Redefining luxury

In recent years, the market has gone global. Luxury brands have reached the far corners of the world. More and more, the need for specialty and exclusivity has never been so vital. The competition has become so intense and customers have become more discerning that quality products are no longer good enough. Modern-day consumers have more sophisticated personalities. And today, just about everyone is interested in fashion. Shopping has become more than purchasing a commodity. The current shopper is after an unforgettable experience. It is not enough to sell specialized goods these days. The most pampered shopper will look for topnotch service to make them want more. Shopping in the modern age has been redefined.

Luxury brands are practically everywhere – from airports to department stores to high-street stores. They have become within reach of all sectors of the market. High-street brands are not only seen now as affordable but also disposable. They have lost the sense of exclusivity, compared to the past. Digital communication has not helped this cause. Information reaches the consumer fast and immediately. Stores targeting the mass market have even focused on hiring high-end fashion names to market their brands. Look at the success of Target with Isaac Mizrahi and, recently, Karl Lagerfeld for H&M. Fashion has changed faster than ever. Then, there is no longer a single fashion look. It has become so eclectic. Just when you purchased a must-have for the season, the next season’s collections are already ready for delivery in the stores. The pace has paved the way for lucrative knock-offs of haute couture at Topshop, Zara and H&M. So, how do you define the new luxury? Hasn’t it become contradictory in the modern age?

Thanks to hip-hop, the word "bling-bling" has become mainstream. In the ’90s, New Orleans rap family Cash Money Millionaires coined the term that is used to describe diamonds, jewelry, and all forms of showy style. It gained more awareness with a song, Bling-Bling by Cash Money artist BG. Recently, the Oxford English Dictionary has drafted the entry for bling-bling in its updated version.

Today, the market for rocks couldn’t be hotter. And, the bigger, the better! Moreover, it is not left exclusively to women. The mod man has become bold and daring. Male personalities like Sean (P. Diddy) Combs, and David Beckham, to name a few, have made bling-bling so masculine. The jewellery business is thriving. The owner of Jacob & Co. (a new jewelry boutique in New York’s East 57th Street) Jacob Arabo will attest to this. He made his name by designing men’s rings and pendants. He took reference to the ’80s hip-hop group, Run-DMC, who wore massive chain accessories. The major difference to his designs is the use of precious metal and stones – and in particular, diamonds. His famous watch, covered with more than 15 carats of diamonds, fetches a whopping $245,000.

Arabo designed two necklaces for music producer Pharrell Williams amounting to $750,000. One was a white-gold rope chain with a diamond-encrusted pendant shaped like an astronaut’s head (the logo for Williams’ clothing brand Billionaire Boys Club) custom-made for an event in Moscow. Based on a special report in Newsweek (dated July 25 to August 1), every year they see a 15 percent increase in the custom-made products at jewellery house Boucheron. James de Givenchy of Madison Avenue’s Taffin has also confirmed the rising demand for specialized and personalized work. Rocks are oh-so-hot again. The latest bling-blings are no longer reserved for special and evening events. Mixing them with your casual wear like jeans is considered hip and mod.

Craftsmanship is the future of luxury. It is what sets the other brands apart. Italian house of Brioni knows this well. Attention to detail and customizing are fundamental to such houses. Angelo Petrocci, Brioni’s head tailor, travels the world, takes measurements of heads of state, and creates the suits they want, and returns for personal fittings. The demand is so high that he rarely takes a break. The unfortunate result of our fast-paced lives is the loss of craftsmen. With this loss, Brioni has created its own school to produce skilled artisans. This is the only way to keep the traditional craft alive.

After World War II in Paris, there were some 150 workshops for specialized work in haute couture. Now, there is only Lesage, which specializes in embroidery, and Lemarié in flowers and feathers. According to a special report titled "Designed by Hand" by Christopher Dickey and Anna Kuchment in Newsweek, Brioni president Umberto Angeloni sees most buyers as neo-consumers.

"He may not read poems or history, but he knows brands. On the other end of the spectrum is the rarer ‘luxury literate’ consumer: He’s a man who does not buy for any reason but for his own pleasure in owning special things, primarily if they are made by hand." Brioni continues, "If I please them, I know I will please the others."

This is made evident with the high demand for limited-edition pieces in leather goods, other fashion pieces, watches, techie gadgets, cars, and even beauty products. Despite their level of exclusivity, top-end brands have heeded to this need of the new experienced customer.

Ferrari, for instance, just announced the production of a 20-piece limited-edition super-Enzo called FXX. To make it even more select, all applications to buy one are carefully evaluated even if you can afford the 1.5 million euros (plus taxes) price tag. The seat and pedals of each FXX will be tailor-made to the owner, followed by a short training session at Fiorano, the private circuit of Ferrari. To top it off, the use of this "toy for big boys" is only limited to the track. Talk about indulgence! Even shoes take the same route. To further highlight the trend, sports shoes (from Adidas to Nike, Vans, Converse and Puma) have joined the set. And, consumers cannot get enough of it.

In Tod’s newest flagship store in Omotesando, Tokyo’s Champs Elysees, one floor is dedicated to a line of leather goods made in collaboration with Ferrari and a series of limited-edition items made to commemorate the opening of the boutique. Then, nearby, there’s the Celux Club, located inside Louis Vuitton’s building. Only a select few who passed their admission process, together with a $2,000 membership fee may enter the club. The store not only carries LV products but also limited-edition pieces from other high-end brands. To make the experience even more unique, special movie screenings and chic parties are organized for their members. It’s the new way to shop.

Who can live without a mobile phone? I call it a necessary evil. We drop it, scratch it, dump it in our bag. We don’t give too much care and attention to it. New models with complete techie stuff have become more affordable. Yet, there’s Vertu phones costing 6,000 euros and up. They come in stainless steel, gold, white gold, and platinum. They use the same leather as Rolls Royce, the face is scratchproof sapphire and ruby bearings under each key ensure precise key press. It is evident that there is a market for such indulgence. Watches are not exempt. Already, many timepieces are highly priced. However, well-respected watchmakers still introduce several limited-edition pieces recurrently. There’s the Opus 5 from Harry Winston rare timepieces – 45 pieces in pink gold, 45 in platinum, seven in platinum with full-cut diamonds, and three in platinum with baguette cut diamonds. Graham also introduced a special, limited-edition watch that pays tribute to Winston Churchill. Audemars Piguet is not new to this game either. They have used events like the Alinghi—America’s Cup 2003 to personalities from Arnold Schwarzenegger to Juan Pablo Montoya and Jay-Z for their limited-edition watches. Rarer still is the double-faced $620,000 Sky Moon Tourbillon. This wristwatch tells standard time on the front and has a celestial calendar on the back. Only two or three are manufactured each year. Fashion houses have also followed suit. Chanel, Louis Vuitton, and Prada, to name a few, have taken advantage of the demand for these numbered timepieces.

Introduced 30 years ago, Shu Uemura’s cleansing oils have become a cult favorite for beauty aficionados. Every 30 seconds, a bottle leaves the retail shelf and goes on to the bathroom counter. Yet, Shu Uemura, together with artist Ai Yamaguchi, produced a limited-edition collection of their three distinctive oils – another proof of the ongoing demand for highly exclusive things.

The limited-edition trend was introduced to give the luxury market an opportunity to reinvent itself. The sense of exclusivity and scarcity needed to make a comeback. Some brands have started making 80 pieces, but give away half of them to friends and high-profile celebrities. Then, they hold back the item until it becomes desired and hard to find. This marketing trick makes the piece a must-have to fashionistas. Thus, creating a high demand. Waitlists are preferred to even make it more sought after.

Without a doubt, the consumer is changing. Regardless of age, they are sophisticated and well- informed. Women particularly have more purchasing power in the changing times. Those who once sought high-end labels now look out for new designers, labels, and stores offering personalized and limited pieces. Logos are no longer hip. Nor are they considered the definition of good style these days.

The future is all about made-to measure, personal, and individual. It is all about self-selection more than "who wore what" or the season’s latest trends. Prized picks for the new stylish set is more about who you are – your lifestyle, your attitude. The experienced shopper will seek rare materials, unusual finishes, and unique designs. Fashion involves a seduction of our senses. Whether it is the latest jewellery, makeup, or hairstyle, we set our minds on the next purchase even if we are well aware that just when we grabbed the new "it" thing, a new "new" will be out sooner than we leave the store. More significantly than price or popularity, purchases should be about what we want and what we enjoy. It’s all about you. It’s about individuality. And, I can never say it enough: It’s about having fun!

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Send queries and suggestions to jo@joyceorena.com.