When Lissy Von Schwarzkopf and I met on a video call in mid-February, she offered an apology within seconds.
As the chief business officer of Karla Otto, a global brand-building agency with luxury clients such as Nike, Valentino, and Loewe, Von Schwarzkopf's schedule is hectic, especially during the slew of first-quarter fashion weeks . Consequently, our meeting had to be pushed back from its initial time slot.
The announcement was that Nike and Kim Kardashian's Skims label were joining forces to create a womenswear brand called NikeSkims . The collaboration could be a game changer in the activewear space — and for Nike as it combats declining sales .
Von Schwarzkopf said NikeSkims, set to launch in April, exemplifies a marketing strategy that capitalizes on the combined renown of two major brands. This gives both businesses "a huge advantage because you're tapping into a whole new community and a whole new audience," she said.
Profit slumps hit some of the biggest high-end retailers last year, and the trend will likely persist . The luxury slowdown is forcing brands to rethink every facet of their business models, including their marketing strategies. As consumers clutch their dollars, upscale labels like Nike hope to loosen the grip by refining how they communicate their brand identity.
"Diamonds are made under pressure," Hannah Reed, a research manager at the market-research agency Walnut Unlimited, said. "The pressure is now on for luxury players, and hopefully, it'll be a time where they innovate and come back bigger and stronger."
Crafting resilient marketing strategies for luxury fashion requires a deep understanding of the economic forces shaping the industry.
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