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The Road To Luxury: The Evolution, Markets and Strategies of Luxury Brand Management

ISBN: 978-0-470-83002-4
432 pages
March 2015
The Road To Luxury: The Evolution, Markets and Strategies of Luxury Brand Management (0470830026) cover image

Description

A thorough, comprehensive guide to the luxury goods industry for executives, entrepreneurs, and students interested to know about the luxury business

As key new luxury markets like Asia, Latin America and Africa continue to expand, The Road to Luxury: The Evolution, Markets and Strategies of Luxury Brand Management gives professionals interested in the industry a holistic understanding of luxury market dynamics around the world using stories, experiences, relevant data and statistics on current market trends. For investors, the book offers valuable insight on where the industry is headed. For industry insiders and executives, it presents valuable data with which to craft successful business strategies.

  • The definitive insider's guide to the luxury sector by leading figures in the field 
  • Includes rigorous academic data, including information on the business attractiveness and appropriateness of various country markets 
  • Examines strategies and success factors of key players, and insight into the systems and operations, retail, distribution and e-commerce, emerging markets and emerging brands, as well as management styles

For professionals in the luxury industry, as well as those studying it or investing in it, The Road to Luxury presents a complete and information-packed resource covering virtually every aspect of this growing sector.

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Table of Contents

Acknowledgments xi

About the Authors xiii

Prologue: The Pink Bag 1

Chapter 1: Introduction: Definition and Crisis of Luxury 5

Issues of Defining Luxury 6

Crisis 8

The Luxury Industry 10

Reaction to the Crisis of Global Markets 12

Effect of Crisis on the Luxury Industry 18

Strategic Response to Crisis 20

Conclusion 25

Chapter 2: Evolution of the Global Luxury Market 29

Evolution 32

How Has It Changed? 38

Luxury Industry Trends 40

Conclusion 44

Chapter 3: Who’s Who of Luxury 47

The Consumers 48

The Actors 50

Conclusion 88

Chapter 4: Branding 89

Luxury Marketing: Highly Creative and Selective 92

Cobranding: Does It Enhance Branding or Selling? 107

Brand Extensions 109

Pricing 112

Storytelling: Culture, Event, and Communication 115

Digital Marketing 119

Discussion 129

Conclusion 130

Chapter 5: Brand Identity, Clients, and Ethos 133

Brand Identity 134

Ethos 140

Clients 144

Discussion 149

Conclusion 153

Chapter 6: Family Houses, Corporatization, and New Entrants 155

What Is a Family Business? 158

Family Business during Crisis 177

Family Businesses of the Future: Corporatization 178

Changes during Transition from Family Business to Corporation 182

Entrepreneurs and New Entrants 186

Trends and Discussion 190

Conclusion 193

Chapter 7: Management Styles in the Luxury Industry 195

Path Dependency: Management Styles 197

Managing Paradoxes 202

Examples of Styles 210

Analysis 227

Conclusion 230

Chapter 8: Skills 235

Historical Craftsmanship 238

Entrepreneurial Designers 240

The Sales Team 243

The Professional Managers 244

Skills Required 245

Managing Talent 248

Conclusion 261

Chapter 9: Services: The Point of Sale 265

Issues in Point-of-Sale 268

The Customer Dimension 269

The Service Dimension 277

Conclusion 280

Chapter 10: Systems and Operations in the Luxury Business 285

The Challenge 286

Global Supply Chain 290

Customer Relationship Management 295

Information Technology 301

Conclusion 302

Chapter 11: Retail, Distribution, and E-Commerce 307

Channels of Distribution 309

Travel Retail and Duty-Free Stores 324

Strategic Decisions in Geographic Expansion 328

Online Distribution and E-Commerce 331

Conclusion 335

Chapter 12: Intellectual Property Rights and Counterfeiting 337

Counterfeiting: Issues for Luxury Brands 340

The Issue of Legality 344

Is It an Emerging Market Phenomenon? 346

Effect on a Brand 347

Examples of Responses to Counterfeiting 350

What to Do to Prevent Counterfeiting? 353

Gray Market 362

Conclusion 364

Chapter 13: Emerging Markets and Emerging Market Luxury Brands 367

Brazil 369

Russia 381

India 386

China 395

Strategic Actions 404

Conclusion 409

Chapter 14: The Future and Questions to Ponder 411

Research Design, Methodology, and Data Collection 421

Bibliography 427

Index 433

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Author Information

ASHOK SOM is Professor of Global Strategy in the Management Department at ESSEC Business School, Paris-Singapore. He is the founder of the India Research Center, was the Founding Associate Dean of the Global MBA program, and the founder of the Global Management Programs on Luxury and Retail Management (in partnership with Indian Institute of Management (IIM) Ahmedabad, India.

CHRISTIAN BLANCKAERT is the Chairman of Petit-Bateau. He is also the Senior Advisor of Eurazeo and a board member of Moncler and Champagne Piper-Heidseick. He has previously served as Executive Vice President of Hermes International from 1996 to 2009.

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Press Release

February 04, 2015
Learn How to Capitalize On the New Luxury Trend
  • New book highlights the issues that define the luxury industry in the 21st century
  • Reveals the winning and losing tactics of many well known players in the luxury industry adopted during and post recession

A new book by Wiley offers a comprehensive overview on how the growing sector in luxury market has witnessed the shifting sands of time. The Road to Luxury: The Evolution, Markets and Strategies of Luxury Brand Management (Wiley; January 2015; ISBN: 978-0-470-83002-4, Hardcover; US$59.95), shows how luxury is no longer reserved for the elite and how it has evolved over time from family businesses to conglomerates, old luxury to new luxury and uber luxury to affordable luxury.

Christian Blanckaert, a former executive vice president of Hermès and leading expert in the luxury industry; and Ashok Som, one of the pioneering thought leaders in designing organizations and an expert in Global Strategy; claims that a recent trend has shown that luxury consumers are looking for brands that provide them with an emotional state of mind through a unique and sensual experience. “The story of the evolution of luxury is really about the evolution of society,” they said.

In their new book, the authors highlight the issues that define the luxury industry in the 21st century. This includes intellectual property rights and counterfeits, evolution of luxury industry, the effect of global economic crisis on the luxury industry, reaction to the crisis of global markets and how the luxury sector responds to the crisis.

“There was no universal response, nor any universal language. Chanel speaks Chanel, Hermès speaks Hermès, and Gucci has its own vocabulary,” said the authors.

The book also reveals the winning and losing tactics of many well-known players in the luxury industry that are adopted during and the post recession. These effective tactics are explained in a topic called, ‘Eight P’s of Luxury Brand Marketing’. This section expands on the requirement for highly creative and selective branding principles catered for the new age luxury managers and aspiring luxury entrepreneurs.

The Road to Luxury is a practical resource that provides an in-depth look into the luxury phenomenon. It uses relevant data and statistics on the current market trends, enabling the reader to apply the recommended tactics to his/her own business needs.

"I enjoyed reading this 360-degree overview of the Luxury world and I think it could become a sort of a 'Bible' for everyone belonging to or studying to enter this challenging world," writes Giovanna Furlanetto, President of Furla, in praise to the book.

The Road to Luxury is now available at the publisher's website at www.wiley.com.

Wiley is a global provider of content and content-enabled workflow solutions in areas of scientific, technical, medical, and scholarly research; professional development; and education. Established since 1807, Wiley has been a valued source of information and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. For more information, please see www.wiley.com.

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Press contact:

Sharifah Sharomsah

Publicist, WILEY

skbsharoms@wiley,com

Tel: (+65) 6643-8099

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