Do you see emerging markets like India and China as opportunities or as threats for the luxury industry?
Luxury consumption has always existed in these markets but what has changed in recent years is the size of the consumer population with access to wealth and a high disposable income. This is a definite opportunity for luxury brands. On the other hand, emerging markets also have the financial resources to develop and manage their own brands especially with the lowering of the entry barrier into the luxury industry. This area will definitely evolve in the coming years.
Why did you decide to write this book?
The idea for this book came in late 2003/ early 2004 when I was conducting an extensive research exercise on the business strategies of the luxury industry. I was quite surprised to discover that although the luxury fashion industry is a global multibillion dollar sector, it lacked a concrete business structure and strategic business direction. There was no existing text on luxury management in any language that addressed the industy’s major challenges. So I decided to write the book.
How will your book help luxury companies to tackle these challenges?
Luxury Fashion Branding is a business text that provides in-depth analysis of luxury fashion practices through modern business techniques. It brings into perspective relevant complex issues, such as brand management, marketing strategy, e-Business, retail management, consumer insight, business planning and modeling, customization, best and worst practices and luxury fashion industry’s historical evolution. These sections provide key strategic tools that will enable luxury companies to address the challenges of modern business management.
Is your book based on research or practical experience?
Both! To write this sort of book, you definitely need extensive research supported by practical experience in the luxury field. My background as a consultant for major luxury brands and training as both an MBA and PhD was essential in writing the book.
What aspects of the luxury business have not been covered in the book?
As we all know, luxury management is quite vast and it’s not very easy to touch on all of the facets in a book of 320 pages although the book features the major aspects of the luxury business. So I’ve made provisions for this in my next book, which will be published in 2008.
Who will the book be appealing to?
The book is designed as a hybrid text for luxury professionals, academics, analysts and business practitioners in general. I think each of these groups will find something of value in the book. It will also be appealing to luxury consumers themselves as the language and narrative is light and illustrated with images.
Do you have any final words for luxury fashion professionals and consumers?
I received a lot support from several luxury brands, luxury professionals and luxury consumers while writing this book and I’m very thankful to them. I hope the book will provide something of value in to everyone who will read it.
DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.