The rise of social media has put more power in the hands of a diversity of stakeholders who now shape for a large part of what is viewed as luxury. As a result, luxury brands have to learn how to negotiate their identity by striking new deals with these stakeholders at three levels: the brand image, the brand content and the brand ambassadors.
Newly rich Russian and Chinese consumers have kept the luxury sector buoyant in recent years. Will these markets continue to be the lands of opportunity for luxury brands as the world turns against Russia and the Chinese leaders enforce their anti-corruption campaign?
The democratisation of the Internet has led to the emergence of influencers who sometimes have more followers, reach and influence than brands themselves. How can luxury brands manage and engage with such influencers?
Digital media has given luxury customers more power than ever before to shape the image of the brands they follow. How can these brands translate their heritage and historical image into content that will resonate with the hyperconnected consumer of today?
Luxury managers often see digital media as a threat, worrying that mass appeal will take power away from the brand. But digital channels offer powerful connections with customers and closer integration with their ecosystems.