In this article about Ralph Lauren you can read how the brand is falling in value and keep losing customers. Their relatively new CEO Stefan Larsson quits with following statement from Ralph Lauren himself:
“ We have found that we have different views on how to evolve the creative and consumer-facing parts of the business”.
“Larsson’s departure will come as a surprise to many, at a time when the company is attempting to inject more excitement around its clothing and products, known for their preppy styles, to attract younger consumers and move away from its reliance on wholesale and heavy discounting”.
The thing is, almost no young people today even know who Ralph Lauren is. Why is that?
I believe it has a lot to do with the transition into the digital age. People are doing everything online, both browsing and shopping fashion. There was a time when people was reading fashion magazines on paper or watched movies on TV, everything heavily saturated with branding commercials. Now, paper magazines as well as the value of TV commercials are dropping like flies as people are changing to online articles and streaming Select Movies and TV programs.
Old-School brands are falling into oblivion as they cannot use location or pure marketing muscles to keep their brand valuable for the young consumer. If you Google Ralph Lauren, you will find lots of 70% discounts and not much else of interest.
Ten years from now, the value of a brand name will be synonym with the quality and absolute adaptation to all the possibilities of the digital media. It will not be enough to take traditional photos to create a digital version of a paper catalogue, as most do today. The consumer will expect a brick and mortar experience, with Artificial Intelligence helping to find your ultimate choices in a thousandth of a second from tens of thousands of fashion brands from all over the planet. A system that adapt to you and instantly show the best possible combinations for your look, taste and wallet. Today’s hunt and gather solutions will be consider as obsolete as it is when it comes to your everyday food consumption.
The future belongs to those able to see and to adapt.
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