The Future Of Luxury, Post-Coronavirus / Forbes, Richard Kestenbaum
This article got to the heart of the new luxury transformation: an enlightened luxury audience that is looking for multi-leveled value in brands they support. “Luxury is now also about what the products say to the consumer about themselves, what they are committed to and not just about what it says to other people when it’s worn.”
The other factor is a growing number of luxury start-ups are catering to this new consumer awareness and forcing larger, more established brands to follow in order to capture or maintain their audiences. “Brands like Bite, Careste and Ettitude are offering not just fashion but a value system that appeals to consumers and competes against better-known, but more wasteful, established, luxury brands.” and goes on to say “…. (this) also creates a threat to established brands who have to figure out how to adapt to what consumers want now.”
Read “The Future Of Luxury, Post-Coronavirus” from Forbes here.