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2015 | Buch

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Independent Luxury

The Four Innovation Strategies to Endure in the Consolidation Jungle

verfasst von: Jonas Hoffmann, Laurent Lecamp

Verlag: Palgrave Macmillan UK

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

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Über dieses Buch

In recent years, luxury brands have deviated from the principles of craftsmanship, rarity, uniqueness and heritage. Conglomerates such as LVMH and Richemont have grown at an unprecedented pace and show no sign of slowing. This book explains the importance of innovation and argues why independent brands are vital to the survival of the industry.

Inhaltsverzeichnis

Frontmatter

Introduction

Abstract

The world of luxury is harboring an endangered species: that of the independent companies!¹ In an increasingly challenging and globalized luxury environment, companies are fighting to escape from the ever-growing clout of luxury “conglomerates” – Swatch Group, LVMH, Kering and Richemont. As of 2015, these “big four” own more than 100 brands and are maintaining a constant pace of acquisitions,² relying on vertical integration to secure supplies (and deprive competitors of them), which has particularly damaging consequences for independents. Most independents are struggling to survive and end up being acquired or going out of business.

Jonas Hoffmann, Laurent Lecamp

Chapter 1. Luxury Landscape: Challenges and Opportunities for Independents

Abstract

This chapter analyzes the luxury landscape and how it affects independent luxury companies. We start by looking at one of the mainstays of the luxury business, the Swiss watchmaking industry, to reveal a stormy outlook for independent watchmakers. We then widen the context to examine the luxury industry as a whole, to get a better picture of the major forces shaping current challenges and opportunities, namely:

the leading role of Chinese consumers;

the digital revolution;

the high concentration of wealth;

sustainable luxury;

luxury lifestyle;

the growth of travel retail;

the turbulent geo-economic and geopolitical environment.

Jonas Hoffmann, Laurent Lecamp

Chapter 2. Last Chance for Knysna: Innovation

Abstract

The message we develop in this book is clear: independent brands must differentiate through innovation. Innovation is probably the key strategic choice to survive in an aggressively competitive and economically destabilizing environment. In other words, innovate or perish!¹ In this chapter, we present innovation in the luxury industry under its different faces, giving particular attention to the role of independents. Issues such as the role of the investor and business model innovation are explored. We then introduce the method that led to the identification of the winning innovation strategies: “back to the roots,” “code breakers,” “eagle in the aquarium” and “game changers,” concluding with an in-depth presentation of the BA²RE^® luxury strategy approach.

Jonas Hoffmann, Laurent Lecamp

Chapter 3. Back to the Roots

Abstract

Vignes, Sheme, Mirazur, Thomas Mercer, Louis Moinet, Slyde, 1.618 Sus tainable Luxury, Norlha and Brunello Cucinelli are independent companies innovating in the essence of luxury: extreme quality and extraordinary craftsmanship to create the ultimate sensorial and emotional experience. These are companies rooted in a terroir, which we associate with the horse, a classical symbol of elegance and nobility.¹ We present these companies at length and illustrate how they followed the stages in the BA²RE^® luxury strategy approach in their innovation strategy.

Jonas Hoffmann, Laurent Lecamp

Chapter 4. Code Breakers

Abstract

Jean-Paul Gaultier, Yohji Yamamoto, Martin Margiela, Miuccia Prada or Isabel Marant in fashion, HYT in watchmaking, and Fernando and Humberto Campana in furniture design have been creating breakthrough innovations by disrupting product and societal codes to build the icons of today and tomor-row.¹ We have chosen the tiger – with its strength – to symbolize these luxury iconoclasts.

Jonas Hoffmann, Laurent Lecamp

Chapter 5. Eagle in the Aquarium

Abstract

Several companies are disrupting the way that luxury companies create, deliver and capture value. Globalization and digitization are powerful enablers to reconfigure resources at the levels of funding (e.g. crowdfunding), design (e.g. 3D design), manufacturing (e.g. 3D printing), distribution (e.g. online platforms), marketing and communication (e.g. online social networks). The eagle in the aquarium symbolizes these “invaders” in the luxury ecosystem, which will be presented in this chapter.¹

Jonas Hoffmann, Laurent Lecamp

Chapter 6. Game Changers

Abstract

Comme des Garçons, Études Studio, Iris van Herpen, MB&F and W Motors are independent luxury companies boldly building breakthrough offers and business model innovations.

Jonas Hoffmann, Laurent Lecamp

Chapter 7. Applying the BA2RE® Luxury Strategy Approach to the Creation and Development of Encelade 1789

Abstract

The aim of this book is to examine a new approach to luxury – luxury that is innovative and reinvented, so the cufflinks that we discuss in this chapter obviously will not be the sort of everyday cufflinks that can be bought for a few dollars, even if they have a certain originality.

Jonas Hoffmann, Laurent Lecamp

Epilogue

Abstract

Knysna.

Jonas Hoffmann, Laurent Lecamp

Backmatter

Titel: Independent Luxury
verfasst von: Jonas Hoffmann
Laurent Lecamp
Verlag: Palgrave Macmillan UK
Electronic ISBN: 978-1-137-48146-7
Print ISBN: 978-1-349-56336-4
DOI: https://doi.org/10.1057/9781137481467