nach oben

2020 | Buch

Kapitel lesen Erstes Kapitel lesen

Digitalization in the Luxury Fashion Industry

Strategic Branding for Millennial Consumers

verfasst von: Anna Cabigiosu

Verlag: Springer International Publishing

Buchreihe : Palgrave Advances in Luxury

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft" , Springer Professional "Technik"

Einloggen, um Zugang zu erhalten

Über dieses Buch

The luxury fashion industry is one of the best performing and fastest growing industries in today’s business landscape, and is set to continue expanding over the next years. Exploring the effects of digitalization, this book aims to increase our understanding of the key drivers of internal growth and competitiveness in luxury fashion firms. With a focus on the development of new brand strategies brought about by digitalization, the author outlines the need for business models to be redesigned in order to make use of social media and satisfy Millennial consumers. Offering case studies on leading luxury fashion brands, this timely book evaluates new digital technologies and strategies including omnichannel marketing, 3D printing and smart textiles. A must-read for those researching digital marketing and branding, as well as luxury or fashion management, this book provides a much-needed and up-to-date analysis of a successful and digitally aware industry.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction

Abstract

This chapter offers an overview of this book, its structure, aim and main contributions. Overall the book provides:

an overview of the industry, its performance and major changes with particular attention to the role of Millennials;
an overview on the opportunities offered by digitalization and technology to luxury fashion firms by describing the omnichannel and “see now buy now” strategies and how 3D printing and smart textiles are entering the fashion industry;
the analysis of the Kering Group and Gucci to exemplify, analyze and discuss how the above-cited strategies and technologies are used in the most successfully performing business models today.

Anna Cabigiosu

The Luxury Fashion Industry

Frontmatter

Chapter 2. An Overview of the Luxury Fashion Industry

Abstract

Currently, luxury fashion is one of the most rapidly expanding and well-performing industries with leading firms experiencing double-digit growth in the last few years. This chapter:

provides a definition of luxury and a detailed discussion of how it has changed in time till arriving at the concepts of new luxury and zeroing;
offers an overview of the industry, its performance and its major regional trends;
concludes with a description of the industry’s concentration process driven by merger and acquisitions.

Anna Cabigiosu

Chapter 3. The New Consumers of Luxury

Abstract

Today Millennials are the main clients of luxury fashion products. This chapter:

discusses the Millennial generation, its main traits, consumer behavior and how it affects the luxury fashion industry;
analyzes the links and mutual influences between luxury and the Millennials and explains why the attractiveness of this specific target is growing increasingly and how it is redirecting the strategic choices of luxury brand;
emphasizes the relevance of sustainable strategies, the role of social media, bloggers, influencers, artistic collaborations, capsules and co-branding in developing exclusive collections that meet new clients’ needs.

Anna Cabigiosu

Opportunities and Threats for the Luxury Fashion Industry

Frontmatter

Chapter 4. The Omnichannel Strategy in the Fashion Industry

Abstract

This chapter describes the omnichannel strategy and how it applies to luxury fashion. The chapter allows:

appreciating opportunities, strengths and challenges correlated to the omnichannel business model;
understanding why and how online and physical stores are becoming increasingly integrated, generating new ‘phygital’ experiences;
understanding the requirements that an omnichannel strategy entails at different levels of the value chain including logistics, information and human resource management;
examine the penetration of the omnichannel strategy in Italy, where many luxury firms are located;
understanding if and how the omnichannel strategy can be a viable strategy for small and medium enterprises.

Anna Cabigiosu

Chapter 5. “See Now Buy Now”

Abstract

This chapter presents and discusses the “see now buy now” business model and describes how it has been applied so far by luxury fashion firms. Overall the chapter allows:

understanding the strategic and operative implications of the “see now buy now” business model and how it fits the need of new consumers, the Millennials;
understanding how and why the luxury fashion industry is becoming fast;
examining the experience and difficulties encountered by Burberry, Ralph Lauren and Tom Ford, which were among the first to adopt this model;
discussing the relevance, potential, strengths and weaknesses of the “see now buy now” business model.

Anna Cabigiosu

Chapter 6. Additive Manufacturing and Smart Textiles

Abstract

This chapter elucidates how new digital technologies are shaping the fashion industry. The chapter allows:

understanding how additive manufacturing, 3D printing and smart textiles are entering the fashion industry, their potential and challenges;
understanding whether and how these innovations are compatible with luxury fashion traditionally dominated by craftsmanship with a focus on luxury shoes production;
understanding different properties and applications of smart textiles;
discussing how also small-medium sized firms can approach the digital transformation.

Anna Cabigiosu

The Business Model of the Most Growing Brand: Gucci and the Kering Group

Frontmatter

Chapter 7. The Kering Group and Gucci’s Success

Abstract

Gucci belongs to the Kering Group, which also has other champions such as Balenciaga and Saint Laurent. However, Gucci is the fashion luxury brand of Kering that has been growing worldwide the most in the last few years. This chapter:

relies on the Kering Group and Gucci cases to exemplify, analyze and discuss how digitalization shapes the best performing business models of luxury fashion brands;
explains how the Kering Group supports his Maisons in the new luxury business model;
analyzes how the Gucci’s renewed strategy and business model sustain its extraordinary growth and how the opportunities described in Part 2 apply to this case.

Anna Cabigiosu

Chapter 8. A Comparative Analysis: Gucci, Saint Laurent, Balenciaga and Bottega Veneta

Abstract

This chapter describes the business model and the digital initiatives of the most successfully growing brands of the Kering Group. Overall this chapter:

compares the business model of Gucci, Saint Laurent, Bottega Veneta and Balenciaga, using the blue ocean strategy canvas to identify common patterns;
shows that these brands were able to satisfy Millennials hiring new art directors with a Millennial “mind-set”, pursuing relevant omnichannel and social media investments coupled with an emphasis on the brands’ heritage, artistical collaborations and by opening their collections to the street style;
discusses how opportunities might become threats by relying on the Bottega Veneta case, which still lags behind in terms of digitalization and the ability to speak to Millennials;
shows that luxury fashion firms compete in a setting where traditional and new competitive variables coexist and how brands mix them define their competitive positioning and value proposition.

Anna Cabigiosu

Chapter 9. Concluding Considerations and Directions for Future Research

Abstract

This chapter synthesizes the main contributions of the book and identifies new avenues of research:

luxury fashion firms compete in an environment in which two different sets of competitive variables, traditional and new, coexist. However, these two sets are coherent and complementary within their own boundaries and less so with each other and challenge firms willing to design a new competitive landscape;
luxury fashion firms are tightropes in between zeroing the brand and respecting the heritage; in between craftmanship, increased number of collections and sustainability; in between street style, increased number of collections and perception of uniqueness and rarity; and in between speed and creativity;
additional studies are needed to understand how Maisons will cope with the above trade-offs, which variables will lead to superior competitive advantage, how new technologies and their usage will shape competitive advantaged.

Anna Cabigiosu

Backmatter

Titel: Digitalization in the Luxury Fashion Industry
verfasst von: Anna Cabigiosu
Verlag: Springer International Publishing
Electronic ISBN: 978-3-030-48810-9
Print ISBN: 978-3-030-48809-3
DOI: https://doi.org/10.1007/978-3-030-48810-9