The pandemic has forced all brands to question everything, and luxury brands, now more than ever, must think holistically about the luxury experience.
Companies greatly underestimate the damage that promoting a luxury brand can cause, with many brands assuming that the only way to survive in the short term, is to lower prices.
Many luxury brands have struggled to fill their stores due to poor service. But this issue isn’t just unprofitable; it also destroys brand equity.
Despite cultivating growth in the Mainland China region, Burberry’s sales in the EMEIA region were down 75%. The main culprit? Large discounts.
Most luxury brands have lost a staggering amount of earnings during this crisis, but a lot of these drastic results could've been avoided with brand audits.
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