Heritage has long been a keystone for luxury brands. From Chanel, to Aston Martin to Phillipe Patek, brands have traded on their history and long-established prestige to drive aspiration and desire for their goods.
However, as a new report by Stylus suggests, smart luxury retailers are refocusing on a new generation of customers for whom a venerable logo matters little. As Stylus comments, these brands are ‘reframing heritage’. They are doing this by emphasising the core values that made these brands great to begin with, and communicating them with modern storytelling.
A great example of brand that is doing this successfully is Tiffany’s. For generations this brand was synonymous with chic uptown-New York ladies. Now they are appealing to a more diverse demographic of young women, experimenting by bringing their classic style to pop ups in edgy, down-town locations.
As well as this, they famously ran an advertising campaign last year featuring ‘non-traditional’ couples, such as a same-sex pair and unmarried parents. Whilst still staying true to their core values of classic elegance and high romance, Tiffany’s told a story that resonated profoundly with their new generation of customers.
The trick, for luxury brands, is the get the balance right. They need to recalibrate their brands for the modern age without losing touch with the essence of what they do best.