As collaborations seem to be the big winner these days for luxury branding by becoming the “new black” when it comes to marketing strategies. But are luxury brands entering relationships with sustainability in mind? If not the end results can be very harmful to their brands down the road.
The icon Birkin bag fallout is a prime example of how Co-branding can go very wrong if the relation is not built for sustainability from the start…According to Luxury Daily French leather goods house Hermès is speaking with actress Jane Birkin about potentially renaming its handbag bearing her surname. Last month, following the release of a PETA video claiming to show one of Hermès’ crocodile suppliers mistreating animals, Ms. Birkin put out a statement saying she wanted her name to be removed from the style, not wanting to be associated with practices she disagrees with. For Hermès, a name change may enable the brand to start fresh as it looks into raising the ethical standards of its producers.
When training luxury brands on how-to establish better Co-branding relationships we adapted three steps top risk luxury brand management rules. The first goal of a luxury Cobranding relationship, especially when a luxury brand ambassador is involved must be to build the relationship for a win-win sustainable partnership. Creating a purpose to build a lifestyle influence while at the same time creating a demand in the marketplace for the service or offering.
Co-branding Rules For Luxury Brands
These are the three co-branding rules that every luxury brand should consider before partnering with any luxury brand ambassador or entering a co-branding relationship.
#1 Unique Appeal – Always enter the marketplace with a unique position appeal by offering a custom co-branding solution. Creating a fantastic partnership new development that will resonate through offering a purpose to fulfill a missing void. Using the co-branding relationship to reach, engage, and influence lifestyle awareness targeting affluent audiences.
#2 Culture Connection – Every co-branding relationship must hold the same culture values for vision and purpose of goals to be ultimately successful. While each party will bring a diversity variance to the relationship still their culture values must be matched to build a sustainable and credible long term partnership.
#3 Influential Effect – Never enter a co-branding relationship that lacks the potential to add influential value. The purpose of a co-branding partnership is to marry influence effect and brand awareness credibility. The co-branding partnership is a relationship marriage of influential value to have an influence impact.
When luxury brands engage in these three rules for co-branding the results can be very lucrative and productive for all parties.