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Marketing of Luxury Brands

Counterfeiting is not a new phenomenon. Phillips (2005) describes French stoppers for amphorae of wine dating back to 27BC that bore a counterfeit seal intended to pass off local wine as a more expensive Roman import. The Roman philosopher and military commander, Pliny the Elder (23-79 AD) records how counterfeit coins were desirable items amongst contemporary collectors, with good examples being purchased for several times their face value (Barry, n.d.; Chen et al. 2005). Counterfeiting of goods and currency, therefore, appears to have been used to generate profit and avoid taxation for almost as long as market and. | Marketing of Luxury Brands Submitted by Ashish Mansharamani FMS Delhi Samit Khanna FMS Delhi Samit Khanna Ashish Mansharamani Email samit-khanna@fms.edu MBA Institute Faculty of Management Studies North Campus Delhi Telephone 91-98916 64003 Email ashish-mansharamani@fms.edu MBA Institute Faculty of Management Studies North Campus Delhi Telephone 91-93111 31166 1 EXECUTIVE SUMMARY Luxury branding is a whole new ball-game altogether both from the perspective of the marketer as well as the luxury consumer. It therefore becomes important to view it both in relation and isolation from the regular goods marketing. To achieve the above objective we first look at how luxury goods are different from regular goods and then go on to explore some facets and trends of the luxury goods as well as their market and consumers. This finally sums up into a SWOT analysis of the luxury goods segment thereby helping in obtaining a bird s eye view of the exercise at hand. Considering that the luxury concept has shifted to the new meaning we delve into that aspect to understand the drivers for luxury brands presently as well in the time to come. This is followed by a luxury potential determination of the Indian market both in terms of quantitative growth factors as well as qualitative initiatives. Post identification of the mindset of the Indian luxury consumer we have conducted a synergetic strategy building exercise in an attempt to make sure that there are actionable points which will go on to ensure the best interplay between the 3 most important factors for a luxury brand i.e. the product brand the brand reputation of the service provider and the price-value relationship of the luxury brand. 2 TABLE OF CONTENTS Getting to know luxury.1 Difference between regular luxury goods.2 Characteristics of the luxury industry.3 Luxury in India.6 Strategies for Luxury Marketing in India.7 Conclusion.12 References.13