Luxury Marketing Project: LoroPiana Marketing of Luxury Karim Aouad 22.10.2013 Introduction Per capita income thresholds are increasing for most of the individuals with development of global economy. The growing income levels of all the consumers in the world have augmented the turnover of global luxury market…
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The context of this essay will not only facilitate to understand the current status of the brand in the market but will also provide further ways by virtue of which the firm would be able to augment its sales in future(Rogers, 2001). LoroPiana LoroPianais a luxury clothes-producing company that is based in Italy. The company produces high-end woollen garments and cashmeres. The LoroPiana merchant family founded the organization in the early nineteenth century. The family did business of woollen garments initially from Trivero, located in Northern Italy, and over time in the twentieth century; the family shifted their business to Valsesia. Moet HennessyLouis Vuitton (LVMH) is another luxury goods company; it has purchased almost 80% of LoroPiana’s shareholding on the 8th of July 2013, which is worth almost 2 billion Euros. LoroPianais a famous luxury brand company with almost 132 stores across the world (Roberts, 2013). Brand Identity Prism Jean-Noel Kapferer had introduced prism analysis for a brand. This included six aspects that help to identify a brand. These aspectsare culture, personality, physique, self-image, relationship and reflection. These six aspects were classified further in two dimensions. Figure 1: Brand Identity Prism (Source: EURIB, 2009) Constructed Receiver vs Constructed Source: this dimension explains that a brand that has gained enough popularity in the market virtually acts as a person and can also be analyzed as a stereotypical user. Internalismvs Externalism: this element explains that its social aspects create a brand’s external expression. These social aspects of a brand also influence the different aspects incorporated by the brand itself. This essay will consider the prism analysis of LoroPianabrand. Physique: it was believed by Kapferer that a company could never win the loyalty of consumers if they did not work over the material benefit of its products. The quality of a product largely helps to attract potential buyers. LoroPiana’sfine woollen and cashmere garments are famous around the world. The company is the largest buyer and weaver of wool and cashmere. Itsproducts are excellent sportswear and accessories. The garments manufactured by the company are marks of unique tailoring. Not only design, the LoroPianaproducts have their own establishment in the market subject to their distinctiveness in quality. The trousers made by the company are not only stylish, but are symbols of status and class. Personality: an iconic star can often correctly give the idea about the nature and quality of a product. The personality dimension explains that in certain situations the practice of endorsement gives meat and flesh to a brand. LoroPianahas endorsed its products by many iconic models. These advertisements have added feather to the cap of LoroPiana’s brands personality and image (Shaughnessy, 2013). Culture: culture closely attaches a brand to its organization. The appeal for the products produced by a company significantly depends on the culture that the consumers possess. LoroPianagarments and accessories are western informal dressing attires. The people wearing traditionally western dresses hence favour the brand. Since the products manufactured by the company are expensive, it can be analyzed that the potential customers of the products are the rich buyers living in the developed economies. A company must possessbrand culture
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