By Marco Passoni
I have long been an outspoken advocate for incredible branding and storytelling. I make no secret of the fact that I truly believe this truly the key to success in the modern luxury sector – and the wider retail market. A while ago, I wrote that I am not longer talking about products when it comes to luxury brands as that is not how shoppers ascribe value to the brands they interact with today. They want more.
This was clearly showcased in recent data released by Brand Finance, which ranks brands by their value, and whose figures provide a clear look at what is driving true and practical value for luxury brands. Considering the brands which top the list – Porsche, Louis Vuitton, Chanel – it is clear to see that those with a clear brand identity, whose values and story can be recognised in any setting, are setting themselves apart at the top of the market. Meanwhile, Dolce & Gabbana is the fastest riser in the list this year, with 52% growth in value.
The rise of Dolce & Gabbana is, in many ways, down to the company’s excellent management of its brand in recent years. DG has not just excelled in a standard retail store space, though it certainly has done that too, the brand’s innovative experiences such as its launch at Metaverse Fashion Week and the Marbella beach pop-up have both taken its experience to new places and showcased how the DG story can be tailored across platforms. This is what them modern shopper wants – and it is this, not products (which are the right to play today) which sets the excellent apart from the rest.
Operating in the luxury and travel retail markets, of course Louis Vuitton’s standing in second place, and with a brand value growth of 23%, catches my eye. This brand has been leading the way in storytelling excellence, especially in travel retail, from the luxury cathedrals to the co-branded lounge in Doha. Many of us have argued that this is the way forward for brands, but maybe seeing the financial value gain will make those remaining doubters stand up and take notice.
Too often we see brands trying to over-complicate and be everything to every shopper. That is not the way forward.
The same remains true if we look beyond the luxury fashion brands, and to the very top of the list, where we find Porsche. This is a company with a clear and long-standing brand identity, supported by elite storytelling on any platform. Too often we see brands trying to over-complicate and be everything to every shopper. That is not the way forward. Consumers can see through pretenders and will not stick around.
The simple truth is that the age of elite products and a logo are over. And they have been for a long time. Shoppers crave experience, storytelling and something they will remember going forward. Those brands which are clear on their story, their identity and -most importantly – how to deliver it without dilution in new and exciting ways, are the ones who will stand out. Today, it seems, they are also the ones seeing the value of getting it right.
