Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands

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Luxury is in fashion and is now to be found in almost every retail, manufacturing and service sector. New terms like "mass-luxury," "new luxury" and "hyper luxury" attempt to qualify luxury.  But if everything is luxury then surely the term itself has no meaning! There is confusion today about what really makes a luxury product, a luxury brand or a luxury company.

The Luxury Strategy analyses in depth the essence of luxury, highlights its managerial implications and ...

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The Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands

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Overview

Luxury is in fashion and is now to be found in almost every retail, manufacturing and service sector. New terms like "mass-luxury," "new luxury" and "hyper luxury" attempt to qualify luxury.  But if everything is luxury then surely the term itself has no meaning! There is confusion today about what really makes a luxury product, a luxury brand or a luxury company.

The Luxury Strategy analyses in depth the essence of luxury, highlights its managerial implications and rationalizes the highly original methods – often very far from the usual marketing strategies – used to transform small family businesses such as Ferrari, BMW,  Louis Vuitton, Cartier, Chanel, Armani or Ralph Lauren into worldwide successes.

The Luxury Strategy clarifies the difference between "premium," "fashion," and "luxury," and sets out the counter-intuitive rules for successfully marketing luxury goods and services.

Luxury experts Jean-Noel Kapferer and Vincent Bastien provide the first rigorous blueprint for effectively managing luxury brands and companies at the highest level, including human resources and financial management.

Finally, The Luxury Strategy unveils how in any market, including B to B, a company can learn from luxury strategies to differentiate itself profitably.

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Editorial Reviews

From the Publisher
"This well-written, comprehensive volume on managing luxury products is a blueprint for successfully navigating what many marketers have found to be a treacherous path.  ...Abundant examples enhance the text.  All components of the marketing mix are explored in terms of how they should be applied to luxury brands ...Summing Up: Highly recommended.  Practitioners, students at all levels, general readers, and researchers." —CHOICE

Praise for the previous edition:

"[A]ctionable information and advice. If you market luxury products, or want to, The Luxury Strategy should be on your bookshelf." —Roger Dooley, Neurosciencemarketing.com

"[H]ighly recommended for any basic business collection" —Midwest Book Review "[A] very intriguing book that can generate passionate discussions...an original and competent point of view on luxury marketing." —Branduniq

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Product Details

  • ISBN-13: 9780749454777
  • Publisher: Kogan Page, Ltd.
  • Publication date: 2/1/2009
  • Edition description: Older Edition
  • Pages: 384
  • Product dimensions: 6.30 (w) x 9.30 (h) x 1.10 (d)

Meet the Author

Jean-Noël Kapferer

is an expert on brand management. His book The New Strategic Brand Management (published by Kogan Page) is a key reference work for MBA programs worldwide. He holds the Pernod-Ricard Chair on Prestige and Luxury Management at HEC Paris. Also a consultant, he is a member of the board of a major luxury brand, and he frequently gives executive seminars on luxury in China, the US, Japan, Korea and India.

Vincent Bastien is one of the most experienced senior managers in the luxury business. Formerly MD of Louis Vuitton Malletier and CEO of Yves Saint Laurent Parfums, he has held senior posts at some of the world's most respected luxury brands. He is now Affiliate Professor at HEC Paris, where he teaches Strategy in Luxury.

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Table of Contents

Introduction: To be or not to be luxury     

PART 1: Back to luxury fundamentals     

1.         In the beginning there was luxury  

            A brief history of luxury        

            The 20th century and the democratization of luxury

            Luxury, the individual and society    

            Positioning and boundaries of luxury in our present-day society      

            Money, fashion, art and luxury: eternal boundaries and ambiguities

2.         The end of a confusion: premium is not luxury    

            The multiple approaches to the concept of luxury     

            Denying the specificity of luxury?    

            There is no continuous movement from premium to luxury  

            It is not easy to exit luxury through a ‘downwards’ strategy

            From where has the current confusion arisen?           

            Exiting the confusion: the case of the car      

            Relativity of luxury in cars    

            Is automobile luxury the pursuit of perfection?         

            Top-of-the-range, upper-premium and luxury cars    

            The luxury car: creation, mythical models and social prestige           

            What link does luxury have with technology?          

            The constituents of the myth of the luxury car          

            Luxury and expressions of national identity 

            Beyond the product: services and privileges 

            The cult objects: licences and boutiques        

3.         Anti-laws of marketing        

            1. Forget about ‘positioning’, luxury is not comparative       

            2. Does your product have enough flaws?    

            3. Don’t pander to your customers’ wishes   

            4. Keep non-enthusiasts out   

            5. Don’t respond to rising demand    

            6. Dominate the client

            7. Make it difficult for clients to buy

            8. Protect clients from non-clients, the big from the small    

            9. The role of advertising is not to sell           

            10. Communicate to those whom you are not targeting        

            11. The presumed price should always seem higher than the actual price     

12. Luxury sets the price, price does not set luxury  

13. Raise your prices as time goes on in order to increase demand   

14. Keep raising the average price of the product range       

15. Do not sell

16. Keep stars out of your advertising           

17. Cultivate closeness to the arts for initiates          

18. Don’t relocate your factories       

4.         Facets of luxury today         

On the importance of the ‘label’        

Luxury: the product and the brand    

The ingredients of the luxury product: complexity and work           

Superlative, never comparative          

Luxury and cultural mediation          

Luxury and history    

Luxury and time        

Tradition is not passéisme      

Luxury is made by hand        

Real or virtual rarity? 

Luxury and exclusivity          

Luxury and fashion: an essential difference  

Luxury and art           

Luxury and charity    

PART 2: Luxury brands need specific management       

5.         Customer attitudes vis-à-vis luxury

What is the size of the market?          

            To be rich or to be modern?   

Heavy users and day trippers (also called excursionists)       

The four luxury clienteles      

A strong axis of segmentation: relationship with the product or with the logo?       

A second axis of segmentation: authentic does not always mean historical 

A third axis of segmentation: individualization or integration?        

Luxury by country     

6.         Developing brand equity     

There is no luxury without brands     

A luxury brand is a real and living person     

A luxury brand has roots       

The luxury brand must radiate           

No life cycle for the luxury brand     

A legitimacy created from authority, class and creation, less from expertise

The financial value of luxury brands 

The core of the luxury brand: its identity      

Building coherence: central and peripheral identity traits     

Two modes of luxury brand building

Building and preserving the dream    

Product roles and luxury brand architecture  

Managing the dream through communication           

Defending the brand against counterfeiting  

Counterfeiting as a way to diagnose the health of the strategy of the brand

Always defend your rights and communicate frequently     

7.         Luxury brand stretching     

The origins of stretching        

Luxury stretching: a practise that has changed the sector     

Two models for extension: vertical or horizontal?     

The pyramid   

The galaxy      

Typology of brand stretchings           

Leading a brand stretch         

An example of stretching: Mont Blanc          

Stretching: brand coherence, but also the creative and unexpected  

Should extensions have a name?       

The risk factors of brand stretching   

Controlling the boomerang effect of extension clients          

8.         Qualifying a product as luxury       

No product without service   

The luxury product and the dream    

Functionality and dreams do not follow the same economic models

The luxury product is not a perfect product, but an affecting product         

Luxury product and competitive universe     

Luxury product and time       

Occasion of use and perception of value       

Lasting a lifetime … and beyond      

Prolonging the ecstasy of a privileged moment         

Adapting to its time   

Structuring the luxury range: how is the range of a luxury brand organized?           

Launching a new product range        

Don’t sacrifice the past to the future 

A mode of production as a lever of the imaginary    

The opposition between luxury and relocation          

Licences signal the departure from luxury     

9.         Pricing luxury           

What about price elasticity?   

Increase the price to increase demand and recreate the distance      

What price premium? 

Fixing the price in luxury       

Managing the price over time

No sales in luxury      

Sale, or price reduction?        

The price and its communication       

The price is not publicly advertised   

The price must be sold           

A luxury brand never communicates directly on the price    

10.       Distribution and the internet dilemma       

Luxury is in the distribution  

You sell to someone before you sell something         

It is the price, not the product, that is sold to the client        

The sales personnel should never earn direct sales commission         

Distribution shows that the brand dominates the client … but respects them          

Distributing is first of all about communicating        

Distribution should not only show off, but should even enhance the product range

It is distribution’s job to communicate the brand’s price level          

A luxury purchase is a lengthy act     

Distribution is luxury’s weak link      

The choice of a new sales point is not delegable       

Distribution must manage rarity        

Distribution protects you from competition  

Luxury and mode of distribution      

Luxury and internet distribution (the internet dilemma)       

11.       Luxury communications      

You don’t talk about money  

You communicate because you sell   

You communicate, you don’t advertise         

No personalities in the advertising     

The role of ‘brand ambassadors’        

Tightening the social driver of desire

Permanently encourage word of mouth         

What balance should there be between local and global communication?    

The internet and communication in luxury    

The codes of luxury communication  

Making the brand’s visual language denser: the nine signatures of the brand          

Making the brand denser through tales, stories and rumours

Adapting the communication register to the type of luxury  

12.       Financial and HR management of a luxury company      

Financial specificities of luxury companies   

Luxury and profitability        

Globalizing     

Luxury, volume and profitability       

Managing the human capital in luxury           

PART 3: Strategic perspectives

13.       Luxury business models      

Luxury products with a profitable core trade

What are the pitfalls to avoid in this working model of a luxury product with a profitable core trade?      

Luxury products with a too-restricted core range     

The perfume business model  

The business models of luxury trades with very high overheads      

The ‘high-tech’ business model (highly complexified product and service) 

14.       Entering luxury and leaving it        

Wanting to be luxury is not enough: the conditions of luxury          

Why envisage a luxury strategy?       

Start small and become profitable quickly     

Grow quickly 

Acquiring an existing brand   

Departing from luxury           

The end of a luxury brand     

Taking a brand out of the luxury universe     

15.       Learning from luxury          

Luxury concerns all trades     

Understand the rules in order to adapt them 

How Apple follows a luxury strategy

Luxury according to Mini      

Mixed strategies         

Managing a luxury strategy in ‘B to B’? Think ‘B to B to C’           

Luxury marketing as the future of classic marketing?           

What marketing issues of today could luxury marketing help to resolve?    

16.       Conclusion: Luxury and sustainable development           

Luxury and ethics      

Luxury and sustainable development

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Sort by: Showing 1 Customer Review

  • Posted December 26, 2009

    Highly recommended!

    In this world class book, all the most important topics related to luxury are addressed. It doesn't miss anything, from the business model to marketing, communication, positioning, Internet, distribution and more! Also full of valuable examples.
    A guide not only for people working for companies but also for entrepreneurs entering this market. And even you are not in the luxury market, I recommend it because it is really inspiring. Sometimes massive companies want to position a "premium" or "luxury" product and they fail. This book helps a lot to run a great strategy.
    I`m always referring back to this book.

    Was this review helpful? Yes  NoThank you for your feedback.   Report this reviewThank you, this review has been flagged.
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