Thursday, July 17, 2014

Luxury Mega-Trend a Perfect Fit for Australian Fashion Brand Banjo & Matilda (BANJ)

Whether intentional or not, writer and aviator Antoine de Saint-Exupery delved the core of modern consumerism when he said, “There is only one true luxury, and that is the luxury of human relations.”

What successful brand is without a base of consumers that believes the brand is aligned with or meets their personal perception of luxury? Whether it’s the product itself, the purchase, or the item’s value as a means to something else, the luxury consumer is looking for a satisfying relationship with their purchase.

An interesting shift in consumerism is subtly demanding a change in the retail industry’s definition of luxury, however. There was a time when “old luxury” was displayed by ownership of products of stature such as mansions, visible branding, expensive cars and extravagant jewelry. Now, a new class of consumers increasingly shows a preference for individuality and self-expression rather than status symbol.

This “new luxury” encompasses products and services with higher levels of quality and taste than conventional goods in the category, but ones are not so expensive as to be out of reach.

Scott Keogh, CMO of Aui America defines the paradigm as follows: “Old Luxury is traditionally grounded in Europe. A Swiss watch, high quality, a traditional definition of prestige. New Luxury is evoking a ‘West Coast’ sensibility a more casual attitude … a sense of Zen and spirit.”

The Luiss Business School, Italy, describes new luxury as one that “means taking care of yourself, loving yourself, in order to improve your quality of life and personal satisfaction. It is a more personal experience than a social one, more and more available for a huge amount of people.”

An emerging beacon of this shift is the Australian fashion brand Banjo & Matilda, whose collection displays an eclectic blend of city and sand, mega-fashion and individuality. Founded in Bondi Beach, Australia, the brand launched its first knitwear collection in 2008, featuring cashmere sweaters designed as discreetly luxurious but that captured the freedom of a beach lifestyle.

Today, Banjo & Matilda’s collection maintains the brand’s initial focus, spun from premium natural yarns such as fine cashmere, silk and organic cotton, distanced from the concept of “fast-fashion” by demonstrating sustainability, longevity and endurance.

Banjo & Matilda’s target demographic is the consumer population seeking “new luxury,” showing an interest in quality of life and purpose rather than bold social stature. Founders Belynda and Ben Machpherson flagged and acted on the massive shifts from consumptive luxury branded goods (Gucci, Louise Vuitton, Prada) and disposable imitation fashion toward authentic, well-priced products with prices below old luxury but above fast-fashion.

The label is rapidly growing a loyal global following, available at more than 100 retail outlets, leading department and specialty stores such as Neiman Marcus, Net-a-porter, Harvey Nichols, ShopBop, Revolve, Stanley Korshaks, David Jones, Intermix, and in additional department and specialty stores in the U.S., UK, Europe, Middle East, Asia and Australia.

The MacPhersons have not only recognized the shift in consumer perception of luxury, they have demonstrated their ability to steer a luxury brand through the changing waters of mega-fashion to the shore of success and consumer acceptance.

For more information, visit www.banjoandmatilda.com

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