Iliyana's Blog

The Story Behind Successful Luxury Brands

[fa icon="calendar'] 27-Oct-2014 08:00:00 / by Iliyana Stareva posted in Fashion

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This is not a typical post for this blog. For the first time, I am not really going to talk about PR, social media, business (in the direct sense) or sustainability. This piece is about one of my other major passions – fashion. I am doing a Massive Open Online Course (MOOC) called Managing Fashion and Luxury Companies (a great course by the way!), which opened my eyes about the peculiarities of the fashion business and particularly the luxury segment.

So today, I am going to show you some really amazing videos about the uniqueness of luxury products and how heritage, legacy and manufacturing mastery underpin the storytelling of luxury brands.

Before I move on to the videos, here are some key things I have so far learned from the course to help you better understand the meaning and power of these stories.

What makes up the concept of luxury? Three things:

  1. Human touch
  2. Craftsmanship
  3. Excellence

The luxury industry is about value creation, it's about selling a dream, a feeling, an experience non-comparable to another. Luxury brands are therefore required to strike the balance between providing an intrinsic product value (e.g. superior quality, handmade, unique, precious, with extraordinary design, limited) and an intangible element related to it – giving the desired dream effect or special feeling, often determined by the exclusive branding or the aspirational lifestyle that the brand embodies.

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