|'The Immutable laws of Master Brands' by Huhh Doo-young|
In the minds of consumers, luxury is often associated with high prices and international designers.
Those brands we call luxury, including Louis Vuitton and Chanel, are pricey and they are global fashion giants, but what's missing in the description is the brand's innovative technology invented by artisans. Rather than "luxury," "master" is a more suitable term for those brands that exclusively boast value and heritage, so they are master brands.
A few days later, I came across this book "The Immutable laws of Master Brands," written in February this year, and it clearly explained the understanding of such master brands.
The author Huhh Doo-young, an ex-journalist at Seoul Economic Daily and now founder of TechUp, focuses on strategy and innovation of master brands with an in-depth analysis of 20 big names and key factors that led to success. The list includes Burberry, Hermes, Gucci and Wedgewood.
The four genetic factors that make up such masterpieces come from cutting-edge technology, innovative designs, leading marketing strategies and universal values.
Salvatore Ferragamo, one of the 20 listed brands, was the one who made the shoes that changed history of fashion.
In 1938, Salvatore gained the nickname "Shoemaker to the Stars" when he made Roman sandals for Cecil de Mille.
The Italian footwear maker made his first invention in the world of fashion ― the cork wedge. In 1952, he designed flexible high heel shoes with the arch of the show lined with the same leather as the upper, limiting the sole to the front and heel.
Louis Vuitton, the leader of the luxury pack, revolutionized luggage locks in 1890 when Georges Vuitton invented the tumbler lock. It helped travelers keep their belongings safe inside trunks which often attracted thieves. It succeeded in becoming a trusted manufacturer of secure luggage.
The DNA of master brands is not just a secret code inherited from generation to generation, but it is the result of all the hardship and efforts Vuitton went through to survive in the jungle, the writer said in the book.
According to Bain & Company's "Luxury Goods Worldwide Market Study," the global luxury market is estimated to have grown to almost 1 quadrillion and 530 trillion won in 2017, a 5 percent increase from the previous year. By segment, cars saw a 6 percent increase, while personal luxury goods increased by 5 percent. The luxury hospitality market expanded by 4 percent.
I would recommend "The Immutable laws of Master Brands" to those not just interested in fashion marketing, but those who do not know the exact meaning of luxury brands and why we excluded domestically produced brands from the list of luxury goods.