The luxury industry is living interesting times because it has to increase its appeal amongst new generations. Luxury brands must understand how new generations are behaving and what do they desire. Therefore, brands must listen carefully, and adapt themselves. However, luxury brand, every single one, must be true to their unique values and characters. Every brand has their own brand universe, and there are some certain limits what a luxury brand can do in order to modulate themselves for the current environment.
There is an interesting interview in Financial Times. Gucci's chief executive Marco Bizzarri reveals how Gucci has changed its strategy in order to tackle declining sales. A few years ago Gucci was in a similar position like it was in the 1990's when designer Tom Ford decided to reshape the company. Currently, Gucci is on the right track with its quirky designs but it has also engaged with buyers on social media channels. It goes where potential and current customers are. But the brand is also listening to its admirers. To a certain limit. Therefore, you should follow how Gucci is practicing digital marketing.
Published in Luxury Sales Academy.