Did plush bar succeed9/6/2023 ![]() Martina Olbert, founder of Meaning.Global and a leading authority on brand meaning. “It makes you think about what is luxury and what is valuable and why,” shared Dr. Vogue said Balenciaga's offerings under Demna reflect “both indie, counter-‘fashion’ products and global bestsellers.” That reveals an underlying tension between being both indie and counterculture while also achieving bestseller status. ![]() Now estimated by Bloomberg to contribute upwards of $2.4 billion to Kering’s coffers, it is small by comparison to sister-brand Gucci at $10 billion, but both luxury brands are progressive leaders that push the envelope to change the culture of fashion and set trends that others follow. These conflicting values inevitably will collide.īalenciaga’s creative director Demna Gvasalia, who goes by his first name, has been credited with turning around the brand after Alexander Wang departed in 2015. But that subculture’s “thumb your nose at the system” values starkly contrast with the system-upholding values of luxury. In that, they are moving into uncharted territory where the culture’s or consumer segment’s underlying values may be in direct conflict.įor example, luxury brands have embraced popular street culture to appeal to younger, less-privileged “aspirational” consumers. But luxury brands today are pushing beyond their more or less homogenous target market into new cultures and across new consumer demographics in search of growth. Luxury serves the elite few, not the common many.Īs such, luxury brands are cultural constructs that help maintain society’s hierarchical structure. On the other, luxury brands are dependent on upholding and maintaining the cultural status quo, serving the needs and desires of the upper echelons of society with symbols of their status, success and privilege. ![]()
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