Luxury Fashion Brand Essay

To be booming in India, it is both requisite to gauge the financial potential as considerably as the mindset of the Indian highlife consumer. This pass on help in bringing forth the unspoiled product offerings to the Indian consumer as well as targeting them better. There are conventional foundations for ensuring success of a filth and they are listed below in shortened * The dirt must be expansive Which means it should be full of innovation opportunities for the securities industryer and in terms of sateing the different needs of the extravagance consumer.* The brand must tell a novel One of the best ways for an organization to compete and distinguish yourself from the rest of the pack is to tell your brand story. The story should be so powerful that it should make customer act as the way you want. * The brand must be relevant to the consumers needs Depending upon the mindset of the luxury class, it is necessary for a brand to satisfy those needs, whether they be for acquaintance or functional use etc.* The brand must align with consumers value A brand that does not concur with the basic values of a consumers society has a small chance of succeeding because luxury items are identification for a luxury consumer. This makes it difficult for the consumer to bring in the brand in such cases. * The brand must perform Irrespective of which category the brand belongs to, a performance assurance is a must for the brand.Based on the inputs given above as well as an understanding of the decision making process of the luxury consumer, we recommend the following paths for luxury marketers found on what Indian consumers really desire from their luxury brands, i. e. product brand, dealer/store brand and hurt/value relationship (The price / value relationship has been accorded less counselling since the Indian Consumer is at a phase when cost of luxury is secondary to its appeal / benefits) 1. Brand Me Affluent It is essential for marketers to ensure that the recognition value of their brands is always high so that it lends a sense of affluence to the consumer, which can all make love if others around him / her perceive the brand to be a top-notch luxury brand. This can come from either creation aligned with the most successful celebrities or being a part of elite events and promotions. 2. Nothing scarcely the Best This is a golden opportunity for the marketer to earn greater margins by adding customized value to his seam of luxury goods.These added-value customized goods testament ensure that the customer feels he has something more than just the ordinary range of luxury goods available. 3. Luxury is having the world at my fingertips First A luxury marketer exit not only have to be faster than his competitors in reaching out to the consumer, to gain a share of purse but also endlessly offer innovative products that serve to differentiate between the consumers. 4. Ethnic swank The Fusion of Local & Global goods Thi s point is connected to the strategy of a product being in line with the consumers values for it to be adopted.Apart from this, in the Indian context, ethnicity is also a fashion command in many product categories. 5. You Think Im Demanding? Next The marketers crinkle should be a constant endeavor to offer newer luxury goods to the consumer, in sync with their needs. In addendum to that, marketers will need to make sure that each and every single consumer has to be treated with a high-level of personalized attention, given the nature of the product and the consumer. Even minor Shortfalls in this case will have the consumer shifting their brand preferences to those marketers who can satisfy their needs better.6. CANNIBALIZATION OF BRANDS It thus becomes essential to ensure that successful celebrities are partnered with at the right time, thereby both eliminating chances of Competition as well as delivering the right aspirational / appeal message to the intended audience. Conclus ion The starting point for identifying successful luxury brand strategies in India has been established by identifying certain salient aspects of luxury brands that remain constant as well as identifying the stage of mindset of the Indian consumer towards these brands.The focus is now towards how soon luxury brands will enter the market to gain a first mover advantage, which is of significant importance in India. Apart from how soon, we primarily focus on how will luxury brands cater to the mainly aspirational needs of the Indian consumer. A watchword of heed that goes for luxury marketers, irrespective of their brands and Geographical presence The luxury consumer is always looking for newer ways to Satisfy his continuously changing needs.Hence, the need to keep a close tab through insightful research is of premier(a) importance. As far as India is concerned, given the rapidly accelerating affluence of the Masses, the scenario is set to witness a boom. The ones who will be ridin g the Wave will be the ones whove kept their ears open to each and every word of their Each and every customer. After all, in the luxury business, no marketer can afford the luxury of treating its consumers as a loosely bunched segment.