Fashion houses are constantly in the process of conceptualizing, reinventing and recreating latest trends in the fashion world. There is no dearth of new fashion trends or styles in the market that keep the fashion quotients of fashion enthusiasts and fanatics hopping from one shop to another. Every time we get a glimpse of a new fashion segment in TV, magazine or even in the ramps of fashion shows on the ramps, we come across several new combinations, designs and styles that make heads turn. With all these different looks, fashions and brands, it becomes extremely difficult for the individual retailers to maintain a standard and consistent look amongst their fashion accessories and garments. This calls for a serious effort and planning in terms of creating a unified fashion line & style that will suit all existing fashion houses & their target audience. And this is exactly what fashion brand management is all about.
A luxury brand manager seeks to achieve a common goal by effectively integrating the core functionalities of different fashion houses & their target audience. This helps them to leverage on the key strengths of the various fashion houses in the market while aligning them with each other’s core values and goals. For example, a fashion house might focus on offering quality apparel & accessories & designing to its customers & patrons to another luxury brand may specialize in producing exotic jewelry items & high-end perfumes that can only be experienced & enjoyed by the few. To give you a clearer picture, it would be better if we divide luxury fashion brand management into different segments that would better define the true scope of its work.
The first segment of luxury brand management is research & development. This includes finding solutions to existing fashion related issues & challenges faced by the various luxury brands. They carry out market research, product study and comparative studies along with thorough research on the supply chain & supplier optimization to come up with innovative & effective solutions to the customer’s problems. Apart from this, they also collaborate with the manufacturing & distribution houses of the different fashion houses & offer them the necessary assistance to increase sales. When it comes to developing new products, they keep the core philosophy of luxury brand management intact & ensure a great return on investment. They work towards providing customers with fresh & fashionable fashion products that help them stand out amongst the crowd.
The second segment of luxury brand management deals with the branding of products & the associated marketing strategies. In order to make a mark, one has to create unique & inspiring brand images that are in synchronization with the fashion trends of the ramp. This requires a comprehensive understanding of the fashion industry and an adept knowledge of the target audience. The brand image designer also needs to have sound knowledge of the target market niche. The main aim is to create a fad that catches the attention of the general public.
The third segment of luxury brand management deals with the promotion of new products. In the fashion industry, new products are developed slowly but steadily to reach the right market. Once the new product is successful, it helps in maintaining the goodwill of the company. Hence, new fashion creations are introduced keeping in mind the latest fashion trends, styles & designs. The key to promote such products is to utilize the power of effective advertising media like Fashion Weeks, TV commercials, Magazines, Websites, Social Networking sites, etc.
The fourth segment of luxury brand management involves the development of new collections. While older clothes tend to get outdated within a few years, new collections tend to stay updated for a much longer period of time. So, the choice to select the latest ranges should be made carefully. The designer also needs to consider the price factor while developing a new collection.
The last but not the least segment of fashion & luxury brand management deals with the collection of accessories. Women are known to be obsessed with accessories that range from bags, handbags, perfumes, jewelry, etc. Therefore, if a fashion house manages to create an all-inclusive collection of accessories, then the brand would surely become famous. It is worth mentioning that the accessories need to be well-matched to the clothing and thus, it becomes important to carry out considerable research before developing the collection.
Thus, we can see that fashion & luxury brand management encompasses a significant variety of activities. It has been seen that various fashion houses take help of each and every aspect of the business in a holistic manner. They try to develop their products as per the latest market research and they also invest in developing new designs of the clothes keeping in mind the latest market trends. It is also worth mentioning that the latest innovations in the fashion industry help in creating exciting collections for the customers. Therefore, the entire business of fashion & luxury brand management is a dynamic one.