This is nonsense. Just because you live in Paris doesn’t mean you have a legit pov on the luxury industry to make this claim.
What I find amazing is that no one sees that the biggest luxury people have when they make enough money to shop any of these brands, is time. The reason luxury brands could potentially fail is because they feel the need to make it as difficult as possible to just find what you want, look at in detail, make sure the item will fit you, and purchase on whatever platform you like, as fast as possible.
These small start-ups don’t seem to get this either. Dymant in particular has the balls to ask me to tell them my name, email & want to “get to know” me, so I have to tell them a “little more” about myself in an open field where I felt it necessary to pitch myself- this is all BEFORE I can even get membership and have the privilege to give them money. This is not the solution for the shopper who has “nothing to prove” - it’s as pretentious and annoying as possible.
Seth Godin makes interesting points but then loses me completely with the statement that “we can agree that by any measure of good, a [sic] Hermès bag is not good.” Really Seth? Can we agree to that? Worth the money, maybe not. But good? Compared to what measure are you using here buddy? “any measure”?? Hermès is a heritage brand that aligns with a state of mind, a piece of history & certainly is not phoning in the craftsmanship. Yes, the scarcity of these bags adds to the demand for them, but it’s not just quality & scarcity driving this industry. Service is the other key piece. It’s the difference between digging through a disorganized sales rack at H&M while an EDM track is blaring with the crush of humanity swarming around you and walking into a calm, beautiful store having someone concierge your whole experience, tailored to just your needs. Sorry but I pay more for the latter with pleasure. I can assure you, I’m not the only one in this “Tribe”.
Luxury and omnichannel utility should meet, all their customers want them to hook up & that has been so, for years.
What tech brings to the table in terms of providing the solutions mentioned above, is tremendous. That is far more interesting than trying to say everyone can easily flatten a strong existing luxury marketplace with small savvy marketing & a super efficient manufacturing back end. It may be 10 years on, but I can also assure the cover of Vogue still beats any blog, 10 out of 10 times, and I am certain if they “disappeared”, we all would notice.
Editorial integrity is at an all time low in fashion - the magazines mentioned might be the last line between consumers reading real stories & living in a advertorial nightmare. Bloggers & native born sites are getting paid to write pieces by brands and when they aren’t, they are making affiliate dollars on every link driven purchase from their site, maybe they feature a bag they don’t really truly love but the rev share is more compelling to them- who’s to say? Celebrities are paid to wear clothes by brands, on the red carpet or just to take their dog for a walk. Luxury brands have tried to become publishers themselves- the ones that are good at it have to factor in the cost of running a proper edit team in addition to selling their products. Guess how many are doing it well? Almost none
Marketing is far more complicated for luxury brands than it ever has been before. Any JV effort from a start-up with a bootstrap marketing strategy, and an even more skeletal team, is going to have to bring a lot more to the table to topple these giants “in no time”. Suggesting that right now is an optimal time to do so “thanks to the Internet and ecommerce” is pretty risky, but wait, I forgot this guy lives in Paris- so he must know what he’s talking about.