Luxury Is Broken

Fred ReffsinbeMuse-The BlogLeave a Comment

Not completely…but the cracks are there and getting larger.
Cracks resulting from years of operational inflexibility and its impact on local market creativity, innovation, and original thinking. This started with the crash of 2008 with the aftershocks still being felt 10 years later. This has hit the industry…hard, perhaps harder than some thought. Should the industry have seen this coming? All of the signs were there:

• Retailers who were destinations now have to be everywhere the customer is.
• Customers demanding quality but want to know the brand’s purpose before buying
• The further the customer is from the store the more intimate the online experience has to be
• The pressure to drive volume in a category that rewards scarcity and exclusivity
• The role of culture in attracting and retaining talent
• Ego-driven, expensive, over-the-top trade shows replaced by the value of one-to-one contact

You can change the narrative by taking a hard look at the investments you are making in addressing the above. It may take some breaks in tradition but consider the alternative.

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