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luxury - Page 5

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    Diverse #Miami #Retail Scene Continues to Attract #Luxury #Brands

    Everybody wants a piece of the Miami luxury market.

    Aventura Mall, the third-largest shopping center in the U.S. with 2.7 million square feet, has been adding luxury brands to its mix. Givenchy and Gucci will bow in the summer and fall, respectively. St. John and 120 percent Lino, an Italian brand of linen apparel for men, women and children, recently opened.

    Aventura in 2017 will add a new three-level, 315,000-square-foot wing. The Carlos Zapata-designed extension will have a rooftop garden and VIP concierge area.

    Due to its size, Aventura has a broad array of tenants, the majority of which are not high end. The center, which is anchored by Nordstrom, Macy’s and Bloomingdale’s features other luxury brands including Louis Vuitton, Cartier, Tiffany & Co., Burberry, Fendi, Bally and Emilio Pucci.

    The competition in Miami started heating up in 2012 when Louis Vuitton, Céline, Emilio Pucci and Christian Dior closed their stores at the Bal Harbour Shops and relocated either to Miami’s Design District or Aventura Mall. Hermès, which also defected, operated a temporary store in the Design District before unveiling its 10,000-square foot flagship there last year.

    While several luxury brands operate more than one unit in Miami, the city’s tourist trade has been dented by the strong U.S. dollar, Brazil’s economic downturn and Russia’s prolonged recession. Tourists from Brazil and Russia have been conspicuous consumers of luxury and contemporary goods.

    Jackie Soffer, co-chairman and ceo of Turnberry Associates, owner and manager of Aventura Mall, said the property attracts 28 million visitors a year. “We cater to a much larger audience,” she said, referring to other retail venues. “If you’re selling a $5 million ring, you may not need that. We have a lot of customers buying $10,000 or 20,000 handbags.

    “Tourism is down in Miami,” she added. “The Brazilian market hasn’t been as strong. We’re getting a lot more U.S. tourists. That’s made up for it a bit.”

    “It will be interesting to see what gets built and what works,” Craig Robins, the primary landlord in the Design District. “Some projects will succeed and some won’t do as well. Miami’s such a big, powerful market; there’s room for retailers to have more than one location.”

    The district is owned by Miami Design District Associates, a partnership between Dacra and L Real Estate, a global real estate development and investment fund, General Growth Properties and Ashkenazy Acquisition Corp.

    Bal Harbour Shops wants to expand with a new wing that would nearly double its size to 850,000 square feet. Whitman Family Development, which owns Bal Harbour Shops, needs voter approval for a land swap deal in order to go forward with the plan.

    New construction in Miami includes the 500,000-square-foot Brickell City  Centre, which will be anchored by Saks Fifth Avenue. It’s part of a $1.05 billion, 5.4 million-square-foot, mixed-use Brickell project that’s being developed by Swire Properties Inc., Whitman and Simon. Valentino, Chopard, Guiseppe Zanotti, Bally, Kiton, Vilebrequin and La Perla are among the retailers expected to bow in the fall.

    [READ THE FULL ARTICLE]

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    #Bentley: "People don't like the idea of just talking to a hidden microphone". Home, James?

    Luxury car manufacturer Bentley has released designs of a concept car that features a holographic butler to service the needs of the occupants inside (pictured).

    It also features organic LED touchscreens built into the cars panels and sofa style seating with a table in the middle of the cabin

    Stefan Sielaff, Bentley's design director, told Car and Driver that the virtual bulter is one of the aspects it is working on to set its cars apart from others.

    He said: 'Luxury is always related to service. People don't like the idea of just talking to a hidden microphone, we are thinking of how to personalise the next generation of communication.'

    Mr Sielaff did not elaborate on what the virtual butler could be used for and Bentley has insisted the designs are not necessarily an intention of a definite product.

    However, he added that as cars become more autonomous, luxury customers may want to have their own private vehicle while others use shared cars.

    [LIRE L'ARTICLE EN ENTIER]

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    Generation Z spells trouble for brands relying on Chinese tourists [#GenZ #China]

    By Forrest Cardamenis, Luxury Daily, March 09, 2016

    In a reversal of the more materialistic tendencies of their parents, almost 95 percent of Chinese Generation Z consumers say it is essential for brands to be sustainable and environmentally conscious, according to a report by RTG Consulting.

    The continued growth of China over the next several years will ensure that its consumers remain prime targets for brands for the foreseeable future, as even a slowed China exceeds the growth rate of western nations. As a result, brands will need to make a connection to this group, the first born in a fully modern China, in the interest of long-term success.

    “We have noticed that the meaning of success is being redefined where career and financial achievement are no longer the main drivers,” said Marc-Oliver Arnold, head of research and business consulting divisions at RTG Consulting Group. “Our research shows that more than 62 percent of Gen Z already believe that ‘success no longer means financial wealth’; instead, there is an emerging shift in mindset where it is more about how you live your life that matters.

    “Not only does this mean they want to live a multi-faceted and enriching lifestyle, but that they also see the value in taking responsibility for caring for the world and their environment,” he said. “This awakening fuels this generation’s desire to be mindful of the present moment and rediscover the meaning of happiness in daily experiences.

    Generation gap
    As millennials have begun to accrue wealth, they are now the target market for many brands, which recognize that making the connection could sustain several decades of good business. However, the potential of the subsequent generation, particularly in booming market such as China, is enormous.

    Additionally, the present reliance on Chinese tourists, a result of the country’s enormous population and booming economy as well as laws, taxes and limitations of distribution that raise the price of luxury goods in the country, means brands must be equipped to reach these consumers when their behaviors and desires change.

    While Chinese millennials are heavy travelers and see luxury items as status symbols, tomorrow’s Chinese consumer will more closely resemble today’s western youth, a worldly, socially conscious consumer with alternate definitions of success.

    Good news for brands is that many of the techniques currently being used to court millennials, namely emphasizing sustainable measures, will prove effective on China’s Gen Z. Brands that have not yet begun to prioritize sustainability and reduce their carbon footprint and have instead banked on a globalizing economy and/or Chinese tourists will only be more pressed to adapt as time goes on.

    Although environmental concerns are the largest marker of China’s Gen Z consumers, it is far from the only one. Barely a quarter of these consumers object to same-sex marriages, an opinion that is at first glance divorced from consumer culture but is in fact important to note for marketing materials, which still overwhelmingly suggest heterosexual couplings.

    While “word of mouth” was and remains the best form of advertising a brand can hope for, the phrase is quickly becoming an anachronism. Only 10 percent of consumers surveyed spend more time interacting offline than online with friends.

    Marketers are already going after consumers on social media, but proficiency with the various platforms and a quick adoption rate will be crucial moving forward. With interaction moving online, brands will need to find ways to generate buzz in an organic an unobtrusive way even more so than they do today.

    Chinese consumer using WeChat

    “As digital natives, China’s Gen Z currently lives and breathes mobile, and so [a brand’s] approach must be inherently mobile, with the goal of becoming part of their digital lifestyle,” Mr. Arnold said. “This means offering engaging, meaningful and inspiring creative content as well as distinct experiences.

    “In addition, we foresee brands to increasingly become more of a platform for people to build deep and personal human connections.”

    Perhaps most alarmingly, around half of respondents say that a more interesting job would be preferable to a high-paying job and only 11 percent agree that wealth indicates success. The overall shift from materialism to mindfulness could be a major obstacle for many sectors, which will need to find a way to tell consumers that a handbag, jewelry or a car is more than a product or sign of wealth.

    Brave new world
    Although this data connects China’s Gen Z to global Gen Y consumers, China’s own millennials are generally far more consumerist than those in the United States and elsewhere.

    Following Gen X’s economic breakthrough, Gen Y was presented with a world in which they could buy previously unthinkable luxuries. Those born into such a world, however, have turned their attention to non-material aspects of happiness.

    [READ THE FULL ARTICLE]

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    Online #fakers and market stall frauds beware: #Ferragamo uses tech to catch out £5bn a year #counterfeiters.

    Kitty Knowles is a Staff Reporter at The Memo. Kitty previously worked as an online journalist for GQ. She can be found tweeting @KittyGKnowles.

    Counterfeit crackdown: Microchips hidden in luxury heels & bags

    From skirts that live-tweet and electric shock dresses to platforms that let you design your own shoes and bags, we’re used to the worlds of fashion and technology colliding.

    Now luxury brand Salvatore Ferragamo has got in on the act, but this time it’s not in the name of aesthetic innovation: The Italian brand is microchipping its products to clamp down on counterfeiters costing the European luxury industry an estimated £5bn a year.

    Hidden microchips
    In the future your new shoes or bags won’t just come with smart buckles, bows or tassels, but with hidden microchips hidden inside. Footwear will conceal this smart device in the heel, while leather bags will hide chips discreetly within their lining.

    Rather importantly, the chips are discreetly invisible, cannot be imitated, and cannot be tracked (they can only be read at a distance of 4cm or less).

    Better for the brand and buyers
    It’s not only hoped that the move will help the company to identify fakers selling subpar goods, but that it will help customers to make the most of their luxury purchases.

    Many shoppers regularly update their wardrobe and attempt to sell the last season’s models online, but fear of fraud means that although Ferragamo shoes sell for up to £1,500 (and handbags at around £2,000), the resale value online is usually only about £1 for every £100 of the original price.

    Being able to guarantee that items are genuine means you can bring the price back up to £30 or £40 for every £100 it originally cost.

    “People who can afford to spend thousands on a purse often get tired of them after six months and tend to sell them on eBay,” Greg Furman, of the Luxury Marketing Council in New York told The Times.

    (....)

    [READ THE FULL ARTICLE]

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    #Luxury brands are more vulnerable than ever to #crises

    From Simon Brooke, Mobile Marketer, March, 10, 2016

    It is not something that any company likes to think about, but crisis communications management should be near the top of the to-do list of every luxury brand this year.

    In the United States, fast food chain Chipotle’s continuing problems with a norovirus outbreak continue to leave a nasty taste in the mouth of consumers and with investors as shares fall. Across the pond, just one week into the New Year the head of the United Kingdom’s Environment Agency resigned following his managing of the floods crisis.

    Just two recent examples of an organization and an individual in deep trouble because of a crisis, but this has nothing to do with the luxury sector, though, surely? Unfortunately it has.

    Crises are hitting organizations and individuals more frequently and more harshly than ever before and it is only a matter of time before a luxury brand is engulfed in one.

    Lire la suite

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    The high-end luxury brands are catching on in China [#promise #fashion #luxury]

    Some say that when China sneezes the rest of the world catches cold, but the high end luxury brands are catching on in China, becoming the most exclusive and desirable ones in fashion according to the wealthiest Chinese women.

    Still, our ranking also reveals a stronger competition that is accentuated by the wealthy customers’ increasingly stronger maturity.

    Take 3 minutes to watch the Video Release by Pr Philippe Jourdan

    china, luxury, hermes, prada, chanel, louis vuitton, fashion, bnp, exane, promise, desirability, exclusivity

    Have a quick look at the Press release & the main insights

     china, luxury, hermes, prada, chanel, louis vuitton, fashion, bnp, exane, promise, desirability, exclusivity

    Download the infographics

    china, luxury, hermes, prada, chanel, louis vuitton, fashion, bnp, exane, promise, desirability, exclusivity

    The International luxury press echoes results: take a look

    china, luxury, hermes, prada, chanel, louis vuitton, fashion, bnp, exane, promise, desirability, exclusivity

    This barometer Promise Consulting / BNP Exane classifies the 15 most exclusive and desirable brands in China in the universe of feminine Fashion. This Barometer is conducted amongst the wealthiest Chinese women, and is about the 30 luxury brands in ready-to-wear/handbags/shoes/accessories that have invested the most in communication (source: Industry Interviews, Exane Paribas).

    Promise and BNP Exane already conducted the same survey amongst French wealthiest women in May 2015 (see: http://bit.ly/1ESTZGu).

    This barometer in association with BNP Exane reflects our determination to move closer to the marketing and cross-section financial analysis. Our Monitoring Brand Assets® approach itself features very complementary analyzes with those conducted by BNP Exane’s experts. Hence, the obtained results from our joined barometer are based on two different angles of expertise, marketing and financial, which brings a unique added value to the managers and decision-makers in the Luxury sector. More concretely, our measure of the exclusivity of a brand takes into account the upper and more constant quality of products, the strong and unique valuation of the customer, the brand’s prestige, but also a matchless “savoir-faire” that justifies a very high price premium associated with top luxury.

    "Finally, our measure of desirability synthesizes the dimensions of attractiveness of an intimate, social and symbolic nature, which are the strengths of exclusive brands, and characterize the particular relation that they maintain with their customers. In this respect, our Barometer synthesizes, in two proven scales, the numerous criteria to establish a ranking between the high-end brands from their customer’s point of view", states Pr. Philippe Jourdan, Promise’s CEO.

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    #Burberry targets younger market using Brooklyn Beckham, #Snapchat

    [29 January 2016]- British fashion house Burberry is putting model Brooklyn Beckham at the helm of its Snapchat account to promote the Burberry Brit fragrance.

    Burberry reposted an Instagram image of Mr. Beckham, the son of David and Victoria Beckham, obscured by the lense of a Leica camera as his photo was taken. In the original posting, Mr. Beckham expressed his excitement to photograph the Burberry campaign on Saturday, Jan. 30, being shared via Snapchat.

    Snap snap
    While Mr. Beckham did not share the details of the campaign or what he would be photographing for Snapchat, he did use the hashtag #ThisIsBrit, used for Burberry’s Brit fragrance.

    Likewise, Burberry did not share any details regarding the campaign opting to repost Mr. Beckham’s image. The brand also followed up with a teaser video posted to its account featuring the Snapchat ghost and gritty images of a city, a skatepark and references to the Brit fragrance.

    What has been previewed in the Snapchat teaser and the brand’s selection of Mr. Beckham, who turns 17 in March, offers consumers a much younger aesthetic than Burberry traditionally expresses. By hosting the campaign on Snapchat, and likely Instagram afterwards, it is clear that Burberry is working toward establishing a connection with a young demographic of consumers.

    [READ THE FULL ARTICLE] 

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    Knight Frank’s latest #Wealth Report for #2016: 11 #luxury items #millionaires blow their money on [#uhnwi]

    Business Tech, 06 March 2016

    People who have a lot of money like to spend that money – and they like to invest in everything from classic cars to stamps and coins.

    According to property group Knight Frank’s latest Wealth Report for 2016, the world’s ultra-high net worth individuals (worth more than $30 million) have increased spending on luxury goods by over 200% in the past decade.

    Not all asset classes have grown equally, however, with super wealthy people finding favour with big buys such as classic cars, wines, coins and art over things like furniture, Chinese ceramics and diamonds.

    [READ THE FULL ARTICLE AND DISCOVER THE TOP 11 PURCHASED LUXURY GOODS BY UHNWI]

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    Exclusivity gives the kick for luxury brands in online arena [#luxury #online #e-commerce]

    Manisha Rao, 05 MArch 2016, Yourstory.com

    Luxury as a concept is defined within the scope of socio-psychology as a result of its connection to a culture, state of being, and lifestyle, whether personal or collective. In the context of brands, it relates to a signature style, identity, and strong emotional and symbolic associations that are interpreted in terms of products of high aesthetic quality, controlled distribution, and premium pricing. And this is what we refer to as exclusivity.


    Even as luxury brands are taking to the digital space a little later than the other industries, they are bringing in their own energies to it. So, the product perception in case of premium goods is not incidental, but a cultivated outcome of a carefully crafted positioning strategy that largely hinges on ‘exclusivity’ in its appeal and aura.

    Exclusivity in tech
    We take up the case of very prominent Apple smartwatch and its marketing as not just a piece of tech innovation but also a luxe accessory. The launch campaign was a mix with exclusive editorial spreads in various editions of Vogue (which is fashion-specific and not a tech magazine) and also tactics like limited retail distribution, tie-ups with upscale retailers (Colette in Paris and Opening Ceremony in London), individual sales appointments in stores, and celebrity endorsements. The result of all these strategies was the phenomenal buzz around the smartwatch that came to figure on the coveted lists of many jetsetters.

    Exclusivity in E-commerce
    Now there are luxury brands innovating to reinforce their unique brand USPs even as they creatively attempt to carve a distinct online echo for them to cut through the competition. By coming up with visually tempting and experiential digital platforms via short films, apps, microsites, and online events, luxury brands are revamping their digital personas and also influencing the Millennial consumer to look out for that special, singular brand experience like Flipkart’s exclusive Xiaomi phone launch in India.

    Exclusivity in luxury clothing
    Brands like Jimmy Choo, Tod’s, Louboutin, Gucci, Zegna and Burberry offer product customisation in terms of size, fit, personalisation such as monogramming and matching. These brands make up that section of luxury brands that have their fingers on the consumer’s pulse and study the fast-evolving consumer profile in terms of desires, buying behaviours. Such reflections then lead to creation of unique apps that enhance consumer’s interaction with the brand and also impart an exclusive experience, such as Hermès Tie Break and Burberry’s Art of the Trench15. Some luxury brands are also offering certain services availed only through their online portals and some are launching exclusive collections online first, for example, Ralph Lauren has launched its luxury pet essentials with Darveys.com, luxury brand Swiss military with Firefox bikes and designers like Manish Arora, Sabyasachi are tying up exclusively with portals like Jabong, Myntra, and Amazon.

    Exclusivity in online departmental stores
    In addition to the brand owned online offshoots, there are online departmental stores that are the other major outposts for the luxury shoppers. NET-A-PORTER is one of the most preferred leading online shopping sites in the UK and USA. Along with its high service ethic and unique content and exhaustive range of luxury brands, the site also marks out a preferred treatment strategy for its most valuable customers, the EIPS (extremely important people). Hence, they enjoy exclusive services like having their orders picked, packed, and dispatched, while also availing services like personalised look-books, personal shoppers, etc.

    Consumer perspective
    Customers need to feel special as they indulge their time and energy into a brand. According to a McKinsey report from February 2015, 60 per cent of US luxury consumers say they would be more likely to buy at an online shop if it offered luxury brands that no one else sold online, a sentiment echoed by their German counterparts. Forty-one per cent say they would be more likely to buy online if there were better prices offered.

    Branching out further in the luxury domain are private shopping clubs that are members-only, where members are given special offers on big brands. Luxury flash-sale site Gilt Groupe has been offering exclusive sales to its Facebook fans – more reason for them to go online and buy and feel special.

    [READ THE FULL ARTICLE]

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    World's super rich keep buying up luxury goods in face of wealth decline [#rich #luxury #wealth]

    Sales of super-yachts rose 40% last year despite number of millionaires and ultra rich falling, according to wealth report

    The global super rich continued to splash out on super-yachts and luxury goods last year, despite a decline in their overall wealth in the wake of financial market turmoil.

    According to the latest wealth report from estate agents Knight Frank, published on Wednesday, sales of super-yachts – boats longer than 24 metres – soared 40% in 2015, with the rich roaring off to ever more far-flung destinations, such as the Antarctic and outposts in Asia, rather than their traditional ports of call in the Mediterranean and the Caribbean.

    The number of ultra rich – people with $30m (£22m) or more in assets – fell 3% last year. There are now 187,500 with assets in excess of that benchmark, down from from 193,100 in 2014. This was the first decline since the financial crisis. Between them, they controlled $19.3tn in assets, down from $22tn the year before. This reflected the rollercoaster global stock markets, the slump in commodity prices and slowing economic growth in China and other countries.

    The number of dollar millionaires around the globe also fell from 13.6 million in 2014 to 13.3 million last year. Together, they hold assets worth $66tn – more than the value of all global shares added together.

    But the report believes that the decline in the number of millionaires is just a blip, and predicts that by 2025, there will be more than 18 million of them.

    So-called investments of passion such as art, cars, stamps and jewellery remain popular among the super rich. Knight Frank’s art index rose by a muted 4% last year, but a number of records were set in the world’s auction houses.

    Pablo Picasso’s Les Femmes d’Alger notched up a new record for a painting sold at auction after fetching more than $179m, while Reclining Nude by Amedeo Modigliani went under the hammer for $170m to a buyer from Shanghai.

    Classic cars increased by 17% in value last year, while coins went up 13%. Knight Frank’s overall luxury investment index rose 7% in 2015. This compares with a 5% drop in the value of London’s leading share index, the FTSE 100, and a rise of just 1% forprime London residential property.

    Andrew Shirley, the editor of the wealth report, said: “Although no classic car managed to beat the record set by Bonhams in 2014 when it auctioned a 1962 Ferrari 250 GTO Berlinetta for $38m, eight of the 25 cars ever to have sold for over $10m at auction went under the hammer in 2015.”

    Wine and luxury watches both posted 5% increases. A Hong Kong-based billionaire set a record for a gem or piece of jewellery when he paid $48.4m for the Blue Moon, a rare fancy vivid blue diamond auctioned by Sotheby’s in Geneva in November. The day before, he paid $28.5m for a vivid pink diamond sold by Christie’s.

    The value of investment-grade Bordeaux wines slumped as a result of a sharp fall in demand from China, but they have now started to recover, said Nick Martin of Wine Owners.

    Even furniture values, which generally had a poor year, set a new auction record for a living maker when the Lockheed Lounge sofa by the Australian designer Marc Newson sold for £2.4m in April 2015.

    [READ THE FULL ARTICLE]