With the millennial market vastly becoming main consumers, powerful opportunities are emerging in the 25-to-34-year-olds market (the Millennial audience). The key challenge for todays luxury brands is not about how to connect to millennials through internet marketing tactics – but how to create compelling reasons why their brand is meaningful, important and unique.
Michael Kors last year snapped up shoemaker Jimmy Choo Plc for about £896 million ($1.2 billion) in an attempt to build the first US-based multi-brand fashion empire along the lines of Paris-based conglomerates LVMH and Kering SA. This year Kors saw Versace as good addition.
I'd like to point out Hermes' ability to adjust product lines to changing demands underpins the importance of innovation, R&D and customer research necessary to develop a leading brand in an ever-changing world.
Roger Federer will be leaving Nike to become their (Uniqlo’s) newest Global Brand Ambassador. The partnership will span 10 years and is worth in excess of 300 million USD. This is a sign of intent by Uniqlo, who has dominated Japan for years and now wants to compete in the west.
LVMH CEO Bernard Arnault provides insight as to what makes LVMH so successful in the luxury fashion industry.