In the current 21st century, many brands are grappling with a question, which is “what will be the future of luxury brands in an on-demand world’? Now what makes something luxurious? Well, the luxury clothing and brands are prefaced basically on the idea of scarcity. Something which is scarce of not readily available becomes luxurious.
Today, both the sharing as well as high-end fashion industry coexists. Yes, you heard that right. Various social media platforms like instagram, snapchat, facebook etc are being used to promote the luxury brands, luxury lifestyle, thus they are trying to be accessible to everybody. Some of the world’s most expensive brands are reshaping their long standing practices in order to provide more immediate, smarter, sustainable and healthier products and services.
Luxury brands are considered to be a status symbol among people. Previously status used to be physical, but recently it has gone intangible. Today, so many people have so much. Thus, status has now become less about “what I have” and more about “who I am”.
But, such high-end luxury brands shall not be readily available to the general crowd; otherwise they will lose out their exclusivity. In Fast Company’s recent article, Elizabeth Segran states the prime reason as to why the luxury economy is losing out in America is because they are being forced to prosper within a short span of time, thus they are not able to build up a right perception among their customers
Grant McCracken in a recent blog post points out that, the challenges that high-end fashion industry face are cultural too. Even these high-end labels are required to stay in touch with the cultural as well as the social changes. There was a time when the creative director used to enoy supreme powers, but today houses are getting guest editors, thereby offering mass customization online, and some of them also employ tastemakers as influencers in order to portray positive images of their brands through various social mediums available.
Today, the consumers also want to have their say in the designing part as well as the output, plus they also have a viewpoint regarding the company’s value as well as behavior. This very need for involvement and participation of consumers is met by means of technology. Previously, brands like Burberry used to tweet their latest collections from a runaway, but today they are opting for options “click to buy” directly from the runaway, due to which more and more people have started splashing money on luxury items through their mobile phones..
Proenza Schouler previewed its autumn range recently to the press but totally put a ban on any kind of photography by outsiders and even the reviews until and unless the collection found a place in stores.
If you too are a fan of luxury brands, but have no idea as to where to purchase them from, don’t you worry. There are quite a few luxury online stores that bring to you your favorite luxury apparels. Some of the famous ones are Tata CLiQ Luxury, Elitify, Darveys’s etc to name just a few.