“The reality is people love luxury, they love brands, they love shopping…what has changed is their understanding,” Steve Sadove, Chairman and Chief Executive of Saks, said during a panel discussing the state of the luxury segment at the National Retail Federation’s annual convention.
With all research going back to the idea that it is customer service and unique additions is what will keep the big brands alive. Customization has become key – everywhere from Hermes with their engravers hitting the stores to scribe personal perfume bottles, to Prada’s made-to-order stores. Even Chanel and Dolce and Gabanna are literally “asking” clients what they want.
But it is even a more interesting situation when looking at the entrepreneur.
If consumers are shelling out large dollar amounts only for the labels they know and rely on because of longevity and branding practices… what happens to the luxury entrepreneur?
I am of the opinion that partnerships are the best way to go right now.
Take for instance Furio Apparel. Both originally students of Rhode Island School of Design Catherine Furio and Parker Manis, have a business plan that exceeds the general “We want to make pretty clothing”.
Their vision links with short film makers, jewelry design, and industrial design allowing them to “incubate” young talent as well, while their collection and business grows. They invest in their own community of artists. Spring 2010 even brought on artisans from The Crochet Guild of America, who gave the brand pieces to insert within the garments.
This gives a young business a greater success rate by allowing them to explore other areas of the design business, essentially making the risk of investment less, because with every dress could come a coffee table or a short documentary.
If the fashion industry is all about “the new” it is important that the business world embraces newness as it were and rewards those who have thought outside of the box to be able to do it different and better than others. “The consumer directs, the customer requests but the brand decides.” Jeff Fardell , CEO of Mexx.
Those should be words to live by for an emerging luxury entrepreneur.
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