands now, is in Asia.

Asia is booming very much.

The Asian market, China first, Macao,

Hong Kong, increasingly also South East Asia.

They are very diverse in terms of generations,

in terms of attitudes, lifestyle,

from the European customer luxury brands were used to serve.

So, I would say that, nowadays, the big challenge to attract and serve luxury

customers has to do with a lot of customer insights: so, understanding who they are,

where they shop, what they want, what are their desires?

What are the millennials versus the seniors?

How they will approach this brands, how they want to be

informed, what is the role of internet, so there is a big, big investment

from the companies in understanding better a very diverse customer-base.

So customer will be, really understanding the customer, for luxury,

will be a priority for the years to come.

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