If you run a google search on the subject, you will receive a plethora of results, some by bloggers, others by people who don’t necessarily have the right experience. In short, it is extremely hard to nail down what exactly a luxury brand entails. Given the difficulty a lot of entrepreneurs were having with defining the term luxury, we decided to ask an expert, Susan Griffin Account Executive at Burberry in New York , and former buyer at Akris and Coach.
Part of the magic of being an entrepreneur in the MSH family is the opportunities that it affords you; a chance to connect with some of the most brilliant minds in the industry. Experience and talent are an incredible combination and Susan is someone who embodies both.
She has an extensive and in depth wealth of industry knowledge stemming from her experience in working with luxury brands such as Coach and Akris. When asked to describe what she does, Susan laughed and said “I am a bag lady! I have been in this industry forever and have done both commercial and luxury bags.”
Given her experience, she imparted a lot of wisdom which we will be sharing with you leading up to the hackathon. Here’s what Susan had to say about what it means to be a luxury brand.
“It means different things to different brands. Coach and Burberry see themselves as luxury brands. Coach, however, is more of festival luxury.” says Susan, “Akris is créme de la créme of luxury; extremely exclusive, very expensive. They are handmade, designed and manufactured in Europe.”
Top tips from Susan on what to think about when calling yourself a luxury brand:
1. Think Price Points!
A bag has to be priced above 1200 dollars to even be considered a luxury handbag
2. Think Materials!
What materials you are using is critical, your customer knows the difference.
3. Think Branding!
Who are you as a brand, do you have a story behind who you are? A luxury handbag is not just about a purse, it is encompasses everything about who you are as a brand, on and off-line
4. Think Manufacturing.
Where are you making your product.There is a big debate on if it is made in China versus Europe the customer doesn’t care. CORRECTION THEY DO! Luxury brands that have products manufactured in China can be very confusing to the client. They should ideally want something from Europe.
For more golden insights from actual top industry professionals, make sure you join our mailing list and be the first in the know on what our experts have to say about design, products and more.
You want to meet Susan in person? Well she is flying in from her New York office to be an advisor at our product Hack-A-Thon November 13, 14 and 15. If you are someone who has an idea for a product and a burning desire to see if this could be an actual business, join us and turn your ideas into reality!
Sign up to make your dreams come true: www.mshdistrict.eventbrite.ca