Building a brand is considerably easier than creating and maintaining one in the world of luxury.
Though selling at high prices with high brand value might be difficult at first, there are certain design enthusiasts who can serve as early adopters and accept your product at lesser prices.
The key elements are a desire for the product, iconic design, a great raw material supply chain, branding capabilities, and a drive to “make it work” with consistent brand messaging and product quality.
It all depends on what you want to accomplish. There are several levels of luxury, and you should know which one you want. Is it six-figure families, millionaires, or billionaires you’re after? There isn’t a one-size-fits-all solution. Remember that the higher the end customer you’re aiming to attract, the more exclusive the product is.
It is the accepted way of life to be elderly and rich. True luxury implies stratification, which necessitates the application of history and currency. That is why starting a premium company from scratch is so tough. If you have a handcrafted item or piece of apparel, you may be able to sell it to wealthy customers and therefore establish yourself as a luxury manufacturer.
With enough money, you can start a luxury business and design and produce your own goods, but you won’t be able to build and expand a brand as well-defined and executed as Gucci overnight. Other factors come into play while attempting to build a successful premium brand, factors that should be addressed before making the initial investment. The designer, your celebrity connections, your social media posts, how much money you have, and who you know are all meaningless unless the product you produce, develop, craft, or design is unique, appealing, and stands out from the crowd.