Millennial Consumers Rule The Luxury Market – How Are Brands Coping?
Twenty-five-year-old Alexandre Arnault took the helm of the 120-year-old Rimowa in January 2017. His announcement made headlines around the world. Why? Simply because Alexandre is the third descendant of Bernard Arnault, chairman of LVMH, the French fashion powerhouse. Passing the family’s sacred sceptre from father to son marked a significant generational transformation in the reign of luxury power. Once installed, Arnault immediately refreshed and overhauled the German luggage maker. He introduced a slim new logo using a clean sans serif font, restructured the distribution network, and looked to improve the functionality and style of the products. These are not the actions of a man of privilege resting on his laurels. These are the crucial and timely steps taken by a shrewd young businessman who is mindful of the impact that youth has – from both brand strategy and consumer perspectives – on the ever-evolving luxury industry. Read more at South China Morning Post.
