A while back I was conversing with someone who had just got laid off from a job as in the jewelry business. The person informed me that because their business focused on a certain geographic region and their target audience was too narrow, there was no longer a market for the product. Unfortunately there was no longer a need for the person's position.
We hear these difficult stories all the time. That particular conversation provided the occasion for me to think about the whole luxury brand situation. Will the economic crisis eliminate many luxury brands? Will the crisis create a need to label previous luxury brands as super luxury brands? The gap between those who have the ability to pay for luxury brands and those who cannot will probably increase significantly.
I think the combination of the economic slide and the commitment to social responsibility will create a whole new category of brands, and provide the opportunity to recruit and retain a whole new level of brand champions. What do you think?
Comments