Luxury Institute News

April 29, 2013

Now made in China: Taste

Posted in Automobiles,China,Fashion,Luxury Brands,Luxury Leaders,Luxury Market,Marketing,Politics,Wealthy Consumer
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5 Things Big in Beijing, Headed for Buffalo

By Quentin Fottrell
SmartMoney
April 28, 2013

Despite the ubiquitous “Made in China” label on everything from clothing to toys, China has been slow to export its own products and culture. Most Americans couldn’t name a single Chinese brand, a survey released this month found. Only 6% of could think of one, according to international marketing firm HD Trade Services. Some respondents mistakenly identified Japanese brands like Honda, Sony and Toyota as Chinese. Indeed, Chinese companies often sells products under non-Chinese names. Volvo Car, for instance, is owned by China’s Zhejiang Geely Holding Group.

“Branding was an alien concept in old China,” says Stanley Kwong, managing director of China Business Programs at the School of Management of University of San Francisco. “China had been making products for companies like Wal-Mart and Apple, but has not developed many brands.” It’s been easier for China to make a product than build a brand, experts say. Popular Chinese cosmetic brand Herborist is labeled “Made in Shanghai,” for instance, and the box for Apple’s iPhone — although made in China — is labeled “Designed by Apple in California.”

Click the link to read the entire article which includes several quotes from Milton Pedraza, CEO of Luxury Institute: http://www.marketwatch.com/story/how-chinese-tastes-are-reshaping-american-malls-2013-04-26

February 14, 2013

What Recession? Americans Regain a Craving for Luxury

Posted in China,Luxury Brands,Luxury Market,Stock Market
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By Nadya Masidlover and Christina Passariello
Wall Street Journal
February 13, 2013

PARIS—While all eyes have been focused on luxury-goods growth in China, another market has quietly been bolstering the business of high-end goods purveyors: the U.S.

French silk-scarf maker Hermès International RMS.FR -0.36%SCA said Tuesday that fourth-quarter sales rose 21% in the Americas to €184.6 million ($247.5 million). That comes on top of a slew of strong U.S. performances for its peers, such as LVMH Moët Hennessy Louis Vuitton SA MC.FR -1.20%and Cartier owner Cie. Financière Richemont SA. Gucci parent PPR SA PP.FR -0.44%could confirm the pattern when it reports full-year profits on Friday.

Click the link to read the entire article including a quote from Luxury Institute’s CEO Milton Pedraza:
http://online.wsj.com/article/SB10001424127887324880504578300291357105904.html

January 8, 2012

Management Consulting: Building Brand Loyalty Sweeps Clients Off Their Feet

Posted in Customer Experience,Customer Service/CRM,Luxury Brands
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By James D. Roumeliotis
WCW Insight
January 7, 2012

We constantly hear remarks and stories of deplorable customer service. I would think that brands would be more attentive and proactive. Unfortunately, this is not the case. You would have thought that they would make “devotion” a coherent strategy.

It should begin with the “trust” factor. Seth Godin, the highly respected marketer, asserts, “Institutions and relationships don’t work without trust. It’s not an accident that a gold standard in business is the “handshake”. Today, it’s easier to build a facade of trust. Not delivering impacts not on a firm per se but on an entire industry.

Some firms react to this by telling customers to “Read the fine print”. Financial Institutions cruise ship operators, and discount outlets are some of the most negligent in the customer service department.

Building “devotion” on the other hand, should be instinctive. If you cannot forge and emotional bridge to your client base your strategy needs a serious rethink. Branding strategy by definition means creating the right attitude to maintain loyalty to ethos of the firm, its products or services.

If you question this principle, think again. The internet and blogging throughout the social networks makes this imperative.

CRM is the key competitive differentiator CRM should be your first line of defense. Customers know the difference and it will separate your firm from your competitors. Loyal customers buy more and serve as de facto advocates of your brand.

Marty Neumeier states this clearly in his book, The Brand Gap:

“The brand is not what you say it is. It’s what they say it is.”

Talking either to prospects or current customers is paramount. If you do not recognize what your clients want or think how can you serve them better?

Not every firm takes the time to do this. You should if you wish to stand apart. It is worth the time and energy.

Take the example of Best Buy v. Amazon. The differences between the two organizations are transparent. If you buy something at Best Buy and decide you do not want the product or made a mistake and try to return the product, the response you will receive is “Sorry”.

Amazon, on the other hand, understands the context of online buying and has put into place the model for CRM. Make the wrong purchase or change your mind, the response is “No Problem”.

The end result is you will not think twice when buying a product Amazon sells or promotes.

Luxury Brand Management: The importance of customer loyalty

You would think that the situation would be clearer in luxury brand management. Guess again. Clients may be more discerning and have more DPI. But top products are not enough. CRM should accompany the product.

“Hermès has impeccable products, the top-tier of luxury goods,” said Milton Pedraza, CEO of the Luxury Institute, New York. “In terms of what customers want, they have the top design, quality and craftsmanship. What Hermès may need, however, is a refresher course in customer experience.”

“Consumers tell us in research that Hermès is the pinnacle of product delivery, but they could become far better in customer experience,” Mr. Pedraza stated.

Audi, the German automobile manufacturer focuses relentlessly on making its cars the number one premium car brand of choice. CRM is clearly one of their keys to success. They understand that the right product and after service and you win a client for a lifetime.

The Audi approach delivers excellent customer satisfaction. Internally, they made the firm the “best” place to work as well. Why?

By attracting the top-notch people, they can deliver customer experience in line with expectations. Spending money on appropriate marketing to attract new clients is not enough. Staff must have the skills to close the deal. An inadequately trained sales force will botch the sale. A positive buying experience is fundamental. It is what I refer to as ‘human marketing” not “buy this carpet, this carpet flies”.

The name of the game is to build a lasting, profitable relationship with them, and turn them into loyal and devoted repeat customers. If you do this with élan, then you have created a cadre of brand ambassadors.

Whether it’s B2C or B2B, sales and marketing people should co-exist. Every one in the sales chain needs to be brought on board including the receptionist, delivery team, and oddly enough those who work on the financial side.

Take the case of YO! Sushi established in the UK. They initiated the Japanese concept of “kaiten” sushi bars in the West. They serve Japanese style food on a conveyor belt travelling 8cm (about 3 inches) per second. It is the original and most famous sushi brand in the UK.

The experience is fun and exciting. Clients love the place.

Simon Woodroffe, the firm’s visionary entrepreneur and founder totally understands the nature of CRM and building brand loyalty. By doing so, the enterprise not only attracts new clients via marketing, it gains their continued patronage, which covers advertising costs.

Employees are well trained and know that they are the “marketing” team.

On the basis of these examples, it is necessary to take into account:

1) In a progressive customer driven entity, training and developing the human assets should be an ongoing process

2) Companies should be an enemy of the “status quo”

3) Mystery shopping (in person and/or by phone, as well as online) should be frequently conducted to get a sense of what an actual customer experiences – then taking action to rectify and improve the experience.

http://www.whitefieldconsulting.com/wordpress/?p=11303

December 24, 2011

What does Bernard Arnault want with Hermès?

Posted in Customer Experience,Customer Service/CRM,Luxury Brands
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By Rachel Lamb
Luxury Daily
December 23, 2011

LVMH Moët Hennessy Louis Vuitton’s courtship of leathergoods maker Hermès is not a secret, nor is it subtle. Conglomerate chairman Bernard Arnault claims his motive is not to take over Hermès, but if this is true, what exactly is it that he wants?

It is generally acknowledged – by both Hermès executives and the luxury industry – that Mr. Arnault’s continually-rising stake in the saddler is not seen as a friendly gesture, and the family-owned Hermes is putting most of its efforts into ensuring that LVMH does not have a takeover share. Mr. Arnault raised his stake in Hermès earlier this week from 21.4 percent to 22.3 percent and now owns 16 percent of its voting rights, according to a report from Women’s Wear Daily.

“I think that Hermès has impeccable products, the top-tier of luxury goods,” said Milton Pedraza, CEO of the Luxury Institute, New York. “In terms of what customers want, they have the top design, quality and craftsmanship.

“So, that’s what’s attractive to Mr. Arnault, as well,” he said. “However, where other investors come in to milk brands, he invests in them.

“Frankly, I think that Hermès could benefit from his views on customer service and experience, and not just products.”

Back in the saddle
Mr. Arnault wants Hermes, but it is not as if Hermès needs LVMH.

Most mergers and acquisitions are agreed upon because a company is struggling or needs a product refresher.

Hermès is not that case. In fact, it posted a 16 percent increase in sales last year, and its net profit margin increased from 15 percent to 18 percent from 2009 to 2010.

What Hermès may need, however, is a refresher course in customer experience, according to Luxury Institute’s Mr. Pedraza.

“Consumers tell us in research and anecdotally Hermès is the pinnacle of product delivery, but they could become far better in customer experience,” Mr. Pedraza said.

“Hermès could benefit from that and Mr. Arnault gets that,” he said. “That’s probably his interest in Hermès.

“But Hermès is becoming cognizant of that – I think that they will take this opportunity to improve in a human-oriented way, not just a product-driven way.”

High stakes
In September, Hermès was allowed to sell shares to a private holding company rather than publically, which would make it harder for LVMH to gain a controlling stake in shares.

This decision was brought on by LVMH’s refusal to halve its shares when Hermès publically asked. Instead, just a few months earlier in July, LVMH raised its stake to 21.4 percent.

Hermès claimed that the creation of the company will strengthen the independence of the label in the long-term and support the continuation of strategy and creativity in craftsmanship and brand values.

The thing is that if Hermès was to be bought by a label, LVMH would likely be its best bet. This is because Mr. Arnault not only takes interest in brands, but he builds them to the highest essence of luxury as possible.

After all, LVMH did not become the luxury powerhouse that it is without powerful business strategy, claims Luxury Institute’s Mr. Pedraza.

“It seems that Mr. Arnault has a formula for running luxury brands that is working quite well, so the brand would likely prosper,” said Pam Danziger, president of Unity Marketing, PA. “But time will tell whether he and the LVMH management team can keep that magic touch in the future.”

http://www.luxurydaily.com/what-would-happen-if-lvmh-took-over-hermes/

November 16, 2011

How The Uncertain Economy Is Changing The Definition Of Luxury

Posted in Luxury Brands,Luxury Market,Wealthy Consumer
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By Blue Carreon
Forbes
November 15, 2011

Even with its $10,000 price tag, is the Hermes Birkin bag still a luxury item when it’s become so ubiquitous? Can a consumer claim to be a luxury goods shopper when all he or she has to show for is a wallet from Bottega Veneta? What does luxury mean in a world when almost every other person at the airport security check is toting a Louis Vuitton or Gucci bag? Isn’t this the anti-thesis of exclusivity?

With the emergence of new wealthy consumers from the BRIC countries and the economic downturn for most nations outside of the BRIC superfecta in the past few years, luxury has taken on a multitude of new meanings. No longer does it exclusively equate to expensive products that are mostly of French or Swiss origins.

At the depths of the recession in 2008, stealth luxury became the buzzword. It was about consumption of goods that were expensive but discreet and very in-the-know, the opposite of ostentatious. It was about masking one’s Hermes purchases in a generic brown paper bag instead of the house’s unmistakable orange shopping bag. Conspicuous consumption was left to the cash-rich Chinese and their penchant for Chanel.

“These last three down-market years have created a dramatic shift in the definition of what luxury is. This recession has affected even the rich. No longer is luxury defined by excess and conspicuous consumption. Now luxury means products with higher perceived value and increased practicality. Demonstrating this is the near-disappearance of the ‘logo-covered product’ in the marketplace. The face of luxury is becoming much more subtle, understated and less ostentatious. Branded names are still the strong sellers, but the economy has dictated that it’s no longer fashionable to make sure everyone knows what brand you carry or wear from meters away,” says Robert Bergman, president of Bergman Associates, a boutique luxury branding and advertising company.

Just before the economy tanked, being green and eco-friendly became the new luxury. With this came a deluge of products that carried the words sustainable, recycled, reused, organic and earth-friendly. Even magazines came out with Green Issues, which were a bit of a paradox considering how many trees were cut down to print them and the carbon footprint emissions to deliver copies worldwide.

According to Milton Pedraza of the Luxury Institute, a consulting company dedicated to studying the behavior of high net worth consumers, the green factor remains a part of the luxury equation. “But the recession dampened the importance of the issue but it is making a comeback because it is needed in the minds of luxury consumers and executives. Luxury brands are getting traction on the issue.”

A lot of luxury brands have also been upping their luxury quotient by introducing limited-edition and bespoke items like bespoke Burberry trench coats or limited edition Bottega Veneta cabat bags. By doing so, they get to create a new stratum for their big spenders who do not want to be pegged in the same category as those who can only afford entry-level items like wallets, key chains and small purses.

“The truly rich have always been—and still are—the consumers of the “bespoke luxury” product, the ultimate in luxury. When your product is one of a kind, hand-made or customized to (or for) you, you create instant exclusivity—no one else can have what you have. Companies that trade in customized bespoke luxury such as Brioni for men’s suits, Remote Lands for travel, or Goldetto for bespoke luxury iPhone cases are seeing huge successes by tapping into the psyche of true luxury,” says Bergman.

But with the Euro Zone crisis and increasing fears of another recession, what does luxury for those outside the realm of the super wealthy and recession-proof?

“It means the best in design, quality, craftsmanship, service and pedigree. If a brand can deliver that at a lower price, consumers love that even more because they feel they are optimizing value. Coach, Apple and Zappos are examples of that trend,” says Pedraza.

http://www.forbes.com/sites/bluecarreon/2011/11/15/how-the-uncertain-economy-is-changing-the-definition-of-luxury/

April 15, 2011

Luxury by Any Other Name

Posted in Fashion,Luxury Market,Marketing,Retail,WealthSurvey
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By Romy Ribitzky
Portfolio
April 14, 2011

As retailers and analysts fret over what rising gas prices will do to consumers’ wallets, luxury brands are quietly boosting inventories, ramping up hiring, and doing away with secondary brands in favor of more expensive goods.

Italian provocateur brand Dolce & Gabanna became the most recent to announce it will do away with its lower-priced D&G line, following in the footsteps of Brunello Cucinelli axing his Gunex and Rivamonti collections, columnist Christina Binkley writes in today’s Wall Street Journal.

And while moving away from lines with entry-level pricing may seem like a counterintuitive move during uncertain global economic conditions, Binkley argues that for some luxury brands, it’s a tactic that makes sense. “Luxury brands can seem cluttered with different lines when what consumers really care about is the designers who stand behind them,” she writes.

Jim Taylor, a luxury-consumption consultant adds that “nothing upsets affluent consumers more than finding there are multibrand models for multiple levels of quality.”

In fact, high-net-worth shoppers are drawn to certain brands because of their exclusivity, industry experts explain. A designer’s power to enhance status, imbue lasting quality, and extend a special experience is what those who earn at least $150,000 expect from a luxury label, the Luxury Institute, based in New York, says in its March Wealth Report, also out today.

Hermes, Prada, and Louis Vuitton all ranked as the top women’s fashion brands, while Brioni, Ferragamo, and Ermenegildo Zegna topped men’s fashion choices for households who earn between $271,000 and $2.4 million annually.

So maybe Dolce & Gabanna are onto something. By choosing to stop diluting their brand’s appeal and choosing instead to focus on what makes a $395 corset top a must-have versus what makes it a good value.

The proliferation of flash-sale sites is also complicating luxury brands’ value proposition. For those fashionable men and women who want to look like a million bucks but don’t quite have the budget, waiting sometimes as little as a couple of months can make an unaffordable article of clothing or accessory less of a splurge. Still, for those designers who cater to all levels of consumers, having to discount their wares-not only in stores and online, but also to feed the constant daily deal beast-marketing and branding their different collections in a way that resonates with consumers can be a challenge.

What’s the solution? “Companies must choose between two strategies. Either they must go the way of Michael Kors and Ralph Lauren and “paint the earth” with multiple brand levels, or they must ‘simply be sublime’ and cater to the roughly 20 percent of luxury consumers who shop without regard to price,” Taylor tells Binkley.

http://www.portfolio.com/views/blogs/executive-style/2011/04/14/luxury-brands-choose-to-end-secondary-lines#ixzz1MiTwf1UV

April 1, 2011

Hermes, Brioni and Versace rank highest in reputation, prestige: Luxury Institute

Posted in LBSI,Luxury Market,Retail
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By Elizabeth Zelesny
Luxury Daily
March 31, 2011

A study by the Luxury Institute found that Hermes, Brioni and Versace rank highest in reputation and prestige compared with other luxury brands.

Respondents ranked each luxury brand on worthiness of a significant price premium, their willingness to recommend it to friends and family and the likelihood of consideration the next time they make a purchase. This was the key finding of the report titled “2011 Luxury Brand Status Index.”

“One key finding is that the classic brands have remained strong,” said Milton Pedraza, CEO of the Luxury Institute, New York. “You can see that these brands are not only classic luxury brands, but large.

“With size, you can survive and thrive during a recession,” he said. “What I would emphasize is that the biggest and best got stronger during the recession.”

The Luxury Institute is a New York-based ratings and research organization.

Hey, big spender

Survey participants comprised a balance of men and women from households earning $150,000 or more with an average income of $271,000 and an average net worth of $2.4 million.

Participants evaluated dozens of luxury fashion and footwear designers on quality, exclusivity, status enhancement and the ability to create special shopping and owning experiences.

Independent French luxury house Hermés earned the top ranking in the women’s category among five luxury retailers in the survey of wealthy shoppers.

Prada received the second-highest ranking in the luxury brand status index for women, according to the Luxury Institute, with Louis Vuitton coming in third.

In the men’s fashion sector, Brioni earned the top ranking in the survey, with Salvatore Ferragamo coming in second and Ermenegildo Zegna finishing third.

Versace, Christian Louboutin and Valentino were ranked the top three luxury brands in the women’s footwear category.

“Brands need to have incredibly long product lines, classic and contemporary,” Mr. Pedraza said. “These brands have both.

“All of these brands have a strong focus and a reasonable level of service, especially for the ultra-wealthy clients,” he said. “One surprise is that Chanel wasn’t in the top three, or even the top five.”

Experience for a lifetime

Mr. Pedraza said luxury brands need to focus and improve their customer experience.

The Luxury Institute recently conducted a study that found that Bergdorf Goodman and Nordstrom score far better than other retailers at having a top-notch overall shopping and customer service experience for their affluent consumers.

Moreover, the Luxury Institute found that Burberry and Bottega Veneta excel at having enthusiastic brand ambassadors in their stores who are interested in helping customers.

Mr. Pedraza said luxury brands must focus on creating loyal clients, especially the young affluent consumers who may not be able to afford luxury products now, but possibly could in the near future.

“That is the Achilles’ heel of many brands,” Mr. Pedraza said. “How they are going to create lasting relationships with up-and-coming consumers.

“Luxury brands need to make sure the up-and-coming tiers of younger consumers become loyal clients in the future,” he said.

http://www.luxurydaily.com/hermes-brioni-and-versace-rank-highest-in-reputation-and-prestige-luxury-institute/

March 29, 2011

High Net-Worth Shoppers Rank Luxury Brands On Multiple Criteria; 38 Women’s Fashion, 27 Women’s Shoes And 28 Luxury Men’s Fashion Brands Evaluated In Luxury Institute WealthSurvey

Posted in Customer Service/CRM,LBSI,Luxury Market,Press Releases,Shoes,WealthSurvey
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(NEW YORK) March 29, 2011 – Firsthand perspectives of wealthy U.S. consumers provide detailed rankings of luxury brands’ reputation and prestige in results of the 2011 Luxury Brand Status Index (LBSI) surveys, released today by the independent and objective New York City-based Luxury Institute.

A balance of men and women from households earning at least $150,000 per year evaluated dozens of luxury fashion and shoe designers on quality, exclusivity, status enhancement and ability to create “special” shopping and owning experiences.

Wealthy respondents also ranked each brand on worthiness of a significant price premium, their willingness to recommend it to friends and family, and the likelihood of consideration next time they make a purchase in that category.

Based on overall LBSI scores (1-10), the top luxury brands rank as follows:

Women’s Fashion
o Hermes 7.72
o Prada 7.70
o Louis Vuitton 7.58

Men’s Fashion
o Brioni 7.66
o Ferragamo 7.48
o Ermenegildo Zegna 7.47

Women’s Shoes
o Versace 8.06
o Christian Louboutin 8.04
o Valentino 7.98

“We find that some categories are very predictable with certain brands rating in similar positions over the years. The luxury women’s shoe category is one where fickle consumers rank and rate brands differently over the years,” said Milton Pedrasa, CEO of the Luxury Institute.”

The proprietary Luxury Brand Status Index (LBSI) survey is the only unbiased measure of the reputation of leading brands provided by direct insights from wealthy U.S. consumers. Sample households had average annual income of $271,000 and $2.4 million average net worth.

About Luxury Institute (www.LuxuryInstitute.com)

The Luxury Institute is the objective and independent global voice of the high net-worth consumer. The Institute conducts extensive and actionable research with wealthy consumers about their behaviors and attitudes on customer experience best practices. In addition, we work closely with top-tier luxury brands to successfully transform their organizational cultures into more profitable customer-centric enterprises. Our Luxury CRM Culture consulting process leverages our fact-based research and enables luxury brands to dramatically Outbehave as well as Outperform their competition. The Luxury Institute also operates LuxuryBoard.com, a membership-based online research portal, and the Luxury CRM Association, a membership organization dedicated to building customer-centric luxury enterprises.

For Further Information, Please Contact:
The Luxury Institute, LLC
Martin Swanson
Vice President
(914) 909-6350
mswanson@luxuryinstitute.com

June 1, 2010

Noblesse oblige, but no service, for French luxury

Posted in Luxury Market
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June 1, 2010
Reuters.com-Shop Talk
From apparel reporter Nivedita Bhattacharjee:

LUXURY-SUMMIT/

Luxury brands in the United States might still have a lot to learn from the entrenched design houses in Europe, but their commitment to pleasing the customer serves them well as the market returns from recession.
    
Milton Pedraza, Chief Executive of the Luxury Institute, told us during the Reuters Global Luxury Summit today that the commitment to customer service could even become a real point of differentiation for American brands.
 
“The American brands and even the Burberrys of the world tend to be better at customer-centricity, at service, and could make that a competitive advantage, because the Europeans are not as service-oriented, more product-oriented,” he said.
    
“The Europeans are not as service-oriented, (they are) more product-oriented, and they will even tell you that.”
    
If one is looking for an explanation behind the attitudes, Pedraza invoked a time well before Hermes opened its doors in 1837.   
 
“A French executive told me that the word ‘service’ … is equated with servility and (goes) back to the French revolution and is why the French don’t like to serve anybody.” 
(Photo: Reuters)

http://blogs.reuters.com/shop-talk/2010/06/01/noblesse-oblige-but-no-service-for-french-luxury/

May 4, 2010

French Dressing: Louis Vuitton

Posted in Fashion,Luxury Market
Tags: , , , , , —

April 29, 2010
Wall Street Journal Magazine

Is there a logo with a better pedigree, or a more resilient lifeline, than the LV of Louis Vuitton? A look at the 156-year-old brand.

As brands go, Louis Vuitton is up there with the best. In fact it may be the best if you are talking about global recognition and plaudits in the style stakes. But like anything with longevity, the regal LV initials (first stamped across leather trunks favored by royalty) have had their ups and downs in the cool stakes. The downs were mostly when the economy was “up” during the mid ’90s and early 2000s when, like all the major luxury brands, Vuitton experimented with “masstige”-creating gateway products for the aspirational to buy into. Despite this and having a product that’s notoriously easy to counterfeit (a recent court ruling making it easier for LV to go after companies that use its trademarks in Web advertisements to sell fake bags will help), luxury analysts and marketing consultants agree that the company has managed to shore up both ends of its market in a way that no other luxury brand-not even Gucci, Hermès nor Chanel- has done. (Vuitton is so canny that it has the solidity to take risks in potentially unsettled markets: It recently opened a store in Ulan Bator, the capital city of Mongolia, which has been betting on mining contracts to bring a rush of wealth to its emerging economy.)

“Ubiquity tends to be the antithesis of luxury,” says Milton Pedraza, CEO of the Luxury Institute, a consulting and analysis firm. “That hasn’t happened with LV. It’s no longer that little restaurant with no name that only you know about, but it still appeals to a huge number of people around the globe.”

But the value of a real “winner” in the global luxury stakes is whether a brand can withstand the slings and arrows of the outrageous fortune and attention that are bestowed upon it and still come out with its reputation unsullied. It’s a testament to Louis Vuitton (bought by LVMH CEO Bernard Arnault in 1989) that the moment it looked somewhat, shall we say, “available,” the company reinvigorated the logo.

To read the complete article, visit http://magazine.wsj.com/features/phenomenon/french-dressing/

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