Fashion, Fashion And Luxury Company - 1542 Words

Executive summary The number of people willing to spend capital on luxury goods is increasing around the world as global economic recovery takes place. Both the old and the young are relying on the internet for information due to increase in technology. Chanel is an established beauty, fashion and luxury company headquartered in France. The brand was founded by Coco Chanel who was famous for revolutionizing ladies’ fashion as well as introducing timeless elegance and style. The strength of the brand also lies in Karl Lagerfeld, a cult designer, who never fails to interest the management team and consumers in promoting and preserving the brand image and attuned to the needs and market trends of the consumer. Chanel brand will continue†¦show more content†¦Literature review The British Fashion Council (2014) indicates that the fashion industry’s aggregate contribution to the UK economy has increased to over forty six billion pounds since the year 2009. This reflects a percentage increase of 23%. The fashion industry makes remarkable contribution to the economy by indirectly supporting the chain industries and inducing the spending of its workers’ wage income. The Mayor of London, Boris Johnson, agrees in entirety with the British Fashion Council by indicating that these figures prove the magnificent contribution that the fashion industry makes to the UK economy. The fashion brand industry’s development is attributed to the UK’s creative designers that give them a competitive advantage over the other designers across the world. Its value rises day by day as it invests in a variety of colleges to nurture the talents of its designers and hence contributing to the popularity of the UK’s fashion brand industry. Chanel uses a number of positioning strategies. First and foremost, it uses an extension pricing strategy under which it charges the same price in all its retailers. Channel sales all its products at top-scale prices. This enables it to maintain its image among its customer base as one that offers high quality products. This means that all the brands of Chanel are hardlyShow MoreRelatedHow Branding Influences Consumers Luxury Fashion Choices1530 Words   |  7 PagesPrada shoe? The following essay will discuss how branding influences consumers luxury fashion choices. Bain and Company (D’Arpizio et al, 2014) state that ’the market for personal luxury goods has nearly tripled in the past 20 years’ (p. 7), with the industry reflecting healthy growth by exceeding â‚ ¬850 billion in 2014 (p. 3). It is evident that luxury consumption is a thriving industry. Despite the fact that prices of luxury goods has risen over 60 percent in a decade, consumers are still choosing toRead MoreHow Branding Influences Consumers Luxury Fashion Choices1454 Words   |  6 PagesPrada shoe? The following essay will discuss how branding influences consumers luxury fashion choices. 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