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| More than just a logo |
| Devyani Raman / New Delhi Nov 23, 2008, 00:47 IST |
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“The final test of a leader is that he leaves behind him in other men the conviction and the will to carry on”
Walter Lippman
Aren’t these very inspiring words especially perfect for an economy faced with challenging times that’s impacting — besides other sectors — the luxury marketers globally? India too is facing the blow of global market corrections, more specifically in the luxury segment. Just take a look at some of the crucial markets: While Japan reflects a visible change in market numbers, the US seems rather stagnant. The overall market in India, however, is unique.
Consider this, the burgeoning middle class, also known as the “luxury nibblers” that account for over 100 million people in customer base, are small yet voluminous in size given their luxury diet that is directly dependent on their daily income and lifestyle. So look around you and accessories such as wallets, sun glasses and belts are definitely witnessing a drop in sales numbers, yet higher priced goods and services, say experts, will continue to remain cushioned against these market shifts, since these are considered “target groups” which remain independent of the overall markets slump.
The Luxury Marketing Council, founded in 1994 by Gregory Furman, launched in India in 2006, with founder members like American Express joining it. The role of the Council in India was to study and engage markets on a cerebral platform with senior luxury marketers across all sectors, so as to prepare the industry better in order to develop a secure future. Membership to the Council is by invitation, to ensure the right level of participation, and includes members like Rolls Royce, Fairline Yachts, Dunhill, Harry Winston, Ganjam, Nokia-Vertu among other notable brands.
So what happens at the Council? Think tank sessions and thought leadership series like ‘Leadership in Luxury’ promote the power of collaboration of luxury marketers with global thought leaders, in turn, contributing to a successful creation, development and sustenance of the luxury industry at a global level.
Not surprisingly then that Mumbai recently saw the opening luxury series in dialogue with Salvatore Ferragamo and leading luxury brand heads and market specialists who gathered to discuss the creation and sustenance of iconic brands. “My visit to India,” Ferragamo had mentioned at the discussion, “confirms a global movement of change.” “India,” according to him, “is fascinating, and social communities… are warm and hospitable.” In fact, it’s the reason why he thinks that India has the “right market terrain for introducing our family wines”.
An interesting point to note is the manner in which consumers all over the world identify with Ferragamo, especially since none of the products coming out of their luxury factories bear their family name! It’s something that needs to be constantly studied from a luxury marketers’ perspective and little wonder then, it was a question probed at the discussion too.
Dharti Desai of FineWinesnMore, Ferragamo’s exclusive wine marketing and distribution partner in India, in fact, explained at the session that Salvatore Ferragamo consciously uses subtlety as the chosen “gameplay” across global markets. “The market approach strategy for Il Borro and Castiglion del Bosco wines,” according to Desai, “will also be independent and individualistic in its brand persona.”
Given the fact that India is an increasingly growing, brand conscious market, launching Ferragamo’s products, without its iconic brand logo, is a brave step.
Missions to succeed are often reliant on the winning strategies that labels use to introduce their products in emerging markets. In wine markets, for example, communication of brands, in the midst of a competitive industry — from both domestic and international labels — gain favourable impressions and support from the trade to create and sustain a customer following. This basically involves an increased marketing effort, risk and investment.
“The value of the wine must be experienced and appreciated for their individual brand character, there is great joy received when I hear the surprise in people’s voices when they learn that there is a Ferragamo brand connect to the preferred wine,” says the charming, eloquent and humble family heir himself. “It is important for me as an individual to be committed to the creation of history that is now in-the-making, especially because I am extremely proud of my grandfather’s vision and passion.”
Taking on the feat of sustaining an iconic brand that has shone through the 1920s to 2008 is an enormous responsibility especially in the testing markets, both new and emerging. At a time when luxury producers shift to the East to capitalise on reduced production price points, Salvatore Ferragamo continues to build upon its brand point origin that still remains hand-crafted in Italy. The brand doesn’t compromise and refuses to bow down to market pressures.
No wonder that the iconic brand continues to remain true to its craftsmanship and iconic heritage.
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