“Twenty years ago, luxury was defined by brass fixtures and marble lobbies,” says Oscar Yuan, president of Strategy3, the branding consultancy and innovation lab owned by Ipsos. Now its definition is expanding by the day to capture more and more unique segments, be it in fashion, aviation, food, or hospitality.
“We live in a world where the Ritz-Carlton and the Equinox Hotel can both charge $700 a night by playing on different axes of luxury, one that’s more about white-glove service and one that’s more modern and fitness-driven,” says Yuan. “The more variations we can pinpoint on what luxury means to different people, the more that the entire industry is positioned to grow.”
For Janu, that means catering to a younger, tech-minted nouveau riche who seek out nightlife and midday meditation in the same 24-hour cycle. Bringing ultra-luxury to the party-pamper-and-repeat set is an original idea, but it’s also inherently difficult to execute. Rosewood is one of the few to attempt it (successfully, so far) with a speakeasy-style bar in Los Cabos, Mexico, and fashion week events at the Crillon’s Bar Les Ambassadeurs, where even the Beastie Boys’ Mike D has spun records.
“The key,” says Yuan, “is defining what aspects you’re going after so that you don’t cannibalize one brand with the other.”
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World Luxury Tracking: Re-alliance and Refoundation of Luxury Values
The World Luxury Tracking is Ipsos’s landmark study on the global Luxury market. Every Year, this monitor highlights the different trends within a key geographic zone and allows brands to better understand consumer expectations and local cultures. This latest wave covers 5 countries from “The Great East” which are of strategic importance in the new luxury economy worldwide: China, Hong Kong, South-Korea, Japan and Russia.