8 P's of luxury branding

Although the report has to be set out with 6 P's, this report is relevant not only because it has great insights into the market but backs up the idea that people want a specialist for a one off "specialist" item such as a watch or in this case a timeless faux fur coat. Designer duchess being a designer brand at an elevated price point can definitely benefit from details of this report.

 As the consumer moves on and with more people joining the ‘ownership’ circle, just owning a recognizable symbol is not enough – the new need to “differentiate” sets in to further confirm their social status and to stand-out among the equals. The source of exclusivity, then, can manifest in form of acquiring limited editions or something with extraordinary product capabilities or rare materials, craftsmanship; it can also be driven by brand’s distinctive personality or simply the knowledge of the brand legacy. One can also observe that people who seek differentiation tend to have larger repertoire of luxury brands, have a choice of not-so-common luxury brands, have a definitive reason for their choice and sometime even prefer to stick to specialist brands. Few of the consumer quotes (below) from various quantitative researches in UAE emphasize this point: 

“I prefer to buy my watch from an expert watch-brand, not a fashion label.” 

“I like things that are exclusive and specialized like the really top suit brands …and ties. You know, where one tie is the price of a good Armani suit, but that you’ll only find in Italy, only at one location and not in any branches anywhere else in the world. That’s like once in a while you want to buy something that’s special and wear it a few times on specific occasions.” 

http://www.brandchannel.com/images/papers/533_8ps_of_luxury_branding.pdf