The Luxury apparel industry has a substantial market value and it is driven by significant characteristics. As per statista.com , the statistics portal the revenue in luxury apparel segment is found to be at USD 65.5 Billion and it is predicted to grow annually by 2% with USD 72 billion in 2022.The revenues of the market for sure depends on the characteristics of the Host market, which in our case is luxury apparel. Let us look at the major traits of Luxury brands that make them stand apart from other sectors.
The luxury apparel are highly indifferent form the mass manufactured ones due the fact that the former have specific qualities ,features and attributes inherent in them. The market can be categorized with the following characteristics,
Extravagant Price: The most regarded criteria for measuring the luxuriousness of the product is the price. It is deliberately made sure that the products are for a limited number of elite class people. The more expensive the product is , the more exclusive it becomes and thus the more desirable.
Exorbitant Appearance: The manufacturing process is so expensive and it is processed in such a way that the end product is an experience of extreme quality. The aesthetics of the brand comply with the taste of upper class which emphasizes the cultural relativity of the brand.
Timeless : The apparel are meant to last forever .They are rarely outdated. At few instances they are even considered to appreciate over time . Few of those are even passed to the next generation.
Designer: The demand of the apparel are highly influenced by the top designers in the industry. May it be Giorgio Armani’s tailored men’s collections or the polo logo by Mr.Ralph Lauren.
Rarity: Luxury apparel brands ensure in a way that they have a limited production and the individualization of their products to create the demand for their product. In most cases brands employ limited edition stocks .
Symbolism: The Luxury apparels are associated to a symbolic relevance .It’s a notion of personal branding that include modernity , prestige and sensuality.
It’s no doubt that the price of luxury goods should be maintained high as the whole process of manufacturing is expensive. It creates an exclusive feeling and special emotions among the customers. The necessity of building the brand awareness and brand value is also a pivotal part in this market as we see that there are plenty of luxury brands evolving and its incumbent for the brands to make the customers loyal to their own.
It’s evident that the Luxury brands communicate their image & identity in a Clear-cut, consistent way that makes its customers yearn . There is an extreme necessity for the brands to have designers that can bring the right appearance appealing to the targeted segment. It is believed that the brands should incorporate uniqueness and invent new designs. As a symbolic identity it is essential for the brands to build stories and history that differentiates them and also ensures a distinctive symbol.
An efficient luxury brand management requires the involvement of 8P’s which are performance , pedigree, paucity, persona, public figures, placement, PR and pricing.
The above Youtube video is a typical example of a Luxury apparel (Stefano Ricci) advertisement. The ad closely relates with the characteristics of the market. It begins with a landscape similar to that of an old kingdom that isn't accessible by everyone .He is getting dressed up on the way and at the end the lead actor sits on a chair with eagles on either side of him. This in turn could be depicted as a king sitting on his throne with his attire and is guarded by the eagles.The company is projecting as if its the Luxury suit he wears makes him one. The ad ends with “HONOR , POWER , PRIDE” and these words speak for themselves.
Vijayendra Govindaraju Vijayaganesan
Source:
1. Statista.com
2. https://www.ukessays.com/essays/marketing/luxury-goods-and-its-characteristics-marketing-essay.php
3. https://www.researchgate.net/publication/281863336_Luxury_brand_management
4. http://upmarkit.com/concept-of-luxury-brands/characteristics-of-luxury-products/symbolism
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