CEO of PPR Group: The elitist atmosphere surrounding luxury is gone
Speaking at an event organized today in Marrakech, by the FT, Francois Henri Pinault, CEO and Chairman of PPR Group said he believed ”the elitist atmosphere surrounding luxury is gone”, hence the importance of how lifestyle, nowadays, relates to luxury. He continued by refuting three myths about lifestyle: a desirable brand is not necessarily a lifestyle brand (his examples included Boucheron and Girard Perregaux – both desirable but do not embody lifestyle); a lifestyle brand is not automatically capable of expanding its reach; lifestyle is not a market segment and definitely lifestyle is not the apanage of luxury only.
Pinault identified 4 links which represent the core of lifestyle: the association with sports; the link between lifestyle and heredity (ex Gucci is a lifestyle brand, inseparable from its Italian heredity; Yves Saint Laurent is a brand associated with women’s liberation and Parisian chic elegance); personality – the connection to lifestyle of an individual, either the founder of the brand or creative director; phiilosophy – a brand defined by strong values (ex Bottega Veneta – a brand which embodies the desire for creation). He also added ”lifestyle is a shared behaviour” and it is much easier for sports brands to claim their lifestyle than luxury brands, as sports brands address a younger target group; ”through luxury, brands seek individuality, not to join a crowd”.