For decades, the concept of luxury has evolved from a status assumption to a sheer lifestyle offering that goes beyond traditional imagination. Jean-Noël Kapferer, the co-creator of The Luxury Strategy; states that luxury has opened it’s doors to the mass interest and is changing the old belief of a having a selective market to elevate economies and achieve record breaking profits. The breadth and depth of this change has acquainted luxury brands to a global affluent audience. (Doran, S., 2013) Figuratively, the terms “luxury” and “elite” have been denoted as a type of quality expectation and a symbol of authenticity that are shielded by a veil of exclusivity. The ideology behind creating a luxurious lifestyle, product or service is merely
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As today’s consumers adapt a buying pattern of consumption with a consciousness, the power balance is slowing steering away from luxury pioneers. The new essence of a consumer’s luxury ownership has propelled into a more encompassing nature rather than self-indulgent personal statement that seeks competition amongst their peers. (Klein, R., 2013) Hence, the pressure is rising for high-end brands to create a differentiated experience using cutting edge innovation while exploring intriguing “niche” ideas in an attempt to attract more revenue from local and global markets.
THE SUSTAINABLE MOVEMENT
Innovation, increased awareness, social responsibility and a vision of the future. These outline the importance of sustainability as a rising concern amongst retailers and consumers. Retailers in various industrial sectors are slowly starting to pay attention to their water usage, raw material sources, and energy consumption as a core concern of their business values. (Elks, J., 2013) The industrial take on sustainability focuses on striking a balance that is good for the company as well as the environment, and vice versa. The Environmental Protection Agency of U.S.A. offers a simplistic view to the term “sustainability” with regard to corporate operations. The …show more content…
Most of these companies come from market segments focusing on hospitality, aviation, automobiles, consumer goods and retail. Apart from capturing the attention of customers, these high-end brands are always within the radar of analysts and investors. Their ability to create a distinct craving for their products and services is accompanied with a respectable reputation. Maison Hermès, the luxury powerhouse from France believes that there is something immaterial that contributes to its success. Christophe Lemaire, the artistic director of Hermès; states that the brand’s values and philosophy go beyond the roots, aesthetic and archives. The products exuberate functional purpose in life. (Hume, M.,
As today’s consumers adapt a buying pattern of consumption with a consciousness, the power balance is slowing steering away from luxury pioneers. The new essence of a consumer’s luxury ownership has propelled into a more encompassing nature rather than self-indulgent personal statement that seeks competition amongst their peers. (Klein, R., 2013) Hence, the pressure is rising for high-end brands to create a differentiated experience using cutting edge innovation while exploring intriguing “niche” ideas in an attempt to attract more revenue from local and global markets.
THE SUSTAINABLE MOVEMENT
Innovation, increased awareness, social responsibility and a vision of the future. These outline the importance of sustainability as a rising concern amongst retailers and consumers. Retailers in various industrial sectors are slowly starting to pay attention to their water usage, raw material sources, and energy consumption as a core concern of their business values. (Elks, J., 2013) The industrial take on sustainability focuses on striking a balance that is good for the company as well as the environment, and vice versa. The Environmental Protection Agency of U.S.A. offers a simplistic view to the term “sustainability” with regard to corporate operations. The …show more content…
Most of these companies come from market segments focusing on hospitality, aviation, automobiles, consumer goods and retail. Apart from capturing the attention of customers, these high-end brands are always within the radar of analysts and investors. Their ability to create a distinct craving for their products and services is accompanied with a respectable reputation. Maison Hermès, the luxury powerhouse from France believes that there is something immaterial that contributes to its success. Christophe Lemaire, the artistic director of Hermès; states that the brand’s values and philosophy go beyond the roots, aesthetic and archives. The products exuberate functional purpose in life. (Hume, M.,