• Latest
  • Trending

Top 10 Lessons From The COVID-19 Crisis That Luxury Brands Can Learn

February 2, 2021

Business booms for lawncare service started by three Saginaw boys | News

August 2, 2021

MSP seizes more than 1,200 marijuana plants from Carrolton Twp. home | News

August 2, 2021

The Hour Glass and Rolex: Partners in Time

August 2, 2021

Ocon claims maiden victory, Vettel disqualified

August 2, 2021

Midstate mom combats medical trauma in kids | 4 Your Community

August 1, 2021

Binance NFT celebrates Elephant Day with inaugural Jim Thompson NFTs

August 1, 2021

North Kansas City mask order starts Monday | Coronavirus

August 1, 2021

Father-son duo kayak the Chesapeake Bay in support of families in need

August 1, 2021

NWS confirms at least six tornadoes across Wisconsin from Wednesday night storms

July 31, 2021

Crete athlete struggles with post-COVID syndrome | Health and Fitness

July 31, 2021

In this rural Missouri county, the vaccination rate is low and opposition high | Coronavirus

July 31, 2021

The “Serendipity Sapphire” is the World’s Largest Sapphire Cluster

July 30, 2021
  • Home
  • General News
  • Tech
  • Entertainment
  • Lifestyle
Saturday, June 25, 2022
10Newz
  • Home
  • General News
    • All
    • Politics

    Trump’s Antifa Obsession Drew Law Enforcement Away From Far-Right

    Biden Executive Order Expands Obamacare to Uninsured in Pandemic

    Economy closes out 2020 with lower than expected 4% gain

    Cuba Fast Facts

    Expect “at least another 10 weeks” of vaccine shortages, says German Health Minister

    Comcast (CMCSA) Q4 2020 earnings

    Everything you need to know about how a Reddit group blew up GameStop's stock

    Could post-vaccine life mean we return to normal? Not just yet

    Dr. Fauci says Covid vaccines can be easily adapted to new variants, drugmakers working on boosters

    Poland abortion law: New restrictions go into effect, resulting in a near-total ban on terminations

    Trending Tags

    • Donald Trump
    • Future of News
    • Climate Change
    • Market Stories
    • Election Results
    • Flat Earth
  • Tech

    NFKings Co-founder Matthew Lim on NFTs and Binance Investment

    Virgin Galactic founder Richard Branson successfully rockets to outer space

    Twitter is a mess in India. Here’s how it got there

    Online retailers are using AI to convert more shoppers into buyers

    What Apple users should expect when using Microsoft 365 subscriptions

    Google Drive for Desktop app: 4 reasons why you should install it

    AI is trying to prevent online shoppers from ditching their carts

    Everything you need to know about Richard Branson going to space this weekend

    What Windows 11 means for Windows on Arm, and why it will bring more big name apps

    Apple co-founder Steve Wozniak: ‘It’s time to recognize the right to repair’

    Trending Tags

    • Flat Earth
    • Sillicon Valley
    • Mr. Robot
    • MotoGP 2017
    • Golden Globes
    • Future of News
  • Entertainment
    • All
    • Gaming
    • Music
    • Sports

    The Inside Story of How Navalny Uncovered Putin’s Palace

    Ducks fly together in new trailer for Disney+ series ‘The Mighty Ducks: Game Changers’

    Sophie Is Gone, and It’s Okay to Cry

    Johnson & Johnson Publishes Promising COVID-19 Vaccine Data

    Hollywood pays tribute to Cicely Tyson

    Trump’s Antifa Obsession Drew Law Enforcement Away From Far-Right

    CDC Issues Mask Mandate for Public Transportation and Planes

    Cicely Tyson’s radiant power (opinion)

    Watch System of a Down’s New Video for ‘Genocidal Humanoidz’

    Police Tighten Congress Security in Era of Rising Threats

  • Lifestyle
    • All
    • Fashion
    • Travel

    The Hour Glass and Rolex: Partners in Time

    Ocon claims maiden victory, Vettel disqualified

    Binance NFT celebrates Elephant Day with inaugural Jim Thompson NFTs

    The “Serendipity Sapphire” is the World’s Largest Sapphire Cluster

    Latest Saint Laurent Rive Droite Collection Features Jean Michel Basquiat

    NFKings Co-founder Matthew Lim on NFTs and Binance Investment

    Favourite Pieces from Watches & Wonders 2021: WOW Thailand Editor

    Sydney Leads The World With Its Placemaking Projects

    Sustainability, Market Demand and Unexpected Watches

    Tabayer Takes an Introspective Approach Ahead of the Collection Launch

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
No Result
View All Result
News
No Result
View All Result
Home Barneys New York

Top 10 Lessons From The COVID-19 Crisis That Luxury Brands Can Learn

by admin
February 2, 2021
in Barneys New York, BCBG Max Azria, Business of Luxury, Claire’s Stores, COVID-19, Diesel, Forever 21, Homepage Slider, Lifestyle, Nine West, Roberto Cavalli, Rockport Group, Sonia Rykiel
0
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

[ad_1]

For the record, the international luxury industry was not at its triumph pre-COVID-19. A few of the top sectors contributors of the luxury economy globally are Fashion, Real Estate, Automotive, Hospitality, Jewellery, Health & Fitness, F&B, Travel, and Health. We all witnessed the collapse of luxury giants in the shape of filling bankruptcies/liquidations since 2017 and earlier. Let me name a few of the fashion brands that took hit pre-COVID, like BCBG Max Azria, Claire’s Stores, Nine West, Rockport Group, Diesel, Roberto Cavalli, Sonia Rykiel, Barneys New York, Forever 21 and so on…

Luxury consumers and specific connoisseurs of luxury were transmitting the signals of divergence and disparity in the form of negative growth of the international luxury market. It all converged into a massive and collective downfall when COVID-19 swapped all sectors, continents, economies, humans, and whatnot. In non-idealistic scenarios, we are not able to preempt global disasters such as COVID-19 but market trends, consumer tastes, economic fluctuations, brand PLC’s and evolution of human choices could have been predicted to some extent if not holistically. 

Image Credit: Euromonitor International

Luxury pundits like Bain & Co. estimate that this year, the personal luxury goods market could contract 20 per cent to 35 per cent worldwide. McKinsey’s recent report predicts luxury sales for this year’s spring season are as much as 70 per cent lower than last year since we all are challenged to be in person at stores and that is a serious dent in the natural form of luxury shopping. 

There must be an oversight, negligence, lack of innovation, ignorance of the inferences, and/or shying away from the clear and obvious signs of transformation. Let’s make an effort to reflect on what could have been done and what we all as an industry could learn from at least the last 12-15 months, if not beyond. 

Here are the top 10 lessons luxury brands can learn from the COVID-19 crisis.  

 

Incessant Innovation

We must have a continuous stream of innovation within our luxury offerings. This is the most unwavering characteristic of a brand that keep their customers and stakeholder intact even in crises.  

 

Technology Catalyst

Image: Getty Images

Artificial Intelligence (AI) and Virtual reality (VR) are two of the many technological milestones luxury brands can benefit from if utilised from the human perspective. Most luxury brands are still using these assets as push strategy rather than investing in the brand and turning tech into the catalyst of a pull strategy. 

 

Personalisation Space

Image: Shutterstock

This is the most pivotal aspect of a luxury brand that distinguishes it from the mass market or premium brand. This past year has proven again that luxury brands that have already created a personalised space with their top customers have survived far well than customer-distant brands.  

 

Non-Commercialism

Commercialism is the inverse of luxury especially when we face a crisis of this magnitude. Not only that it costs more to be commercial but also creates a distorting message towards its target market that results in a lack of trust and diminishes the brand loyalty bond.  

  

Absolute Diversification

Not only in the product/ service offering but also in the distribution channels including target market and communication strategies; diversification has been one of the top salvage techniques of major luxury brands when a brand’s customer profiles shrink significantly. 

 

Direct Communication 

Social media has been at the forefront of our attention even for the luxury segment. The more we are direct with our current and potential customers, the more the chances that we can build trust. Adopting the latest means of communication including social media beyond product and brand-centric communication will surely set a luxury brand apart from the crowd.    

 

Nationalisation with Internationalisation

Image: Brandchannel

It’s a core ingredient for a luxury brand to internationalise but a crisis like COVID-19 has taught us to improvise on the national front as well. Without marginalising the national trade gains such as foreign currency and rise in exports, luxury brands have learned the lesson hard way to invest into the local markets with the same zest and zeal within as well if not more than into international.    

 

Social Consciousness & Inclusiveness 

Social consciousness with community responsibility is the pillars on which any brand builds its character and trust, more so being a luxury brand. Calamities and disasters define us who we are and what we stand for. Luxury is no more the business of exclusiveness when the times are tough, and economies are shrinking. Inclusiveness is the way forward where support is extended across all verticals of business involved in the chain of economic recovery. 

 

Sensibly Sustainable 

Image: Gucci

It’s no more a fashion to be sustainable, [rather luxury brands need to address] the current global environmental challenges. Luxury brands must lead from the front to create a sustainable greener and cleaner environment for the current and future generations. Being climate-conscious can help us tremendously to avoid several global disasters in the making or even keep them away or decrease the intensity. 

 

Humanity 

Luxury brands often ignore the real values of humanity that combine us as humans with care, feelings, and the urge to help and support each other when needed. Future luxury brands will be applauded and appreciated not because of their glitz and glamour but how they stood behind humanity across all colours, genders, languages, cultures, and religious affiliations.     

 

There could be more verticals of learning depending on the nature of business and its core business objectives. The above pointers are tilted towards a vast range of cross-sectional luxury brands and services across the globe as base principal ground rules of the futuristic luxury environment.

Contributed by Shahzad HAIDER, https://shahzadhaider.org/. New York based Transformation Consultant – The Future of Luxury

[ad_2]

Source link

Share196Tweet123Share49
admin

admin

  • Trending
  • Comments
  • Latest

Rolex Testimonee Martin Scorsese on the methods of Cinematic Legends

November 23, 2020

Read Trent Reznors Rock Hall Induction Speech for Nine Inch Nails

November 7, 2020

Alex Trebek, Longtime ‘Jeopardy!’ Host, Dead at 80

November 8, 2020

Business booms for lawncare service started by three Saginaw boys | News

0

Judd Apatow, Wanda Sykes to Perform ‘Laughter in Lockdown’ Fundraiser

0

COVID-19 Has Killed More Than 100,000 Americans

0

Business booms for lawncare service started by three Saginaw boys | News

August 2, 2021

MSP seizes more than 1,200 marijuana plants from Carrolton Twp. home | News

August 2, 2021

The Hour Glass and Rolex: Partners in Time

August 2, 2021
10Newz

Copyright © 2017 10Newz.

Navigate Site

  • About
  • Contact
  • DMCA Notice
  • Disclosure Policy
  • Privacy Policy
  • Terms Of Service

No Result
View All Result
  • Home
  • General News
    • Politics
    • Business
    • World
    • Science
  • Entertainment
    • Gaming
    • Music
    • Movie
    • Sports
  • Tech
    • Apps
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Food
    • Fashion
    • Health
    • Travel

Copyright © 2017 10Newz.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In