Luxury fashion brands are on the edge of a very interesting momentum. What was once the most avant garde exclusive circle, now seems an "affordable" and playful garden for the general public. But is it really the case? Not necessarily - luxury brands haven't become more affordable, but they have opened their doors...in a way.
Extending and enriching the windows: the Instagram momentum
Since Instagram's appointment of Eva Chen as Head of Fashion Partnerships (previously Lucky magazine's former editor in chief), she has been spotted as a brand spokesperson almost everywhere. Media outlets are running after her, high-profile dinners are set up in Paris and London, and she's also a hot commodity in emerging markets, used to convince both brand marketers and fashion influencers that Instagram is the best shop to set up business. Chen was recently seen as the "bestie" of Balmain's prodigy, Olivier Rousteing.
Digital ROI for luxury brands still needs to be proven. According to some insiders' sources inside a few Maisons (who are looking for some sort of reassurance), retail marketing still dominates the game, and digital might still be perceived as another corner.
Instagram understood the importance of putting a "face" to its business. This approach reminds me of RewardStyle's strategy: investing a lot in account executives who can quickly become PR friends, talent managers, and digital marketers for the up-and-coming digital influencers.
With a digitally-driven Fashion Week season over and the demonstrated rise and success of social media in the industry, designers are now expected to be "always on", as any FMCG brand should be. As Eva Chen sums up:
"Instagram has become the water cooler of the fashion community (...) An image on Instagram can define your collection."
A runway for the connected audience. #Fashionporn is the new currency.
The thing is that with fashion creation, new patterns and new pieces do not emerge overnight; it requires time, people, and manpower to build up a legit collection. Collection narratives were meant to convey deep messages, translated for the masses by people in the know.
This narrative is challenged by the need for immediacy, supposedly imposed by Instagram and social networks in general. Digital consumers want everything now. To this end, catwalks are live-broadcasted and brands are investing millions to be seen and shared.
But, aside from Burberry, who really watches the live catwalks or clicks on replay-videos? Are these brands becoming entertainment machines, for better or worse?
Luxury entertainment business or entertaining the luxury business?
One might be skeptical around this new fuss for the trendy social networks du moment. And it's legitimate to even wonder what social media can bring to luxury fashion houses. As the witty Vanessa Friedman recently wrote:
"The dresses themselves were lovely (...), but they were sacrificed to the attention imperative. Also known as the Instagram imperative".
In other words, brands put at risk their equity in favor of winning a popularity contest. Looking at H&M and luxury fashion brands' collections in the last 3 years is an eye-opener in terms of consumers' interests - the fashion pop-culture powerhouse knows how to build up "buzz" and hard launches for its partners. But if each collaboration reaches a higher peak, the fall in interest the day after, is spectacular.
H&M's yearly collaboration was this year with Balmain (or let's say Olivier Rousteing) and the campaign focused mostly on how cool the designer is and how great his besties are. The magazines or blogs who really developed some educational content on what Balmain is about are still missing.
H&M by Balmain nailed the sweet spot of brand awareness among a new audience, for sure. But did it re-imagine its value chain and approach to luxury? Not so sure.
Entertaining the elite by making fun of the mass consumers?
Kanye West summed up the state of embarrassment of luxury consumers:
"Because time is the only luxury. It's not all these brands that we just drove by that are somehow selling our esteem back to us through association."
And the frenzy for H&M by Balmain is not an isolated case of violence against consumers.
A paradoxical but also sought-after attitude by some brands to reinstate the distance between its core customers and the mass audience - but a not so clever attitude in the long-run. If luxury fashion brands promise wider reciprocity and "conversations" in social channels, it is extremely ambiguous and hypocritical to let the followers kill one another on purpose.
Unless the real reason is a genius (but sad) marketing tactic: customers inappropriate for the brick & mortar shops will order through ecommerce, while the happy few will have access to the full experience.
My point is that the only market in which we hide the products in real-life is the porn industry.
Not so chic for luxury brands.
The luxury brands that educate as well as entertain will truly grow their business
Hermès is a wonderful example of luxury Maison that doesn't need to diminish its story to attract new consumers. If the tone of voice and editorial strategy are definitely "pop", the messages conveyed are eloquent and sophisticated. Facebook content helps in creating poetic entry points, while letting consumers discover and understand the brands more. A successful and subtle strategy which hugely engages a wide diversity of people, by mashing up pop cultures and high-end luxury codes.
What it tells about us new social brands is that they must approach their marketing in 3-D. Instead of considering digital actions as "channels", Hermès considers them as social cues, building up a long-lasting shared culture with rejuvenated and rejuvenating brand enthusiasts, and not just a series of buzz.
"Fashion fades, only style remains the same". It's never been so accurate.