Brand extensions are an interesting brand strategy alternative. Nowadays most luxury brands have various product lines, from apparel to jewelry. Via brand extensions, luxury brands can reach out to new markets and also new customers that are not even considering the brand before, which helps luxury brands to generate more revenue. However, the move can be also risky, if the brand extensions do not match the parent luxury brand's identity. Also, chances are high that the brand extensions might cannibalise the original brand itself. No matter how diversified the brand becomes, it is crucial to constantly innovate and enhance to prevent the brand from being diluted.
#LuxuryBranding #BrandingStrategy
THINGS YOU NEED TO KNOW |
7 STEPS OF LUXURY BRAND BUILDING PROCESS
• Luxury branding princi...
24 ANTI LAWS OF MARKETING
• How luxury brands do m...
CREATING NEW LUXURY BRANDS
• How to create a new lu...
00:00 Intro of the episode
00:43 What are brand extensions?
01:59 Why brand extensions?
02:51 Downward brand extensions: Rolls-Royce
06:41 Diversification of the brand: Giorgio Armani
09:15 Collaboration with non-luxury brands: H&M | Jimmy Choo x Hunter
11:03 Summary of the episode