NYT Dec 02, 2014)
When brands like Gucci, Louis Vitton, Dior and Prada are struggling to survive in a market where the luxury fashion market is actually growing, everybody should take notice.
That crowd is only going to get larger and more heterogeneous — both geographically and demographically, analysts say. By the end of this decade, the global luxury consumer base will probably reach 400 million people, according to Bain, and climb to 500 million by 2030. Most of that growth will be fueled by steady economic growth in emerging markets, particularly in Asia, as well as the proliferation of digital and mobile technologies that enable consumers and brands to connect with one another in new and different ways.
A digital revolution, most large fashion brands seems to have a “status quo” attitude to, have occurred. Flag stores and private showrooms is getting outdated. They are time consuming and often too much of a bother for the busy new high tech generation of rich people.
A fantasy budget for marketing is no longer enough to keep a market position. Digital presence and availability is the new mantra. The only question is; who will trigger the wave of change?
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