I found this article interesting because it highlighted the challenges faced by luxury brands and there ability to adapt to a digital world. Historically, most luxury brands limited their advertising efforts to produce a sense of exclusivity and mitigate the dilution of the brand. Specifically, watch companies like Rolex, Patek Philippe, and Audemar Piguet relied on brand legacy and word of mouth among the elite. How does this strategy translate to the digital age where a lot of potential customers who are high earners rely on digital channels to determine what is cool (e.g., Google engineer). Leveraging social media channels to access a new breed of HENRYs (i.e., High Earners Not Rich Yet) that use the likes of Instagram as their main medium for information on the latest fashion trends will be crucial for all brand moving forward. Interesting to see how luxury watch brands are attempting to adapt.
https://www.nytimes.com/2020/06/10/fashion/watch-online-sales-digital.html
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