Essay Make It Mine - Customization as the Future of Luxury

5265 Words Jan 21st, 2011 22 Pages
| LXFM 730, Marketing of Luxury Goods | Fall 2010 | Prof. Taylor Hastie | Rebecca Elena Glaser | Make it Mine – Customization as the Future of Luxury

1 “The things at Prada today are not well made, the fabrics are not as good, everything was much better in my time” Miuccia Prada

I.Purpose of Research

The changing landscape of the luxury industry challenges brands to find a new approach to reach out to their core costumers. Brands like Louis Vuitton, Gucci or Burberry are about to jeopardize their true customers and their image by overexposing themselves to a mass luxury clientele. Thus, a new approach must be found to bring back the feeling of true luxury, personal attention and to create a bond to their core
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In the case of outlet stores, brands are trying to sell their overstock, which has highly increased due to mass production. Not only is merchandise that was once available at a high-end boutique sold for a discount price, moreover some brands are producing some items solely for outlets (Edouard, 2006, 11). Assessing the six main facets of a luxury brand, which have been identified in a broad empirical study by Dubois/Laurent/Czellar and are considered to be global and most accurate, one can review the situation of the luxury market today. The six main facets are (Dubois/Laurent/Czellar, 2001, 8 ff.):



Very High Price (according to the absolute price (inter-categorical) as well as the price relative to other brands of the same category (intracategorical)). Excellent Quality (according to the processed materials as well as the assumed diligence of the manufacturing-process). Scarcity & Uniqueness (expressed by a difficult accessibility and rarity). Aesthetics & Polysensuality (creating through design, colors etc. a value experience that touches all senses). Ancestral Heritage & Personal History (continuous branding in design, communications etc.). Superfluousness (dominant perception of symbolic attributes

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compared to technical-functional ones). It is evident that at least two of the six facets, namely Excellent Quality and Scarcity and Uniqueness, are not fulfilled in many cases anymore. Industry experts suggest

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