Luxury Reborn
The development of global media and the growth in international travel has made everyone aware of the cultural richness and diversity of our planet and the many other possible ways of living. Even in our society, everyone can vicariously live the high life along with the great and the good whom they have ‘met’ through television or read about in celebrity magazines.
This development has brought us to an area called “field of possibilities,” where we can choose what suits us best. Personally, to come up with our very own social classification because it might define our position in this world and our area of interest. Things we wear builds a profile about what other people see when they see us.
In all these new possibilities; where and when the luxury brands become distinctive for some millennials, guiding them in their social choices, so much so that some- times they behave as if they belonged to a sect.
Digitalisation and the internet are the most critical problems for luxury today: a digital strategy is indispensable for a luxury brand. If the use of the digital as its means of communication, or an advertising and experiential tool.
I picked two brands to show how distinctive the luxury market is becoming. These brands are Gucci and Balenciaga, for many years these brands offered us many different designs. When you go and check the price, you will notice that the pricing is almost the same, but the image is totally different. Also, their digital strategies are different but however in the distribution, Gucci is stronger than Balenciaga for number of sales. On the other hand, Balenciaga is losing on social media and also losing on number of sales.
The difference between these two luxury fashion brands caused luxury consumers to create two different groups to classify and identify the brands in social life. Modern and traditional luxury brands.
Therefore, I came up with an idea which is an on-demand video streaming plat- form called “Bling”. This platform will include all the TV Shows, Movies, Docu-series about the luxury and the fashion industry. Bling will also publish its own productions on the platform. The platform will offer the client to watch all the archived fashion shows in good quality. As Prime Video uses “X-ray” function; when you pause the movie, you can see which actor/actress is playing on that scene. Bling will use the same technology not for the actors or actresses but for fashion products such as bags or dresses.
Influencers are also a key player in this sector; thus, Bling will include series like reality shows starring influencers as a lead actor – this will improve the connection between the brand and the client.
Finally, digital has many different roles in the market but luxury brands should use the smartest channel to reach their consumer segments. Because otherwise, digitalization of the luxury industry will divide brands in more groups and will create a massive confusion for users.