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A new study from Clarivate reveals that luxury brands are accelerating their digital transformation to meet the demands of a changing world.
Clarivate, a global leader in providing trusted information and analysis to accelerate innovation, has released a new “Luxury brands” report. Here’s what their brand new report reveals about luxury brands and the recent changes that have taken place.
Diversification
Luxury brands are incorporating new sectors into their strategy. For example, computer, electrical, scientific and software products rank in the top five in terms of trademark activity for the LVMH group. LVMH’s diverse business interests, ranging from luxury hotels to fashion to wines and spirits, make it a microcosm of the luxury sector and, therefore, an indicator of trends in the entire luxury industry.
Gordon Samson, president of Clarivate’s IP group, said, “Organizations have faced unprecedented uncertainty over the past two years. Luxury brands have been no exception. Driven by the changing world, they have evolved the way they operate, whether it’s strengthening their digital presence, embracing e-commerce, or revamping the in-store experience into an immersive or hybrid experience. It will be interesting to see how and when luxury brands, masters of the art of brand building, accelerate the science of IP intelligence to inform decision making.”
New consumers
By 2050, it is estimated that nearly 50% of the world’s luxury consumption will come from younger consumers. This is because Generation Z consumers and millennials are less set in their buying preferences, more adventurous and more digitally savvy than the older luxury consumer. Brands are turning to digital to engage with these younger consumers, embracing augmented reality and virtual reality technologies to bring virtual fashion shows and showrooms into consumers’ living rooms.
Brands are also tapping into the younger generations’ love of video games, creating their own games to entertain and interact with them. Louis Vuitton has launched Louis, a video game aimed at Generation Z.
Digital protection
The digital age offers new opportunities but also increased risks. Luxury brands, like all brands, can fall prey to scammers and hackers. The report found that luxury brand owners are often present in arbitrations and disputes against domain names acquired for high-risk activities such as the deliberate hijacking of web traffic. In a growing number of arbitrations, luxury brands are being used in their entirety in domain names, with spammers seeking to profit from the reputation of luxury brands.
Gordon Samson concludes, “There are signs of recovery around the world, including in the luxury sector, but this recovery remains fragile. Luxury brands must deal with changing times, new audiences and higher expectations.”
Read also > LUXURY AND YOUTUBE : A WINNING COMBINATION ?
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A new study from Clarivate reveals that luxury brands are accelerating their digital transformation to meet the demands of a changing world.
Clarivate, a global leader in providing trusted information and analysis to accelerate innovation, has released a new “Luxury brands” report. Here’s what their brand new report reveals about luxury brands and the recent changes that have taken place.
Diversification
Luxury brands are incorporating new sectors into their strategy. For example, computer, electrical, scientific and software products rank in the top five in terms of trademark activity for the LVMH group. LVMH’s diverse business interests, ranging from luxury hotels to fashion to wines and spirits, make it a microcosm of the luxury sector and, therefore, an indicator of trends in the entire luxury industry.
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A new study from Clarivate reveals that luxury brands are accelerating their digital transformation to meet the demands of a changing world.
Clarivate, a global leader in providing trusted information and analysis to accelerate innovation, has released a new “Luxury brands” report. Here’s what their brand new report reveals about luxury brands and the recent changes that have taken place.
Diversification
Luxury brands are incorporating new sectors into their strategy. For example, computer, electrical, scientific and software products rank in the top five in terms of trademark activity for the LVMH group. LVMH’s diverse business interests, ranging from luxury hotels to fashion to wines and spirits, make it a microcosm of the luxury sector and, therefore, an indicator of trends in the entire luxury industry.
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