The changing ways that consumers shop for luxury is causing the greatest challenge for luxury insiders this year.
LVMH’s Bernard Arnault, the reigning pope of luxury marketing, brings near-religious intensity to controlling the 75 luxury maisons that make up his dominion, with Tiffany & Co. soon to join.
After looking around the industry and studying the research and analyst reports, I find the conclusion unequivocal. American consumers are over their love affair with fashion. The fashion industry is on the ropes.
Bernard Arnault’s LVMH luxury conglomerate and the United States seem to be increasingly merging their interests.
Paris-based LVMH knows what luxury consumers want, and year after year it is successful in delivering it to them. But like any other big company, there comes a time when it reaches its zenith and starts to plateau.
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Traditional luxury today fails to offer new culturally relevant expressions. It borrows symbolic and cultural codes from streetwear in a desperate effort to appear cool, current and on-trend.
Luxury brands keep trying to up their prices by elevating their luxury value proposition, but the foundation on which they are trying to build that perception is shifting out from under them as the consumer’s idea of luxury and theirs no longer align.