who run the luxury retail world? girls

Who Run the (Luxury Retail) World? GIRLS!

The changing retail landscape has affected everything from restaurants to apparel and everything in between. Amazon as a disruptor, has taken a share out of every industry it seems. While it feels consumerism is about to take a turn towards the sterile and robotic, luxury is tapping into an underestimated secret weapon-women.

Death by Amazon?

Amazon and other e-commerce platforms can reach consumers with promises of efficiency and a streamlined process. Transactions are made devoid of emotion and that appeals to certain people and certain situations. Luxury on the other hand, is a personal experience. This is where the conclusion came from that these two shopping paradigms can coexist. It’s the manner in which they are conducted that will have to shift in order to. That’s where women come in.

Women to the Rescue

Sourcing Journal Online said it outright, “women will save retail because women understand women. They are your co-workers, your friends, your sisters. Their anecdotal experiences and commentary inform women leaders in retail and luxury.” The reason why this holds so much value in the luxury market is because of the aforementioned “personal” feeling that is equated with that market.

When we break down luxury brands, they all revolve around a story, a feeling, an experience. All of these are tenets that appeal to the female consumer. To illustrate this further, we can look at heritage brands such as Louis Vuitton. Even the modifier “heritage” evokes a certain kind of feeling. And as the story goes, Louis Vuitton at the young age of sixteen would make,

“A decision that would not only change his own life but the lives of his sons and future generations: he     would become a trunk maker. Louis Vuitton arrived in Paris by foot and started apprenticing for Monsieur Maréchal. At the time, horse-drawn carriages, boats and trains were the main modes of transportation, and baggage was handled roughly. Travelers called upon craftsmen to pack and protect their individual objects.”

A Different Marketing Approach

These emotional appeals contain a different marketing method than Amazon and others. In the same report Sourcing Journal said it best that the new wave of e-commerce is, “chockfull of information, product attributes and price in an efficient and convenient format. What they lack are emotion, a soul and stories, which are the very building blocks of desire.”

By keeping women, or those who have an understanding of women, at the leadership helm of these companies and ensuring that the emotional impact of luxury continues, they will have a strong female consumption base. And 50% of the world’s spending power, that’s a positon brands want to be in.

 

 

 


Author:  Christine Duff

Christine wants to live in a world filled with cutting edge fashion, beautiful words and and an endless supply of leather jackets and boots. A product development grad of FIDM, she was the Editor-in-Chief of MODE Magazine where she reignited her love of storytelling. She has diverse experience within the industry with trend research, art direction and styling editorial spreads. She gained her most notable experience working in Los Angeles at the satellite operation for GQ and Vogue Thailand. Christine is passionate about social science and the role it plays in the consumer goods industry and apparel in particular.


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