The Importance Of Luxury Fashion Brands

Luxury Fashion brands are an emerging concept in Pakistani market today. Sherman (2009) pointed out the fact that major markets for luxury brands are now no longer limited to developed countries in the West, but have expanded to new markets in the East as well. Ownership of luxury brands can reflects the owner's social status as luxury brands are universally recognized as a statement of good taste in a global economy (Nueno & Quelch, 1998). There are various definitions of luxury brands. For example, luxury brands are defined as products whose price and quality ratios are the highest in the market as compared to other products of the same kind (McKinsey, 1990). Luxury brands are the highest level of prestigious brands encompassing several physical …show more content…
The brand conscious shoppers tend to buy products belonging to certain renowned brand names. A decade ago, there weren’t any branded shops found in the market. A range of local and international brands are available now like HSY, Gucci, Vinci, Caanchi and Lugari, Levis, Hajra Hayat. The increasing likeness and preference for particular brand can be especially seen in the purchase of clothes, accessories and perfumes. Although branded products are mainly the domain of the well-off, yet the awareness of brands is increasing amongst all classes of people. Foreign brands such as Gucci, Next and Armani are considered most classy and sought after brands but it’s not the foreign brands only that are considered status symbols. Recently, many domestic brands have become immensely popular and these form the second category of popular brands which the brand conscious consumers like to purchase. Pakistani Fashion Designing & Apparel industry is becoming an important dimension of Pakistan’s economy due to its export potential worldwide. In Pakistan, the significance of fashion industry is being realized in view of its huge potential for future expansion. The importance of building individual brands in our fashion industry cannot be overemphasized. TDAP has been participating in reputed international fashion exhibitions such as Heim textile, Interjeans-Cologne, Prêt-a-Porter (Paris), Copenhagen International Fashion Fair, Poznan Fashion Week (Source: Trade Development Authority of Pakistan). These findings also provide important implications for luxury brands' branding strategies both within and across cultures. Only by understanding the underlying purchase motivations among consumers in each market segment can marketers most effectively appeal to those motivations in their marketing campaigns (Bian & Forsythe, 2011). Considering the perception of Pakistan as an under-developed country there has been very