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DYADICA-SXTC Global Brand Consulting is a team of leading brand strategists and marketing professionals.
Stephan (former CMO of a fashion brand) says this is a tipping point and a huge opportunity if used wisely.
“This is a pivotal moment and a fantastic opportunity if used wisely,” says Stephan, a former fashion CMO. “Brands need to communicate to a huge audience what makes them different.”
— Stephen Paul, SXTC-DYADICA Global CMO
LONDON, LONDON, United Kingdom, August 23, 2024 /EINPresswire.com/ — The current scandals in Italy involving human rights abuses and product manufacturing by luxury brands such as Dior and Armani raise big questions about the survival of the luxury fashion industry. Will these and other luxury brands, and the industry as a whole, be irreparably damaged? SXTC-DYADICA’s brand strategists and experts think not. If thought about rightly, this could be a rare opportunity to strengthen and revitalize the industry, the market and its key players.
Brand marketing experts know that the true value and power of a luxury brand lies not in the quality of the product, but in the power of the brand and the perception of the brand in the minds of the public. Literally 90% of the choice and preference of a luxury brand that leads to a purchase is not the product itself, but the radiance created by the brand identity, often carefully constructed over decades. This usually involves significant investment, especially in media, to create public desire and perception of exclusivity for the brand and its products. When it comes to the success of luxury fashion for the masses, what can be called the “biggest mind game” is primarily about the “brand” and not the innovation and quality of the actual product.
Now that the windows are open and Santa’s workshop is clearly visible, the literal billion-dollar question is: Can the mass luxury industry now survive and justify its premium pricing structures? And can leading brands wisely use this crisis as an opportunity for a “moment of truth”?
Stephen Paul, Director of SXTC-DYADICA Global Brand Consulting, believes the answer to the two aforementioned questions is yes, with some qualifications: “These ‘moments of truth’ are rare events for brands where they can examine their weaknesses and correct them for the good of the brand, the industry and society. We saw this in the Tylenol poisoning scandal in the early 1980s, when brands immediately took control of the situation and acted at the expense of profits for the safety of their customers.”
Indeed, this scandal has hit hard in that the Italian government is literally putting these companies into bankruptcy, i.e. under the control of Italian courts. Fortunately, so far only two of the major companies have been suspected of involvement, and they are the two that have been most affected. Others in the market, including superbrands such as Prada and Gucci, are so far unscathed and have distanced themselves as much as possible from Dior and Armani. No doubt the entire industry is rapidly investigating and reviewing its manufacturing regime, hoping that no further potential revelations regarding other brands will surface. The industry is hopefully viewing this as a “moment of truth” and desperately trying to come up with marketing and communication strategies, plans and tactics to avoid and even reverse the negative biases that have been revealed, not only regarding the manufacturing quality and mass production realities, but also the legitimacy of the prices of the products that are the foundation of the industry.
“This is a major turning point and a great opportunity if used wisely,” says Stephan (former fashion brand CMO). Individual brands must communicate to a vast audience of consumers and society that they are not Armani or Dior and that they produce their goods with real Italian/European craftsmanship, not a third-world mass production factory model. Going forward, we will see more and more “handmade” and “high-quality” manufacturing aspects, PR articles, commercials, print ads, and other content from luxury brands assuring that their goods are really made by legitimate “European artisans” in costly atelier environments. In other words, the majority of the major brands in the luxury fashion goods market will send the message to the public that “luxury has always been valuable and still is”. This is already happening at scale on each brand’s website. “
“This is an industry based on long-term knowledge of brand concepts, creativity and brand innovation, and it’s definitely not going to collapse or disappear anytime soon. They are masters of brand, perception and reinvention, and in a year or two, we’ll see them using this crisis as a springboard to something better – a much-needed reinvention, literally, with enhanced brand stories and new perceptions to continue to captivate consumers and build long-term brand loyalty,” says Stephan. “We may see a renaissance, or at least some sort of rebirth, of luxury brands.”
With hundreds of thousands of employees, trillions of dollars in market size and trickle-down economic activity, one can only hope so.
SXTC-DYADICA Global Brand Consulting is a brand marketing expert who takes startups, SMEs and Fortune 100 companies to the next level locally and around the world. Founded in 1981, DYADICA has grown from a small consulting firm to over 5,000 client engagements with hundreds of clients across the globe (North America, Asia, EMEA) including startups, SMEs, Fortune 100 companies and nation brands. DYADICA has also developed industry-leading brand initiatives for decades through books, white papers and articles, and their work and compositions have been published in some of the world’s most prestigious journals, newspapers and books, as well as taught in the world’s leading business schools and agency training programs. www.dyadica.co
Robert Sharm
SXTC-DYADICA Global Brand Consulting
+1 844-392-3422
Robert Sharm
SXTC-DYADICA Global Brand Consulting
+1 844-392-3422
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SXTC Global Brand Consulting
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23 August 2024 20:43 GMT
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