Luxury is all about storytelling whether it is the history of the brand, the dream of the new collection or a wonderous new location. Story telling becomes very crucial in terms of social media – if a brand does not have good content to share, then social media will serve as nothing more than the mechanics of distribution and a news board. Not all luxury brands have understood their full potential in the digital world, but there are some great examples in the luxury universe – Burberry, Cartier and Hermes as good examples.
To successfully compete with these newcomers, luxury brands need to remember the spirit and passion of their founders to turn themselves into modern culture. Modern taste-aware audiences consume a strong point of view, convincing beliefs and compelling values. Luxury brands can deliver, if they do not get lost in the process.