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What is Luxury Industry

Handbook of Research on Global Fashion Management and Merchandising
A constantly growing market located at the upper part (near the top) of the scale, focusing on products which are not necessary, but pleasant and satisfying to possess. Often, a certain level of social status is associated with the possession of luxury products, focusing on a high level of exclusivity.
Published in Chapter:
The Luxury Market in the Fashion Industry: A Conceptual Segmentation
Sonja Christina Sperber (University of Bamberg, Germany)
DOI: 10.4018/978-1-5225-0110-7.ch007
As competition accelerates due to the increasing pace of new developments and the continually growing number of competitors, the delimitation and unique positioning is of essential importance for fashion companies. Therefore, it is this chapter's purpose to develop a segmentation frame aligned for the luxury fashion industry, which categorizes it into distinct segments according to determined criteria. Hereby, the author emphasizes established criteria (e.g. brand loyalty, exclusivity) and current industry trends (e.g. fast fashion) in order to develop a ‘luxury fashion segmentation cube', dividing the industry into four specific segments (premium, high-end, prêt-à-porter, haute couture). The objective of this chapter is twofold: With the segmentation cube, a tool for analyzing the competitive situation within the respective segments is developed. Further, it is applied to provide insights on the required actions for obtaining a holistically oriented organizational positioning strategy within the desired segment. Concluding, theoretical and practical implications are highlighted.
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