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EditorsApr 18, 2008
The rewards of building an iconic name
When I grow up I want to be a luxury brand. Just imagine the joys of being recession-proof like LVMH whose U.S. sales of fashion and leather goods increased 18 percent for the first quarter. How is that possible you...
When I grow up I want to be a luxury brand.
Just imagine the joys of being recession-proof like LVMH whose U.S. sales of fashion and leather goods increased 18 percent for the first quarter. How is that possible you ask? "Customers favor established brands in tougher times," said Louis Vuitton's Chief Finance Officer Jean-Jacques Guiony during a conference call mentioned in Women's Wear Daily.
Instead of suffering from day spa withdrawal in an effort to mind my money, I want to push my no-less-than-four-figure wares in my newly opened stores like Chanel. And I want to have a three-year backlog of orders for an in-demand product like the Hermes Kelly bag.
When the people who struggled to buy my merchandise fall off the radar, I won't panic because I have an impressive mailing list of customers with $10 million or more in assets.
They're the ones keeping luxury brands alive. I don't want to join them, I want to one day become a luxury brand—and beat them.
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