5. Luxury as a Product

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Do curso por Università Bocconi

Gestão de empresas de moda e artigos de luxo

1742 classificações

Università Bocconi

Gestão de empresas de moda e artigos de luxo

1742 classificações

Learn how fashion and luxury companies work and understand their brands, products, retail, and communication strategies. Travel through business models, international development, and product categories with industry influent experts. Adopting a case-study approach, the course presents strategic brand management in luxury and fashion companies as a balancing act: tradition vs. innovation, expertise vs. experimentation, casual vs. stylish; in order to increase the brand value by nurturing the brand heritage and at the same time staying fresh, relevant, and contemporary in the global marketplace. Topics such as the impact of new retail channels, new media channels, and new business declinations for the brand and emerging markets will be discussed in the course.

Na lição

What is Fashion? What is Luxury? Defining Complex Competitive Systems and Business Logics

Welcome to the first week of our course! Before moving this week contents, please dedicate some time to read the About the Course section where you can find a series of useful information to approach the course the best way. The Trips&Tricks section contains some insights and best practices that Lucia Paladino (an industry expert) shared with our community. Once you have done with these introductory readings you can finally move to the first contents! This first module is dedicated to a general introduction to fashion and luxury concepts: what they imply, how they are perceived, how they differ, and what other basic ideas in this industry are.

4. What Is Luxury?6:57

5. Luxury as a Product4:16

6. Luxury as a Business3:57

7. Luxury as a Culture4:05

8. Luxury as a Customer3:10

9. What Is Luxury Not?4:55

10. Fashion, Luxury, and Millennials: Interviews (Additional Material)5:53

Conheça os instrutores

Erica Corbellini
Director
MAFED - Master in Fashion, Experience and Design Management
Stefania Saviolo
Director
Luxury & Fashion Knowledge Center - SDA Bocconi

Let's talk now about luxury as a product.

So there are so many product categories in the luxury world.

We usually make a distinction between products that are durable investments.

So let's think about cars.

Real estate, jets, even expensive

furniture, piece of design that you will keep for years, and on the opposite side,

there are our personal goods that are not durable.

Usually personal goods that are not so long lasting and so they might

interact with a high fashion and I do mean apparel, leather goods, shoes.

Beauty and the world of jewels and

watches when they are not objects of investment.

So in this wide and the originality of categories

actually you always have a luxury segment that usually is beyond and

up to the so called âpremium segment.â

And the key success factors in each product category are,

as you might think, different.

The rise of interesting, studies done by Bane and Company.

For Altagamma, that is the foundation of Italian high-end company in the business

as they say, of excellence that are actually nowadays a reference for

this market as theyâve been measuring since 1995, every year;

the evolution of luxury as a category in the different products as I said.

And we will focus in particular in this course and in these

entire weeks actually on the luxury that is more personal.

So we won't talk about durable goods, we won't talk much about cars.

We won't talk much about real estate.

We will rather talk about personal goods: so beauty, apparel, and leather goods.

So part with, let me say, closer to a fast-moving consumer goods market.

So in the last years what we have seen in terms of the evolution of the different

categories, is first of all, the booming growth of leather goods.

Now leather goods are a category when you think about luxury.

There you'll find the brands that are everyone associates with luxury.

It may be Hermes, may be Chanel, Bottega Veneta, Gucci, Prada.

And in the past was not like that, because in the past luxury was very much about

apparel, tailoring suit, pret-a-porter, haute couture,

why now apparel is actually not so strong as a luxury category anymore.

Let's say that another evolution in the market that we experienced recently

is the growth of what is called as experiential luxury.

so, a third category, with respect to the personal

the durable luxury experiential luxury has a little bit to do with art with services.

With hotels, with dining out, and a little bit with, also, fine food.

So the idea that I want to provide in terms of luxury as a category, is really

to make you preceive how many products, how many market segment and

how many categories are falling into the luxury world.

So you have to go industry by industry actually when you try to understand,

what are the players and the key success factors.

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