When looking at luxury brands, most of them are carrying a lot of history. Heritage is one of the most important additions of a luxury brand as it adds depth, authenticity and credibility to the brand. The power of storytelling can contribute to a stronger brand loyalty.
The most important characteristics of an HLB (heritage luxury brand) are timelessness, quality craftsmanship, and prestige.
Important for brands is to adapt to the present and future whilst maintaining their rich heritage. An important development in experiencing the heritage of a brand has been through exhibitions over the last years. Exhibitions do not only show the brand’s story, they also show the trademarks that make the brand authentic. An exhibition removes the context of social class and instead displays the more benign image of craftsman and designer. “It is a way of speaking about the savoir-faire, the creator, the house and its history,” explains Sydney Toledano, CEO of Christian Dior (Bertrand on Brand, 2016).“Exhibitions give us the possibility to invent innovative ways of storytelling,” says Pietro Beccari, executive vice president at Louis Vuitton, quoted in a story for WWD (2016). Looking at the future, the digital age will have a huge impact on the way a brand will share their heritage. If done right brands can have the best of both worlds: a rich, meaningful past with a strong sales future.
The heritage aspect is a crucial part of a luxury brand as it has to appear both perfectly modern to the society of the day and at the same time laden with history. Heritage adds the association of depth, authenticity and credibility to the brand’s perceived value and can result in an intensified brand loyalty and the willingness to accept higher prices.
Written by Claire Boerma
Bertrand on Brand. (2016). Selling Fashion As Art: How Luxury Brands Use “Heritage” Marketing To Convert Customers – Bertrand on Brand. Retrieved November 13, 2018, from http://blog.bonbrand.com/selling-fashion-as-art-luxury-brands-use-heritage-marketing-to-convert-customers/
Research Gate. (2012). The Perceived Value of Brand Heritage and Brand Luxury. Retrieved November 13, 2018, from https://www.researchgate.net/publication/278702761_The_Perceived_Value_of_Brand_Heritage_and_Brand_Luxury
Thompson, K. (2018, September 11). How Luxury Brands Are Honoring Their Heritage In The Digital Age. Retrieved November 13, 2018, from https://www.cmo.com/opinion/articles/2018/8/29/how-luxury-brands-are-honoring-their-heritage-in-the-digital-age.html