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You’ve probably heard that luxury is a state of mind. With this in mind, a luxury purchase is usually instinctive. To succeed in the luxury sector, the major houses must effectively develop their brand image. They are then required to adapt to market trends. Discover the specific challenges faced by luxury companies.
How can luxury companies maintain a prestigious brand image while remaining accessible to a wide audience?
In the luxury sector, the only way to attract customers is to maintain a prestigious brand image. It is also necessary to convince a wider audience to develop the turnover of your luxury business. It can be difficult to reconcile these two concepts, but it is quite feasible if they manage to convey their values through their visual identity.
Various brands develop an original visual creation that truly represents their company, and makes it easily identifiable in the luxury sector. Then, it is necessary to choose the right communication tools and the right products to gain the trust of luxury consumers. Companies need to build a close relationship with their customers in order to create an emotional bond with them. The objective is to encourage them to buy, but also to create a feeling of belonging and exclusivity.
How can luxury companies adapt to market trends without losing their brand identity?
Many luxury customers are extremely demanding. In this sense, in order to meet the real needs of customers, it is essential to adapt to market trends. At the same time, brands must assert themselves against the competition and stand out through their creativity.
Currently, the trend is towards technological innovation in luxury. It can be interesting to get closer to your customers through connected stores and modern communication channels. The possibility to buy directly the clothes proposed during the fashion shows also seduces the luxury customers. Without using this option, brands can find a way to speed up the availability of featured collections.
How do luxury companies deal with the emergence of new professions in their sectors?
The emergence of digital professions also impacts the luxury sector. Thus, for a good marketing strategy, it becomes essential to comply with the requirements of the moment. Luxury companies have to reinvent themselves through digital. To adopt the trend, they are required to optimize the access to their creations from their website and their publications on social networks.
Many are reinventing the shopping journey, making it original, innovative and compelling for customers. Luxury companies broadcast videos representing a short history of their brand, in order to touch the emotional side of their customers. Finally, many companies use influencers to present their brand to younger targets.
How do luxury companies manage to remain competitive despite changing consumer habits?
The habits of luxury consumers are changing lately, due to the adoption of the ecological concept. They make their purchases with a responsible attitude. They then seek to know the origin of the materials used in the creation of luxury products. They also take into account the working conditions of the workers who design these products. In addition, the impact of the manufacture and use of each luxury product on the environment greatly influences consumer choice.
Luxury marketing must then take into account the empowered consciences of their customers if they wish to continue to seduce them. The important thing is to promote your brand, presenting it in a positive light based on ethics and transparency.
How can luxury companies commit themselves in a responsible and sustainable way without being accused of greenwashing?
Luxury companies use effective arguments to convince responsible targets that their products are environmentally friendly. However, the new luxury consumers are going further in their responsible attitude. They seek to ensure that the information about a product is real and transparent.
They also look to operators who make a real commitment to social, environmental and economic issues. Luxury companies are then required to transmit a positive image, but above all to confirm that this image is in line with reality. Otherwise, consumers accuse them of greenwashing. Luxury products should be designed and presented in such a way as to avoid the following mistakes:
- the false label ;
- non-transparent communication;
- misleading packaging with information or illustrations that only serve to draw the eye to the supposed ecological appeal of the product;
- visual identity and slogans copied elsewhere.
Where to train in luxury management?
To succeed in the luxury industry, pursue your studies at the International University of Monaco (IUM). In addition to classes and internships, you will go on study tours that prepare you for the reality of the luxury industry. With an MSc in Luxury Management, you will obtain the equivalent of 120 ECTS credits, i.e. 50 US semester credits.
The International University of Monaco is in partnership with major brands and well-known companies in the luxury sector. This is the perfect opportunity for students to get to know the best national and international experts in the field. You can join the IUM in September or in January.Updated 27 March 2023