I recently read this great article by Tara Loader Wilkinson, the editor-in-chief at Wealth-X, a definitive source of intelligence on the ultra wealthy with the world’s largest collection of curated research on UHNW individuals. In her article titled “No Logos, We’re Chinese“, Tara explains that taste has evolved amongst the wealthy Chinese community such as they no longer want to purchase items plastered by a brand’s corporate identity.
Jing Ulrich, managing director and vice president of Asia-Pacific at JP Morgan, and one of Asia’s most esteemed bankers states that he “even sees people removing the label from the inside of their jacket as a way of making it more anonymous.” After years of flaunting their wealth, the Chinese have finally started to shun logos. Luxury brands face yet another challenge: they must adapt to this new reality in order to secure their position as leaders in the world’s second most prominent market for expensive goods.
While reading this article, I started thinking… When have I ever purchased an item with a prominent logo for one of my clients while I worked as a personal assistant to the UHNW community? The answer is simple: Never.
When did I see a charter guests flaunt a new logo covered Louis Vuitton bag when I worked aboard superyachts? Once again: Never.
What I learned from my years working for billionaires, celebrities and UHNWI is that they normally prefer to be discreet with their personal clothing style even if they love their superyachts, private jets and sports cars.
I had a charter guest once, married to an American baseball team owner who told me: “I simply love shopping at JC Penney and Target.” I was shocked, but then quickly realized that they probably wouldn’t have become billionaires if they had spent their money carelessly. She also mentioned that she never used to spend thousands of dollars on a purse simply to show off a logo when she lived more modestly, so why should she start now. She still wore the clothing that expressed her individual chic, being thankful that she was now able to simply afford the best.
For the most part, the average UHNWI loves luxury goods. Goods that reflect their own personal style, not the style of the community. They understand the value of premium goods and are willing to pay first-class prices. From my personal experience, most prefer to buy from boutique brands, the brand that is still a “secret” to others. I used to spend my days trying to find hidden gems for my employers and still do for LuxeInACity, our digital showroom.
In the past, boutique brands were hard to find, having to wonder the streets in a quest to find master artisans. Nowadays, the internet has made it increasingly easier to find exemplary small businesses around the world. Boutique brands are popping up all over the internet making personalized luxury more accessible. One thing is for certain, boutique luxury brands always seemed to bring about smiles.
According to Nicola Ko, senior luxury analyst at London-based Ledbury research, the eastern culture, which is well-known for showcasing logo as a social status, seemed to be intrigued and are starting to adopt this trend: “The Chinese have skipped over the stage where they want to fit into society by having what everyone else has, to wanting to express their own individual style. They are increasingly buying from smaller, niche brands, and we see luxury giants moving towards a brand elevation strategy for long-term growth – less logos, less canvas, more leather and precious skins,”
Will major luxury brands change their ways and cater to the new style of luxury? Will they stop plastering their handbags and accessories with prominent logos? I sincerely hope so. I love both LuxeInACity and AgenceLuxury, but honestly, I would never want someone to pay for a bag with our logo on it. We believe in discretion, high-quality and customer satisfaction.
Which “style” of luxury do you prefer: the sophisticated, discreet, savvy boutique luxury brand or the logo dominated world of “luxury brands”? From my perspective, I have to say: Please Luxury, Forget the Prominent Logos!
- Millennial Luxury Marketing – Understanding a generation of the future - March 12, 2018
- Luxury Brand Strategy – Elements to Consider in a New Luxury Economy - March 12, 2018
- Luxexperience –A Southern Hemisphere Luxury Travel Event - August 3, 2017