Luxury brands with several decades of existence have demonstrated over the years, their ability to adapt to changes, while maintaining their exclusive essence, the care and the style of their products. One of the current challenges that big brands are facing, is the reinterpretation of their style and for it to focus on the demands of the moment, in a disruptive and extravagant way.
Haute couture brands reinterpret their emblematic fashion collections of the past and bring them to the present with a retro and modern air, at the same time. They reinvent themselves, inaugurate their e-commerce, renew their logos and maintain intense activity in the digital field. They know that the public they should approach, in a predominant way, is the so-called millennial and Z generations.
Millennials, also known as HENRY (High-Earner Not Rich Yet), combine a series of values that mediate their consumption preferences, such as: high quality and exclusive, personalized manufacturing; constant innovation that combines traditional features; a product with history that matches contemporary, avant-garde, that incites a high emotional index and that provokes a unique experience.
Meanwhile, brands are aware that current generations are looking for connection, new technologies, keeping up with trends, as well as the constant search for new experiences that they can share on their social networks. They understand that the Internet has become the medium to which millennials turn to make decisions.
Among the tactics and strategies that great luxury brands have carried out to make updates, are:
• Use of social networks to interact with the consumer, thereby dissipating the idea of “unreachable brands”. Through images, videos of cinematographic quality and content in general, they spread their philosophy, their values and new trends, that is the way they connect with the consumer and how they adapt their brand essence to current times. Firms, like Ralph Lauren, have broadcast their fashion shows live on platforms like Facebook and have put their collections on sale on their websites, as well as in physical stores.
• They take into account that many consumers buy a product if it is recommended by someone they follow or admire on social networks. Therefore, influencers become a vehicle between brands and consumers. The same goes for celebrities and artists, who wear before anyone else the latest products of luxury brands or appear in exclusive events.
• They take icons of TV series in vogue and integrate them into their products as aesthetic elements, just as Louis Vuitton did in his spring-summer 2018 collection, with a runway model wearing a Stranger Things t-shirt, which was a trend in social networks.
• They have formed alliances with more urban brands, according to Street Style, in order to give a dynamic character to fashion and open new business paths. Undoubtedly, luxury brands are not afraid of approaching low cost without resulting in their exclusive style disintegrating.
Thus, the strategies of brands such as Dior, Louis Vuitton, Ralph Lauren, Balmain, Gucci, Kenzo, Moschino and Tiffany, to name a few, are conceptualized not only to offer luxury products, but also luxury experiences. It is estimated that, by 2025, 75% of the planet’s workforce will be made up of millennials and, along with the emerging Generation Z, will dictate consumption patterns. These generations represent an area of opportunity in the configuration of innovative business strategies.
At Mijo! Brands, a creative digital marketing agency with offices in Mexico City, Guadalajara and Puerto Vallarta, we specialize in launching brands into the new digital era. We have a team of professionals from all disciplines who develop strong strategies to strengthen your brand, for instance, in the great international catwalks.
Isabel Romero is Content Editor at Mijo! Brands. Thanks to literature and cinema, she has been able to identify and develop different areas of focus. She believes that every so often it is necessary to solve the puzzle that makes up for the assembly of the Being. Of course, not without first having completely filled the plates of her numerous pack of adopted dogs.