Aiming to reach customers faster and grab market share, global brands such as Gucci, Ralph Lauren, Coach, Helmut Lang, Burberry and Rag & Bone, are working on increased flexibility and faster-paced production windows. Karin Tracy, Head-fashion, luxury and beauty industries, Facebook feels speed is everything right now. For luxury brands, whoever is the fastest right now will have competitive advantage, full stop. They need to step out of the comfort zone of perfection, think about how to move fast and build things to let them do so.
A recent study by Alvanon stated this fast-moving trend has been brought in by brands like Zara, which releases new items four to five times faster than a traditional retail brand. To grasp the change, luxury brands have opted for various strategies with some chucking the traditional fashion calendar and moving over to see-now-buy-now concept. On this note, Caitlin Aylward, Director, Research, L2, says in order to really perform like Zara does, or go with an immediate fashion calendar, these brands will have to consider an overhaul. There are other steps that can be taken to improve speed-to-market.Processing customer data and using that feedback to aid in faster decision making is also a cause for concern for luxury brands. Since many still make the majority of sales through wholesale channels like boutiques and department stores, there’s a degree of separation between customer feedback and the brand.
