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Have you grown tired of the Polly Paranoids who have pulled the wool over our eyes the past year that luxury is dead? I have.
The ones who boldly claimed in articles and on covers of business publications, “we are in a whole new world where luxury is dead. And this isn’t just a trend, it is a fundamental shift for shoppers.” Yeah, right. Got it, end of world right around the corner. Sack and ashes. Bad times here to stay. Life sucks.
If that’s the case then why, why did the news come in from Paris that LVMH, the biggest luxury goods company including the Louis Vuitton brand post a profit? Don’t look for widespread coverage of that fact on cable news channels or your local TV station. If anything they’ll have a talking head guy on to say, “yeah BUT…”
For them, Wal-Mart and the Dollar Store are all we could be shopping at now and forever. After all, wasn’t it just about a month ago we saw Warren Buffet decrying a “new world” after the economy “fell off a cliff?”
A WSJ article by Max Colchester details all the brands under LVMH in the article in today’s edition. Here was one quote, “Mega brands are producing results ahead of the market average,” says Luca Solca, a luxury analyst at Sanford C. Bernstein.
Point of this post? The world is still spending on luxury. Hold on to your core customer. Sell your merch. Don’t destroy your brand by discounting. Someone’s getting the $$$ – look in the mirror – maybe its your fault.
If you’d like some help, remember the Retail Doctor makes house calls.
Probably agreed