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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