In recent news, a handful of luxury brands have been adding a new tool to their clothing, which is allowing customers to personalize their recent purchases. Brands such as Polo Ralph Lauren, Tommy Hilfiger, Burberry, Gucci and Louis Vuitton are taking part in the new idea with more brands to follow in the near future.
At the new Polo store in London, they have a whole floor dedicated to customization involving items like embroidered patches and monogrammed blazers. Similar ideas are occurring at other luxury stores. At Tommy Hilfiger, shoppers can customize any item in the store. At Burberry, they make it possible to monogram a scarf. Gucci lets you apply designs to jackets. Louis Vuitton allows customers to initial luggage.
According to a research study done by Deloitte, one out of three consumers were interested in personalized products, and 71 percent of them were ready to pay a premium for the addition. Around 15 percent of the survey takers were willing to pay a 40 percent increase in price for such customization.
Tammy Smulders, global managing director of Havas LuxHub (the media group’s division dedicated to fashion, luxury and lifestyle business), commented on specialization:
“Luxury consumers are increasingly expecting products that feel special and distinctive to them, such as monogrammed iPhone cases from Chaos Fashion. Equally, brands are using technology and data to segment their customers and provide the right kinds of products, services and brand communication.”
Technology will continue to drive this trend, according to José Neves, founder and CEO of online retailer Farfetch:
“Customization will be the next revolution in luxury. We wanted to find a way of offering luxury and bespoke products to an audience that’s increasingly knowledgeable about style and quality.”
Deloitte’s research shows that the labels who don’t end up using such elements risk losing revenue and customer loyalty. “Brands are transforming how they interact with current and future customers to provide personalized brand experiences that make people feel special,” says Smulders.
Luxury brands are being forced to take notice of the number of consumers willing to spend extra money to customize clothes, and they must begin to explore the on-demand aspect of personalization.
