Sustainable Brand luxury Essay Example for Free

Sustainable Brand higher(prenominal)sprightliness EssayIntroduction What is striking is the similarity between the two. I crumb say that sustainability and prodigality atomic number 18 similar to bedfellows. Sadly, this would be somewhat naive. Luxury is constantly on move as state by many economists (Kapferer 2008, p. 96). Sustainable fashion with its luxury indicates living harmoniously with mother earth it is employing trained artisum in safe and humane working conditions. Luxury products are ofttimes considered to have larger environmental footprints than their peers.There is an area where sustainability now encourages the luxury dream itself. (Exploria graphics of Travel) constitution that is unspoiled is rare today, a chain of hotels emerged where the dream is sustainability like Explora in chille with resorts in Atacama and other places, and these are fully positive energy buildings, with no litter. An organic bacterium is used to destroy everything and food is pro duced by dint of organic farming by native farmers and so on. Sustainability luxury now Luxury mails are now-a-days elicit to turn over a new leaf.Many firms are repositioning to compete with others in their firmament through environmental and social responsibility as a point of differentiation when competing for the share of consumer pocket book which is very tight in economic downturn. (Lakshmi Prasanna 2013, pers. Comm. , 18 Feb. ), Luxury has now passed into masses rather than a cream layer. Sustainability luxury have been Luxury specks have been bought by only those who had money, taste and power. Some products trifle a role of status symbols and simply they are perceived by public.There is no indispensable that these are better than their less expensive products, are bought with main reason of displaying wealth. (Inconspicuous consumption, 2008) These types of products are objects of socio-economic phenomenon called conspicuous consumption. Sustainability luxury can be or ought to be Luxury brands usually set their own standards. Very high gross margins are achieved by Luxury brands and they relay strongly on their reputation, because reputation gives strength to the brand (Tabatoni et al, 2010).People are purchasing luxury betters and are promoting new era of marketplace innovation nigh sustainability. Every category of good available in the market today includes similar products whose luxury is label by better quality components and materials. Focus The focus of this article is to analyze relationship of luxury and sustainability. Its important to see how todays young consumers, so conscious of green values do, relaxation their continual need for ever-newer fashion with their presumed commitment to environmental sustainability The image1 above you can see European communication channel review 2013.Market demand Luxury brand is very visible sector public tutelage is wholly linked to its high profile customers, VIPs and celebrities. For ma ny years the luxury goods market has been on an upward climb. The manufacturing had a setback in 1997 called the Asian Financial Crisis, In 2000 the industry has performed hearty, the luxury products market in the world which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage, handbags was worth close to $170 billion and grew 7. 9 percent. exactly (-0. 9 percent) decline was suffered by this sector, which was the lowest (Okonkwo, 2007 pg.145).(Epsten roy 2003) Today sustainability is regarded as virtually important business perceptive by multiple people such as investors, stake holders, customers and policy makers. Horizons of sustainability Raising awareness In regard with sustainability the companys are taking much regard in making changes that prevail the term sustainability, the more the changes are made they will hunt down to become part of the companys identity and mix up into their overall strategy, leading non only to greater sustainability b ut overly greater trust from consumers.By remaking the fundamental values of luxury, sustainability can help to clearly break-dance its difference versus more common premium brands. At a time when sustainability is still not well understood or accepted by many people, the influence exerted by luxury brands could play a key role in raising both awareness and also helping to drive behavioral change in consumers. First input must come, not from consumers, but from pioneering brands (Leslie). Brands that will- Encourage reparability and long life of product set ahead principle of buy less and acquit more.Dematerialize and reinvent luxury experience. Promote respect for appropriate compensation of craftsmanship. Serve as sustainable trend setter. In order to make up demand brands should make their image by raising awareness among consumers. In terms of awareness rising, consumer information and behavior change campaigns, major role can be played by celebrities but at that place a lso range of other possibilities including traditional and social media which can be interesting, fun and relevant to the audition of all groups. Another event of the luxury market is Luxury Shopping Avenues.Certain thoroughfares like Melbournes collins Street, Singapores Orchard Road, Amsterdams P. C. Hooftstraat Athens, Chicagos Magnificent Mile, Paris Champs-Elysees, Avenue Montaigne (Wikipedia) area are some places where most luxury brands tend to be concentrated. These are managed by large companies which concentrate luxury goods stores. Positive behavior of buyer schemes For retailers, the repugn is always to attract customers to their spot as there are many alternatives for customers and help them to understand the acquire in making sustainable choice.Some use incentive schemes which help to keep customers loyal by rewarding them with points that can be spent on virtual markets/ websites. And customer loyalty and willing to pay price premium is particularly important for n ew honorable brands that are looking to grow. Its said retaining old customer is better than finding new customers as finding one costs geminate then retaining the old one.Barriers Luxury is based on object rarity or can be also said as scarcity. . (J. N.Sheth et al, 2010) High prices limit demand for these products and are the best way to treasure future of these resources. Sustainable luxury goods- Do not directly focus on customers. Do not recognize emerging threat from rising global over-consumption. The approach is not holistic. Conclusion Sustainable luxury goods have long standing concern for quality and craft. Blendell and Kleanthous (2007) The choice of consumer to pursue the luxury is linked to the brands stance on important social issues, such as saving the planet.All that can be said is for all we know, we might not get tomorrow to save earth. There are some brands showing how luxury fashion can successfully achieve and market sustainability and ethics. As a consumer myself, I would want to show that I not only enjoy good quality of the good but that I also care for environment and I hope most of consumers think alike. References Exploria Art Travel, 8 April 2014, www. exploria. com/sustainability Jagdish NSeth, Nirmala K Sethia, Shanthi Srinivas, 2010 Mindful Consumption A Customer Centric Approach To Sustainability academy of Marketing Science, US Kapferer, Jean-Noel, 2008 The New Strategic Brand Management 4th ed. Kapferer, Jean-Noel, 2013 The European Business fall over www. europeanbusinessreview. com/? p=2869 Okonkwo, uche, 2007 Luxury fashion branding Trends, Tactics and Techniques Tabatoni, O Kapferer,J-N, 2010 Are Luxury Brands Really A Financial Dream? HEC Paris, Research Paper,July 2010 Virginia postrel, 2008, Culture and commerce Inconspicious consumption http//www.theatlantic. com/magazine/archive/2008/07/inconspicuous-consumption/306845/ Leslie pascaud, Director sustainable marketing and innovation practice, viewed 8 April 2014 www. addedvalue. com Partridge, D. J. 2011 Activist capitalism and supply chin citizenship producing ethical regimes and ready to befool cloths current 52 (s3).Blendell, J and Klenthous, A 2007 Deeper luxury quality and style when the world matters Godalming wwf. uk Ceri Heat Cote- The ethical fashion, 17 sept 2012 http//source. ethicalfashionforum. com/article/marketing-sustainability-for-the-luxury-fashion-sector- Wikipedia.