Open Facebook account, scroll down, "Gigi Hadid and Kendall Jenner walk the ramp for Chanel at Paris Fashion Week." The opulent ramp at the Grand Palais des Champs-Élysées, with slender models balanced on steep heels - an art in itself.
The world of Luxury, Models-Designers-Clothes; Shoes-Make-up- Hair ; Lights-Camera-Paparazzi; Newspapers-Magazines-Page 3. But there's much more than what meets the eye. Let's ponder.
At the essence of luxury brands, be it a Dior or a Bentley, lie the power and privileges that come with the ownership of the item. As the brand guru, Jean-Noël Kapferer, elaborates, in the olden times, the mere name of the noble marked the distance between him and an ordinary mortal. Nowadays, this distance is quantified in terms of the possession of luxury items. All luxury branding whirls around the concept that luxury invokes power, thus it is a duel to constantly fight for the position at the top, to keep up the facade and increase the desires of the consumers. But 'luxury' is not to be mistaken with the 'price' of an item. Luxury is an umbrella concept that houses a multitude of concepts; from the beauty of the product to its rarity, from the uniqueness to the history, savoir vivre to the finesse.
There are mainly two types of luxury branding: One that revolves around a 'story' created about a brand and the other that emphasizes on the 'history' of the brand. The former is usually a forte of the American brands like Calvin Klein and DKYN. The European brands on the other hand, rely on the rich history and uniqueness of their craft.
In reality, the luxury of a brand lies in its rarity and the lack of purchase by the majority ; the more it is owned by the people, the more its specter needs refurbishing. The golden rule for any luxury brand is that they do not advertise to sell, they advertise to create a desire. It's quite a catch 22 situation that these brands find themselves in, which is what makes advertising, for luxury brands, a challenge.
The product placement, right kind of pricing (always above average) and building close relationships with the clients are some of the important aspects to be kept in mind. After all, it's all about selling hopes.