The Success Of Luxury Brands

1137 Words5 Pages
Luxury brands should be able to effectively create some emotional connection with its customers and should not strive to please mass markets, but specifically to only those customers whose beliefs align with the brands. Beliefs go further to establish a connection than just brand values; they are more specific and consequently lead to higher diversification (Keller et al, 2008). Ferrari provides a good example of this. An Italian luxury sports car manufacturing company, according to Brand Finance it is the 9th most powerful brand in the world (Global 500, 2015). It has strong beliefs in performance and therefore does not participate in mass media marketing, yet instead decides to focus on its participation in Formula 1 events and has…show more content…
Like Chanel, luxury brands should strive to achieve as broad a spectrum of icons associated with their brand as possible (Peterson, 2014). The place(s) in which the brand is sold is a vital aspect of luxury branding success. If a brand can create an atmosphere that is aesthetically and emotionally pleasing, then it evokes luxury to its customers. One example of this is men’s bespoke shirt maker, Charvet Place Vendôme, often referred to as simply Charvet. Situated in the one of the hôtels particuliers (the French equivalent to a grand British townhouse) that surrounds the Place Vendôme in Paris. The Charvet store operates across seven floors within this building. This store epitomises elegance and grandeur and as such, Charvet have created a temple-like store, for which their customers can enjoy their products, allowing for a deeper more emotional connection to the brand itself (Mr Porter, 2015). Customers are pulled towards brands with the promise of becoming part of an exclusive community. This creates a sense of great desire to purchase luxury branded products. For example, Hermes, which specialises in leather, lifestyle accessories, fragrance, ready to wear clothing as well as other luxury goods, will not allow customers to buy their iconic handbags until they have formed a long-term relationship with the brand itself (Grigorian and
Open Document