Introduction
Victoria Beckham is a relatively new luxury fashion brand, which was founded in 2008. Headquartered in London, the company has approximately 500 stores in 60 countries all over the world (Company profile n.d.). Victoria Beckham has a broad product line, which includes clothes, bags, and eyewear, to mention a few. The company has positioned its brand as modern, bold, and refined, a positioning strategy which is consistent with the wealthy and urban consumer. Being a new business in an industry which values tradition, the brand equity of the business, is still a work in progress. However, there are some opportunities in the market for Victoria Beckham. One of them is that today’s generation appreciates luxury more than the previous …show more content…
There are five main elements of brand equity according to Aacker (2012), which include brand awareness, brand association, perceived quality, and brand loyalty, as shown in figure 1. As mentioned prior, Victoria Beckham is a relatively new brand in a market, which prizes tradition, so the company is still developing its identity and proving its worth in the market. This means that Victoria Beckham does not have a substantial brand equity, especially because if its competitors, who comparatively have very high brand …show more content…
It is impossible for the brand to have equity in the market if it is unknown. On this score, the Victoria Beckham brand is well known in the market. The popularity of this brand is owed both to the fact that that the owner is a celebrity, and that it is attached to quality. The brand is believed by critics to have very competitive designs, which have won some awards such as the Best Brand Award at the British Fashion Awards (Saner 2015). Even if these two sources of market awareness have worked in favour of the company, the brand has also experienced some substantial negative public relations. The brand has faced criticism about the employment of very skinny models who project unhealthy images of beauty. The brand has also been accused of using animal skins, which there is a massive drive against (Anne, 2015; Sheth et al.
Victoria Beckham is a relatively new luxury fashion brand, which was founded in 2008. Headquartered in London, the company has approximately 500 stores in 60 countries all over the world (Company profile n.d.). Victoria Beckham has a broad product line, which includes clothes, bags, and eyewear, to mention a few. The company has positioned its brand as modern, bold, and refined, a positioning strategy which is consistent with the wealthy and urban consumer. Being a new business in an industry which values tradition, the brand equity of the business, is still a work in progress. However, there are some opportunities in the market for Victoria Beckham. One of them is that today’s generation appreciates luxury more than the previous …show more content…
There are five main elements of brand equity according to Aacker (2012), which include brand awareness, brand association, perceived quality, and brand loyalty, as shown in figure 1. As mentioned prior, Victoria Beckham is a relatively new brand in a market, which prizes tradition, so the company is still developing its identity and proving its worth in the market. This means that Victoria Beckham does not have a substantial brand equity, especially because if its competitors, who comparatively have very high brand …show more content…
It is impossible for the brand to have equity in the market if it is unknown. On this score, the Victoria Beckham brand is well known in the market. The popularity of this brand is owed both to the fact that that the owner is a celebrity, and that it is attached to quality. The brand is believed by critics to have very competitive designs, which have won some awards such as the Best Brand Award at the British Fashion Awards (Saner 2015). Even if these two sources of market awareness have worked in favour of the company, the brand has also experienced some substantial negative public relations. The brand has faced criticism about the employment of very skinny models who project unhealthy images of beauty. The brand has also been accused of using animal skins, which there is a massive drive against (Anne, 2015; Sheth et al.