Dior x Nike Air Jordan 1 sneakers, loved by Kylie Jenner and re-selling for US$20,000 already, are the world’s smartest investment – thanks to millennial FOMO
Casual streetwear or the best investment out there? Try not to scuff them too much. Photo: @the_shoeniverse_505/Instagram
By Daniel Langer for South China Morning Post
When most people think about luxury, they think about few customers and small quantities. This misconception shows that luxury is actually one of the most elusive branding concepts. You will hardly find two people who will fully agree what luxury is. Few comprehensive definitions exist. And many managers of luxury brands have difficulties in keeping up with the rapid change of what luxury means for customers.
Many brands still think too traditionally. When brands are in despair and don’t know what to do, a typical question I hear is: “our strategy worked for the last two decades, why doesn’t it work any more?” Over the course of the last few months, I had several hundred managers in my luxury masterclasses all around the world, and one theme is recurring: luxury managers are aware that their brands aren’t relevant to millennials (roughly, those aged 20 to 40) today.