The complexity of luxury- and prestige-brand consumer behaviour combined with the relevance of “new prestige” has created a novel paradigm for luxury-brand strategies in emerging markets. As the luxury market in many emerging markets continues to grow, and in some cases approaches maturity, executives will need to consider appropriate tactics in order to achieve a sustainable advantage with luxury and prestige brands. With a focus on India, this chapter consequently applies the following principles of prestige brand building: (1) mission incomparable, (2) longing versus belonging, (3) from myth to meaning, (4) the product as manifestation, (5) living the dream, (6) unselling, and (7) never-ending growth. Examples include local and international brands with varying degrees of “luxuriousness”. Insights will provide luxury executives the option of using the principles of modern prestige branding to build the future of their brand on a robust foundation.
...MoreBook Pierre-Yves Donzé; Roberts, Joanne; Pouillard, Véronique (2020) The Oxford handbook of luxury business.
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