Fashion

Luxury brands are accelerating digital transformation globally: Report


According to a new report ‘Luxury Brands: Recalibrating Brand Strategy for a Changing World’, luxury brands are responding to today’s challenges and targeting audiences and markets. new school. at the forefront of providing information and insights to accelerate innovation.

Luxury brands are entering new areas such as software, games and electronics, blurring previously clear lines between sectors. According to trademark research data included in the report, computer, software, electrical and scientific products rank among the top 5 in terms of luxury corporation trademark filing activity. Moët Hennessy Louis Vuitton (LVMH).

Gordon Samson, President, IP Group, Clarivate“Organizations have faced unprecedented uncertainty over the past two years. Luxury brands are no exception. Driven by the changing world, they’ve evolved the way they operate, from enhance digital presence and apply e-commerce to in-store innovation from experiential stores to immersive or hybrid experiences.”

According to a new report ‘Luxury Brands: Recalibrating Brand Strategy for a Changing World’, luxury brands are responding to today’s challenges and targeting audiences and markets. new school. at the forefront of providing information and insights to accelerate innovation.

Around 50% of global luxury consumption is expected to come from young consumers by 2025. Generation Z and younger consumers are less likely to shop, more adventurous and more digitally savvy than luxury consumers according to the older demographic. Brands are turning digital to interact with these young consumers, adopting augmented reality (AR) and virtual reality (VR) technologies to bring virtual fashion shows and rooms virtual display to the consumer’s living room.

Brands filed by LVMH mentioning AR/VR in 2019 more than doubled year-over-year, according to the report. Off-White, part of the LVMH family, has trademarked the VR headset, which speaks to the brand’s appeal to a younger demographic.

Brands are also tapping into Generation Z’s love of computer gaming and millennials, creating games that are entertaining and interactive. Louis Vuitton has launched Louis, a computer game aimed at the Generation Z demographic. The report shows trademark filing activity for Louis Vuitton in the computer games and software category since 2018 to 2019 spiked, before Louis debuted.

The digital age brings new opportunities but also increased risks. Luxury brands, like other brands, can fall prey to scammers and profiteers. In fact, the report reveals that premium brand owners are often present in arbitrations and lawsuits against acquired domains for high-risk activities such as deliberate redirection of traffic. access the website. An increasing number of arbitrations involve the full use of trademarks by luxury brands in domain names, as profiteers seek to profit from the reputation of luxury brands.

Samson concludes: “There are green shoots of recovery around the world, including in the luxury sector, but this recovery is still fragile. Luxury brands are facing changing times. , new audiences and greater expectations Our brand IP and analytics, published for the first time in the Top 100 Best Protected Global Brands of 2021 provide fresh context and clarity for the luxury sector, helping to guide and inform brand owners’ strategies and decisions in a volatile landscape.”

Fiber2 Fashion News Desk (KD)

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