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Luxury is a sector of all global industry that has been proven sustainable, having flourished during global economic successes and withstood hardships across numerous decades. Consumers are drawn to luxury, both the physical and perceived value that luxury products offer. Luxury champagne tastes better, luxury vehicles are higher performing and luxury fashion reflects the highest quality designs. The belief in superior product is what keeps luxury relevant. However, it is the brand identity created on behalf of the firm behind a luxury brand that remains the vital component to develop and maintain its top-tier status. Luxury fashion firms are synonymous with their brand, the persona and user experience created driving all facets of creative and business execution. While product name and perceived value are contributors to global success, the evolution and maintenance of such status relies upon the consistency of brand identity. To begin, I will identify a criterion that differentiates luxury fashion (mega-brands) from mass-market and commercial fashion, as well as outline the components that comprise a luxury brand identity. After a clear understanding of the meaning of luxury is established, I will layout the process of how a brand identity is consistently communicated through the business cycle, from the initial creation and design process to the end point of the final sale stage. To further enrich the learning established, I will apply the developed concepts in a dissection of the top five luxury fashion firms, Chanel, Dior, Louis Vuitton, Prada and Gucci. Analyzing each mega-brand, I will evaluate how the company's brand identity has evolved over the course of the firm's heritage and analyze the current brand creative direction (brand identity, ethics and aesthetics). Understanding the brand's persona and image, I will highlight the physical representation through brand codes and symbols to support the firm's positioning as a thriving luxury empire. Lastly, I will interpret the company's latest advertising campaign, deconstructing the application of brand identity as well as the contribution the campaign provides to supporting firm success. Ultimately, after gaining sufficient understanding of what a successful luxury firm is comprised of, I will identify the shortcomings identified within the last firm evaluated, Gucci. I will examine the branding failures of the current state of Gucci, analyzing what contributed to its fall from top luxury brand status. Additionally, I will provide details regarding what measures are currently being taken to regain its superior status as well as provide my own recommendation to the firm. In summation, through the process of understanding successful luxury branding practices, I hope to have enriched not only my understanding of brand identity but have gained the ability to develop my own point of view, to suggest a branding path and measures to be taken to steer Gucci back on a track.
ContributorsGil, Alexandria Southwick (Author) / Peck, Sidnee (Thesis director) / Ostrom, Amy (Committee member) / Barrett, The Honors College (Contributor) / Department of Management (Contributor) / Department of Marketing (Contributor)
Created2015-05