Luxury Fashion Brand Essay

To be self-made in India, it is both necessary to forecast the financial potential as well as the mind put together of the Indian sumptuosity consumer. This lead help in bringing forth the dependable product offerings to the Indian consumer as well as targeting them better. There atomic number 18 conventional foundations for ensuring success of a crack and they are listed below in brief * The mark mustiness be expansive Which means it should be full of innovation opportunities for the marketer and in terms of satisfying the divergent inevitably of the luxury consumer.* The brand must tell a story One of the best ways for an organization to compete and distinguish yourself from the heartsease of the pack is to tell your brand story. The story should be so goodly 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, whe ther they be for recognition or functional work etc.* The brand must align with consumers values A brand that does not concur with the basic values of a consumers indian lodge has a small chance of succeeding because luxury items are assignment for a luxury consumer. This makes it difficult for the consumer to adopt the brand in such fortunes. * 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 apt(p) above as well as an understanding of the decision making process of the luxury consumer, we recommend the following paths for luxury marketers based on what Indian consumers really desire from their luxury brands, i. e. product brand, dealer/memory brand and price/value race (The price / value relationship has been accorded less focus since the Indian Consumer is at a phase when hail of luxury is secondary to its appeal / benefits) 1. Brand Me Affluent It is essential for marketers to go steady that the recognition value of their brands is of all time high so that it lends a adept of affluence to the consumer, which mickle only come if others around him / her perceive the brand to be a top-notch luxury brand. This can come from either be aligned with the most successful celebrities or being a composition of elite events and promotions. 2. Nothing but the Best This is a golden fortune for the marketer to earn greater margins by adding customized value to his line of luxury goods.These added-value customized goods lead ensure that the customer feels he has something more than just the mean(a) range of luxury goods available. 3. Luxury is having the world at my fingertips First A luxury marketer will not only have to be faster than his competitors in r individuallying out to the consumer, to gain a parting of wallet but excessively continuously offer innovative products that divine service to differentiate between the consumers. 4. Ethnic Chic The F usion of Local & world(prenominal) goods This 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 statement in many product categories. 5. You mobilize Im Demanding? Next The marketers job should be a constant endeavor to offer newer luxury goods to the consumer, in synchronise with their needs. In addition to that, marketers will need to make sure that each and every single consumer has to be treated with a high-level of individualized 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 beneficial time, thereby both eliminating chances of Competition as well as delivering the well(p ) aspirational / appeal message to the intended audience. Conclusion The starting point for identifying successful luxury brand strategies in India has been established by identifying certain dramatic aspects of luxury brands that remain constant as well as identifying the storey 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 square 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 countersignature of caution 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 elapse a close tab through insightful research is of top importance. As far as India is concerned, given the rapidly accelerating affluence of the Mas ses, the scenario is set to witness a boom. The ones who will be riding 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.