3 Shifts in Luxury according to Experts

Top 3.png

#1 - Safety is now a luxury. According to author and VP of stores at Intermix, Ron Thurston, "I think often luxury is perceived as price...Actually I think about luxury today as time and about, I think safety is now a luxury. And we really think, I think really differently about service and serving others. That service shouldn't be a luxury, but service really is. I think it's about intimacy and about service and about kind of trust and time.” To listen to the full interview, please visit the link here.

#2 Gaming is the next frontier for luxury. “While I know that gaming is a $120 billion industry expected to reach $300 billion in the next few years, I didn't really see that luxury brands would be investing in them the way that they have. And, it's not surprising if you think about it. I think if you think about an intelligent luxury brand who wants to capture their consumer’s eye, they can't just throw up billboards and place Facebook ads. They have to meet their consumer where they're at. And this is an exploding industry. And if you want to really get in front of a certain consumer, this is a great way to do it. I know Louis Vuitton designed outfits for League of Legend avatars. I know Moschino designed for the Sims... That it doesn't feel forced. I think if you were a gamer, you might actually go through an entire game not knowing that a luxury brand was integrated. But if you are a gamer who also has knowledge of the luxury industry, it might actually catch your eye and be a nice sort of surprise and delight moment for you,” stated social media expert, Natalie Zfat. To listen to the full interview, please visit the link here.

#3 Luxury must be personalized. EVP of Hilldun Corporation, Joshua Kapelman made the point that, “If your customer right now is unemployed and that's your target market, you're certainly going to have a much harder time right now. We look at all of those big, big box fashion brands, and they're getting creamed right now. But then you look at these luxury brands and they've shifted their sales to the websites. Their personal shopping business has never been stronger. They're having zooms with their number one private client and that private client saying, ‘Hey, I'm going to invite my 30 girlfriends and we're all going to do a zoom with the designer and just do personal buying.’" To listen to the full interview, please visit the link here.

Maria Soubbotina SM.jpeg

written by Maria Soubbotina

Joshua T Williams

Joshua Williams is an award-winning creative director, writer and educator.  He has lectured and consulted worldwide, specializing in omni-channel retail and fashion branding, most recently at ISEM (Spain) and EAFIT (Colombia), and for brands such as Miguelina, JM, Andrew Marc and Anne Valerie Hash.  He is a full time professor and former fashion department chair at Berkeley College and teaches regularly at FIT, LIM and The New School.  He has developed curriculum and programming, including the fashion design program for Bergen Community College, that connects fashion business, design, media and technology.  His work has been seen in major fashion magazines and on the New York City stage. Joshua is a graduate of FIT’s Global Fashion Management (MPS) program, and has been the director and host of the Faces & Places in Fashion lecture series at FIT since 2010.

http://www.joshuatwilliams.com
Previous
Previous

5 Ways the Retail Experience Can Improve According to Experts

Next
Next

Transcript - advent