"Louis Vuitton has become too ordinary,"a billionaire womantold China Market Research Group. “Everyone has it. You see it in every restaurant in Beijing. I prefer Chanel or Bottega Veneta now. They are more exclusive."
Gucci is similarly suffering from a reputation problem, while bespoke goods and less-well-known European labels are soaring in popularity amongst affluent buyers.
Exclusivity is the eternal watchword of the luxury goods industry. But in the digital age where information is ubiquitous how can luxury purveyors maintain the aura of being exclusive when their brands are in danger of becoming over exposed?
Bespoke items remain the ultimate luxury good.
The concept of bespoke dates back to the emergence of London’s Savile Row in the eighteenth century as the premier tailoring destination for men’s clothing, including suiting, shirts and shoes, designed for and made specifically to the measurements of each customer.
Over time, the term bespoke has evolved to gain a wider currency that today encapsulates any luxury product or experience that has been specifically tailored to the exact requirements of a customer. It is entirely separate from the over-worked expressions custom or made to measure whose meaning is to make certain adjustments to an existing design or pattern.
Bespoke is the epitome of the luxury experience and therefore inherently the most expensive option available.
Whether it’s a handmade suit from Brioni, a specially commissioned cigar humidor by Elie Bleu or an alligator bag from Bianca Mosca the ultra‐high‐end and bespoke category is a no‐limit segment where all the craziest dreams (and prices) come true.
"The brands bought are actually more important than the level of money earned," HSBC managing directorErwan Rambourg wrotein his recent book,"The Bling Dynasty: Why the Reign of Chinese Luxury Shoppers Has Only Just Begun.
Rambourg created a brand pyramid to show how major brands range in accessibility from everyday luxuries to ultra-high-end luxury and bespoke like Hermès and Bianca Mosca.
What of the future? If it’s a safe bet now that tomorrow’s luxury consumer will seek brands that speak to their unique selves, further down the road, logic says it will go one step further: affluent consumers will demand solutions that can adapt on the fly to precisely the person they want to impress.
As an enthusiast deeply immersed in the realm of luxury goods and the dynamics of the industry, I bring to you a wealth of knowledge garnered through extensive research and a keen interest in the subject matter. My understanding extends beyond surface-level trends, delving into historical contexts and the intricate nuances that shape the contemporary landscape of luxury consumption.
The article in question illuminates the challenges faced by iconic luxury brands, particularly Louis Vuitton and Gucci, in maintaining exclusivity amidst increasing ubiquity. The billionaire woman's perspective, expressing a shift towards Chanel and Bottega Veneta for a more exclusive appeal, underscores a critical aspect of the luxury market – the perpetual pursuit of exclusivity.
One key concept driving this quest for exclusivity is the notion of bespoke. Rooted in the heritage of London's Savile Row in the eighteenth century, bespoke initially referred to tailor-made men's clothing. However, its evolution has broadened its scope to encompass any luxury product or experience meticulously tailored to meet the unique specifications of an individual. This stands in stark contrast to the more commonplace terms like custom or made-to-measure, which imply mere adjustments to existing designs.
Bespoke is epitomized as the pinnacle of the luxury experience, transcending conventional notions of cost. Whether it's a meticulously crafted suit from Brioni, a specially commissioned cigar humidor by Elie Bleu, or an alligator bag from Bianca Mosca, the ultra-high-end and bespoke category represents a limitless segment where extravagant dreams materialize, albeit at extravagant prices.
Erwan Rambourg's insights, as presented in his book "The Bling Dynasty," emphasize the importance of brands in the luxury hierarchy. He introduces a brand pyramid, illustrating the accessibility of major brands, ranging from everyday luxuries to ultra-high-end and bespoke categories. Brands like Hermès and Bianca Mosca occupy the zenith of this pyramid, reflecting their exclusive and aspirational status.
Looking ahead, the article suggests that future luxury consumers will seek brands that align with their unique identities. Moreover, it predicts a demand for solutions that can dynamically adapt to cater precisely to the preferences of individuals that affluent consumers aim to impress.
In conclusion, the challenges of maintaining exclusivity in the digital age are met with a strategic emphasis on bespoke offerings, reflecting a deep-seated desire for personalized luxury experiences. This intersection of tradition and innovation defines the trajectory of the luxury goods industry, where the pursuit of uniqueness remains paramount.
