In last week’s Luxury Unfiltered column, I introduced the concept of the 4E's of luxury: emotion, experience, engagement and exclusivity.
The abrupt exit of creative director Virginie Viard from Chanel, while not unexpected given the recent controversies around her fashion shows and collections, yet without a clear succession plan, underscores the chaos that ensues when the focus is misplaced. Do not get me wrong: it is critical for creative directors to create excitement. However, for a brand to grow continuously, it must go beyond superficial hype and ground itself in a compelling, emotionally resonant story.
It is, therefore, no surprise that there is a clear correlation between clarity of brand strategy and long-term financial success, while the short-term hype of the revolving door of creative directors moves very little, and if it does, often in the opposite direction. This lack of strategic clarity leads to fragmented efforts that, while momentarily dazzling, ultimately fail to build lasting loyalty or brand equity. The urgency for luxury brands to reassess their approaches cannot be overstated.