How brands can graduate to the premium segment
What makes a brand a luxury brand? There are many ingredients that go in the making of a luxury brand. Product and skills are the two major components.
The attitude of today’s customers should also be taken into account. The wishlist of an average consumer is never-ending. So to cater to that demand, new trends have unfolded in the luxury sector over the last decade. To understand the secret behind why luxury brands continue to evolve the market, a panel discussion was held at the Luxury Symposium 2018 in Delhi. Called Success Stories, this session was about the worldwide business opportunities in the luxury segment, and the risks taken by brands to succeed in a competitive market. The panel included delegates like Gabriella Cortese, Director, Antik Batik; Andrea Scotti Calderini, cofounder and CEO, Freeda; Claudio Marenzi, President, Confindustria Moda; and Raj Mahtani, Director, Raj Mahtani Couture Jewels—who spoke about their success stories and how they built their respective brands.
Claudio Marenzi talked about the meaning of luxury and what requires a brand to be qualified as a luxury brand globally. “Luxury is the combination of tradition, manufacture and excellence. These three key factors are important to create a brand identity in the market. After creating the identity the brand will start to evolve in the international market,” said Marenzi. According to Gabriella Cortese, luxury is linked to “handmade and sustainable products”. She said, “If you are going to ask people what does luxury mean to them, they would mention something connected to their memories. So, according to me luxury is not something you can buy with money.” Raj Mahtani discussed the changing trends in the fashion industry, and especially how fashion jewellery has impacted the luxury industry. He said, “The impact is not that significant but yes, in India the destination wedding trend is increasing Luxury is the combination of tradition, manufacture and excellence. These three key factors are important to create a brand identity in the market. quickly, so people who are travelling for a destination wedding, don’t want to carry fine and precious jewellery with them. These people have started wearing more fashion jewellery these days.”
Union minister Mukhtar Abbas Naqvi also graced the event with his presence. He congratulated designer Ritu Beri and her team for organising the Luxury Symposium 2018. He talked about artisans and craftsmen while addressing the crowd at the session. Naqvi said, “India is a country of master artisans and their skills must be preserved and developed. Every region and every hand in India has the skill and they are experts in various sectors. We should ensure that this legacy does not vanish. There is a need to develop and improve this legacy of master artisans and to provide a market and opportunity.”