How to grow via premiumisation
This article is part of a series of articles on premiumisation. Read more.
Need to know
- Few luxury FMCG brands have made a transition to mainstream, but innovation from Godiva Chocolate provides some important lessons.
- There is no cut and paste between luxury and mainstream – by creating something new, a brand can bring itself to the mainstream.
- Being seen in the wrong places too soon can erode your luxury credentials – select partners and distributors carefully.
- Remain expensive (without being out of reach) to send a clear signal of quality.
- Behave boldly across the entire purchase journey and don’t be afraid to break from the conventional wisdom to move the norms of the category your brand is entering.
Nobody knows what luxury is anymore. The classic symbols – a Hermès Birkin bag, a couture dress by Dior, a watch by Rolex – are one thing, but it’s everything around the edges that’s getting blurry.