Author(s): Uche Okonkwo

Fashion & Textiles

'Luxury is a necessity that begins where necessity ends'. These words, spoken by Gabrielle Coco Chanel in the early Twentieth century, remain as true as ever in our current society. Luxury fashion has seeped into every sphere of our consumer society. It has become the norm to aspire towards attaining the delectable goods of brands like Louis Vuitton, Gucci and Dior. This desire is further heightened by the fact that fashion has been made more available to the masses by brands like H&M and Zara who continuously offer luxury-style goods at lower prices. Also, globalization and technological and communications advancement have made fashion even more accessible. Consumers can now shop at will on the Internet, access a wide variety of goods and exchange instant brand experiences. These have made the average fashion consumer savvy, demanding and restless. To put it mildly, 'The luxury consumer and the luxury landscape have changed!' What do these imply for luxury fashion brands? A changing sector currently undergoing an important market evolution, internal management shifts and rapid expansion, in dire need of strategic business direction.