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50% of luxury firms may be at risk

Jun 22, 2020 United States
50% of luxury firms may be at risk
Daniel Langer, Chief Executive of Luxury, Lifestyle and Consumer Brand Strategy from firm Équité, believes half of the luxury brands around the world will fail to survive the COVID-19 crisis
Mr. Langer commented: “The brands that claim to be luxury companies yet don’t create extreme value will be the first to go. In other words, the ones that think charging high prices is equal to luxury”, as reported by footwearbiz.com.

The argument is that calling products or experiences as luxury based only on the idea that they are expensive will turn to be a fatal error for brands. The consultant argues that true luxury brands have to focus on delivering “significant value” to customers so that customers are willing to pay “a significant price” for what they receive.

Not long-ago Jonathan Anderson, Creative Director of luxury leather goods brand Loewe, said the word luxury had lost its meaning and called out for a need to “articulate luxury differently”

Source: footwearbiz.com

Image credits: Gabrielle Henderson on Unsplash

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