Everything Old is New Again
As the industry continues to consolidate and top luxury names jostle for clients and dollars, brands are turning to old-school couture business strategies to reward loyal clients, drive sales, and differentiate their brands.
One of the first throwback ideas that caught my attention was private stores. It’s an idea being rolled out by Chanel (starting in Asia), Brunello Cucinelli with its “Casa Cuncincelli” concept, and British department store Harrods with its private shopping suite called “Residence” (also launching in Asia). Regardless of the space – whether it's a private boutique (Chanel) or a private home (Cucinelli and Harrods) – the location offers beautiful high-end finishes with intimate areas to maximize social interactions (and not sell) and spaces outfitted to optimally merchandise a brand’s products to clients.
Of course, these private stores are invite-only, as they are solely for a brand’s top spenders. The concept feels very haute couture (which has always been by appointment only), but more like the days of the salons of the late 1800s, where couturiers worked privately with their clients to select and fit gowns, but also introduced ready-made products for purchase.
Then there’s the brands pushing their artisan skills to clients. While this includes the usual suspects – Hermes, Louis Vuitton, Dior, Chanel - even a brand like Golden Goose is getting in on the act. The Italian sneaker company’s Chief Executive Officer Silvio Campara says the fashion industry today lacks artisan know-how, so he decided to hire trained cobblers to provide repair services inside selected boutiques. The program has been a hit with fans of the brand.
We’ve also seen the rise of demi-couture as a business strategy. Just like couture, demi-couture prioritizes craftsmanship, unique textiles, and special details. While Balenciaga, Alexander McQueen and Marc Jacobs all offer demi-couture, emerging designers including Bach Mai, Koché, Maison Rabih Kayrouz and Halpern have also entered the category. The appeal for designers is they can nurture special relationships with top clients, while letting retailers sell the more accessible versions of the same looks to customers who may not be as loyal to the brand.
Obviously, top brands have the financial resources to execute these kinds of high touch programs that can set them apart from the rest of the fashion pack. While specialized, high-end services raise the client shopping experience, creating an immersive, intimate environment and offering newness – whether that is product or an experience – during each client interaction is also key. Whether it’s a private launch celebration for new product or an invite-only dinner party that also serves as a customer appreciation event, independent designers and brands need to be creating innovative ways to engage with their own top clients and strengthen those relationships.
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