DDi - April/May 2010 - (Page 48)

48 | Think Tank Has the word “luxury” lost its meaning? L uxury, as a word, is subjective. By definition, luxury is “a material object, service, etc., conducive to sumptuous living, usually a delicacy, elegance or refinement of living rather than a necessity”—but that could mean something very different depending on one’s background, affluence or education. There are many well-known brands that say they are luxury, but don’t practice what they preach. Instead of an air of exclusivity, they heavily promote themselves through every possible media vehicle and overexpose themselves in every retail market. This impression has been even more blurred by the influx of accessibility to things that were once considered difficult to obtain. For example, the emergence of fast fashion and collaborations of well-known fashion designers with mass merchandisers, such as Target and Kohl’s. This phenomenon has not escaped the likes of a luxury retailer like myself either—I can’t wait for Jimmy Choo and Uggs to launch their collaborative limited-edition collection. I’ll be the first in line for a pair of those boots! But, how do the truly luxurious brands stand out and help maintain the essence of the word luxury? I recently attended a fantastic business conference at Columbia University that gave some insight into this question. After a full day of distinguished retail industry keynote speakers and panelists, it was clear that there are staples that all the best brands have: heritage, uniqueness, customization, exclusivity, savoir-faire and quality. These unwavering attributes have built—and continue to strengthen—luxury brand identities and are what establish (regardless of subjectivity) a clear perceived value. A Birkin bag or an Alhambra necklace will always be good investments. These products not only share iconic status, but they also are revered for their quality of production and timelessness. They are treasures to be passed on from generation to generation. I’ve been very fortunate to have worked for several prestigious brands (all coincidentally known by their abbreviations). These Diana Bernal brands have similar characteristics: they are iconic, aspirational, global and luxury. These words are descriptions—especially the last adjective—that the brands all continue to build on and successfully work to maintain. However, there is always a fierce competition to be the best (especially in retail), and so many brands are constantly striving toward this same goal. Being associated with luxury is one of the most optimal ways to establish that credence. But, in working to gain that title, it seems that the word itself has been used to the point of exhaustion. So much so, that it has become diluted and lost a bit of its cachet. Therefore, to distinguish these exemplary brands, I’ve been searching for a new word or phrase that would best describe them. What could be equated to something that is “beyond luxury,” the crème de la crème, the experts in their field? The word “luxe” is plausible and relevant. But then again, this shorter version of luxury could possibly be a more accurate new description for the aspiring brands, rather than those that are truly “luxury.” Perhaps luxury is just a word that should be utilized more selectively? I’ll continue my quest for the perfect word. Like most things in life, it will possibly occur to me when least expected. Or perhaps, due to the many and constant changes in the retail world—including the intensifying sensitivity to value—the real essence of the word will be reignited all on its own. —Diana Bernal is the director of store planning for French jeweler Van Cleef & Arpels. | April/May 2010 www.ddimagazine.com http://www.ddimagazine.com

Table of Contents for the Digital Edition of DDi - April/May 2010

DDi - April/May 2010
Contents
From the Editor
Newsworthy
Consumer Insights
Greentailing
Editor’s Choice
Design Snapshot
Channel Focus: Department Stores
Sporting Authority
Lighting Super Section
Lighting the Way
Viva Mexicano
Right Light
Product Spotlight
GlobalShop Show Coverage
Calendar
Advertisers
Classifieds
Think Tank

DDi - April/May 2010