The Cult of the Luxury Brand: Inside Asia's Love Affair with Luxury

Description

The Cult of the Luxury Brand is the first book to explore how and why an amazing "luxeplosion" is rocking Asia, sweeping up not just the glitzy upper crust, but secretaries toting their Burberry bags, junior executives sporting Rolex watches, and university students in Ferragamo shoes. Hong Kong boasts more Gucci and Hermes stores than New York or Paris. China's luxury market is growing with such gusto that it will single-handedly be the biggest by 2014. Even India, the new kid on the luxury block, has three-month waiting lists for hot items, while in Tokyo, the epicenter of the cult, 94 per cent of women in their 20s own a Louis Vuitton bag. The cult of the luxury brand is so powerful that Asian consumers account for as much as half of the $80 billion global luxe industry. Radha Chadha and Paul Husband explain the paradox of simultaneously pumping up your product's status while pumping it out to the masses. They crack the code of the cult, offering a tried-and-tested approach to creating an explosive following for your brand. They outline a powerful model that explains the spread of luxury in developed markets such as Japan and Hong Kong, while predicting the future course for emerging markets such as China and India. They also examine the phenomenon of "geniune fakes", impossible to tell from the real thing but detracting from its sales.Written by world-leading experts in a highly accessible style, the book draws on over 150 interviews with industry experts, market studies in 10 countries, and the authors' collective experience across Asia. It offers a glimpse of the thriving retail scene, from glorious flagship stores in Tokyo to bustling local markets in Seoul, and compares the various consumer segments to understand the inner motives for their obsession. It demonstrates how the continent's massive economic and social transformation is dismantling centuries-old ways of defining your place in society, and how your spot on today's social totem pole is marked by your Chanel suit and your Cartier watch. Whether you are a business professional targeting the Asian consumer, a marketer interested in trend spotting, or a shopper fascinated by luxury brands, this book opens the door to success.

Radha Chadha is one of Asia s leading marketing and consumer insights experts. After working with top advertising agencies JWT, Ogilvy & Mather, Grey Worldwide, and Bates Asia, Radha established her own brand consultancy in 2000 in Hong Kong(www.chadha-strategy.com). She has held senior strategic planning positions, and led the thinking on brands such as HSBC, American Express, British Airways, Glaxo Smith Kline, and Mandarin Oriental. Radha is a faculty member of the prestigious Tsinghua Ogilvy Branding States Program, a collaborative effort between Beijing's Tsinghua University and Ogilvy & Mather. She has an MBA from the Indian Institute of Management, Ahmedabad, with a specialization in Marketing, and a BA in Math from St. Stephen's College, New Delhi. Paul Husband is one of Asia's leading retail center planning and development consultants. He arrived in Hong Kong in 1988and began his career as marketing manager for Pacific Place, often referred to as the region's most successful retail centre. Paul and his company work with clients in Hong Kong, Singapore, Taiwan, China, Korea, India, the Philippines, and Thailand, and publish an annual report on the growth of luxury brands in China (www.husband-retail.com). Paul is an Asian faculty member of the International Council of Shopping Centres and a member of the Washington-based Urban Land Institute. He lives in Hong Kong with his wife and a large walk-in closet. www.cultoftheluxurybrand.com

In this superb book, through a series of case studies and insightful analyses, Chadha and Husband highlight new marketing tools that companies are successfully implementing to create and build the luxury cult. This is a must-read book for executives who want to build their luxury brands in the booming Asian markets. -- Sunil Gupta, Professor of Marketing, Harvard Business School Fascinating. Full of insight and vital source material for anyone interested in understanding modern Asians. -- Miles Young, Chairman of Ogilvy & Mather Asia Pacific Painstakingly researched and easy to read, an amazing look inside the luxury brand trade. -- Ambar Brahmachary, President of JWT Japan Excellent and timely. Chadha and Husband have got the story. It's 'hands-on', accessible, informative, professional and lively. -- Dr Kaori O'Connor, University College London and author of The Way We Wear There is no other place in the world where luxury is the currency of power than Asia, where what you wear speaks volumes about who you are. Fascinating and informative, The Cult of the Luxury Brand is a must-read for anyone who is looking to enter the retail development market in Asia, an invaluable tool in understanding the psychology of the Asian consumer. -- Bertrand Pellegrin, Marketing Director of Lane Crawford Well researched and highly readable, this book goes well beyond merely documenting the luxe phenomenon in Asia. It explains how cultural concepts such as guanxi, conformity and kiasu are given their spiritual edge today through the way luxury brands are used as personal props. It is a fascinating read, and adds texture and flavour to understanding how the Asian century is taking shape. -- Mark Blair, author of 360 Brand in Asia and President - International Clients, Ogilvy & Mather Asia Pacific The authors have delved into the psyche and the motivations of the most fascinating consumers in the world. This book is an invaluable tool for investors and managers to understand the path ahead for luxury in Asia. -- Sagra Maceira de Rosen, Managing Director of Reig Capital Luxury & Retail, former Head of Luxury Goods Equity Research, JP Morgan A fascinating journey behind the luxury phenomenon that is shaping mass consumption in Asia. Filled with actionable insight for all marketers. Read it for pleasure and profit! -- Richard Lee, Vice President, Marketing, PepsiCo China