This post is a continuation of the post ‘In Search of Luxury‘.
Along the line, I opted for luxury. I spent years toiling the international market talking to and visiting manufacturers and designers. Then a renowned consultant talked to me and asked not for my vision nor mission but for the dream I had from the beginning and what I hope to achieve with the brand. Without allowing me say a word, he said “You are already everywhere and your products are already crossing boarders, what else are you looking for? The little things that matters, you have it, so what is it that you want to add to it rather than start all over again?”
On mentioning luxury, he asked “why luxury and what aspect of luxury?”
I told him all I want is to improve on the luxury aspect of my brand. I want my employers (my customers) to enjoy more value than they have been enjoying and also an increased sense of paying less for much more value.
I know luxury comes with a price but the dream I had at the beginning when I started by clothing myself was ‘Affordable Luxury‘, then I moved on to clothing my family, my friends and to where I am now. Along the line, I felt a need to move from what I dreamt of to a higher stand. I wanted the value of my products be reflected in their prices so I opted for ‘Priced luxury‘.
As part of the business strategy, I stopped all production of existing products to pursue a well packaged, branded and higher value products. I went international but surprisingly, aside adverts, packaging, labeling and pricing, the value of the actual product in the international market has no major difference with the one present here in Nigeria.
This got me to the conclusion that higher price does not mean higher value and inline with what the company believes in, which is ‘affordable luxury’ and ‘exclusiveness’, we will keep to our words and the values we are known for.
Hence, my decision to get back to the old drawing board, revisit the company’s initial vision and work my way back up.
Talking to him (The Consultant) was an eye opener as I learnt more about luxury and the luxury market, the various types of luxury consumers and what they all have in common, including the role of the media in the world of luxury and how the fashion luxury works. He left me more knowledgeable than I was when I first met him but also more confused than I have ever been.
He said, luxury is not about the price but luxury can be found in exclusiveness which can be driven by either the price of the product or by limited production run and that luxury consumers most times identify luxury based on its price.
“I love luxury. And luxury lies not in richness and ornateness but in the absence of vulgarity. Vulgarity is the ugliest word in our language. I stay in the game to fight it.”
― Coco Chanel
So Coco ain’t alone on this, we are now both in the game to fight it.