Is there a certain art form needed to sell a $200 handbag over selling one that would be $20,000 ? Now, what’s tricky is deciding which luxury or lifestyle consumer you want to target to buy either handbag. So when you see a brand like Ralph Lauren who has decided to put more emphasis on their high-end handbags, jewelry, and watches “we should all” be taking some serious notes.
What your brand is known for is not where you have to stay. This does not mean go out and immediately change your brand’s perception or promise. Those are the things that create loyal customers and fans who believe in the value of your brand. From here you have a starting point to implement new products, goods, and services.
Take for instance Ralph Lauren to the average consumer (average consumer here means not for the masses) might be considered a competitor to Tommy Hilfiger. The average consumer might think of Ralph Lauren as a preppy brand with sportswear appeal. Which Ralph Lauren is known in part for being a preppy brand to the preppy consumer. However, for high-end luxury consumers they might think of the Ralph Lauren Purple Label which is their men’s luxury clothing. Covering everything from men’s suits to sport coats and more.
It might be interesting to also note that Ralph Lauren launched in 1967 started with a specialty line of neckties under the Polo brand. Over the years Ralph Lauren evolved into building an empire consisting of men’s, women’s, children’s, and home furnishings. Developing twenty odd brands with varies structures and price ranges. Today the brand is sold in retail stores and also their own Ralph Lauren stores around the globe.
How can a brand evolve to sell more high-end goods targeting the ultra wealthy consumer? All luxury and lifestyle brands should be paying close attention to market research. I personally don’t think that high-end luxury ever goes away. Quality can be sold at any price point with the right public relations PR campaign. Brands need to focus on research and trends to create superior luxury goods and services consumers will demand, love, and want!
Ralph Lauren is focusing on The Ricky ID Chainbag as their entry level product offering into the high-end luxury marketplace. The Ricky retails for $1,950 and is a safe introduction for them because this price point is still considered accessible luxury.
The Ricky ID Chainbag
This new move makes Ralph Lauren a head on challenger to Michael Kors. However, Ralph Lauren is gunning to be a true high-end luxury brand compared to the likes of master of whisperers Louis Vuitton. Ralph Lauren will carry high-end price tags matched to superior luxury brands as a new player in the high-end luxury goods business.
Ralph Lauren Black Safari Flying Tourbillon $80,000
Please “don’t call it a comeback”, they just getting started…. and yes they got better!
Do you have an luxury or lifestyle product or service? Right now is an excellent time to create a high-end product or service offering! Buzz me to find out why and how we can help email: email@example.com