LONDON, Dec. 7, 2021 /PRNewswire/ -- Clarivate
Plc (NYSE:CLVT), a global leader in providing trusted
information and insights to accelerate the pace of innovation,
today released a new report, Luxury brands: Re-calibrating brand
strategies for a changing world. Luxury brands are
re-calibrating and advancing their digital brand strategies as they
respond to today's challenges and target new audiences and markets,
according to the report.
Brands brave new sectors
Luxury brands are entering
new sectors such as software, gaming and electronics, blurring
previously clear lines between sectors. Computer, software,
electrical and scientific products rank among the top five in terms
of trademark filing activity for luxury conglomerate Moët
Hennessy Louis Vuitton (LVMH),
according to trademark research data in the
report.1 The diverse business interests of
LVMH, which range from luxury hotel management and fashion to wine
and spirits, means that it is a microcosm of the luxury sector and
therefore, a bellwether of broader industry trends.
Gordon Samson, President, IP
Group, Clarivate, said, "Organizations faced unprecedented
uncertainty in the last two years. Luxury brands were no
exception. Spurred by the changing world, they have evolved the way
they operate, from boosting their digital presence and embracing
e-commerce to revamping the in-store experience to an immersive or
hybrid experience. It will be interesting to see how and when
luxury brands, masters of the art of brand building, accelerate the
science of IP intelligence to inform decision making."
Targeting Gen Z and millennial consumers
50% of luxury
consumption globally is expected to come from young consumers by
2025.2 Generation Z and millennial
consumers are less settled in their purchasing preferences, more
adventurous and digital savvier than the older demographic luxury
consumer. Brands are turning to digital to engage with these young
consumers, adopting augmented reality (AR) and virtual reality (VR)
technologies to bring virtual fashion shows and virtual showrooms
to consumers' living rooms. Trademarks filed by LVMH mentioning
AR/VR in 2019 were more than double compared to the previous year,
according to the report. Off-White, part of the LVMH family,
registered marks for a VR headset, speaking to the brand's appeal
to a younger demographic.
Brands are also tapping on the Generation Z and millennial
audience's love of computer gaming, creating games to entertain and
engage. Louis Vuitton launched
Louis, a computer game aimed at the Generation Z demographic. The
report revealed a spike in trademark filing activity for
Louis Vuitton in the computer games
and software category between 2018 and 2019, which preceded the
launch of Louis.
Brand protection in the digital sphere
The digital era
offers new opportunities but also increased risks. Luxury brands,
like other brands, can fall prey to alleged scammers and
profiteers. In fact, the report revealed that luxury brand owners
are often present in arbitrations and litigation against domain
names that are acquired for high-risk activities such as
deliberately diverting web traffic. A growing number of
arbitrations involve luxury brands' trademarks being used in their
entirety in domain names, as profiteers seek to benefit from luxury
brands' reputation.3
Samson concluded, "There are green shoots of recovery all over
the world including in the luxury sector, but this recovery remains
fragile. Luxury brands are contending with changing times, new
audiences and greater expectations. Our brand IP and analytics,
first unveiled in Top 100 Best Protected Global Brands
2021 offer context and fresh clarity to the luxury sector,
helping to guide and inform brand owners' strategy and decision
making in a volatile landscape."
Luxury brands: Re-calibrating brand strategies for a changing
world can be found here.
About Clarivate
Clarivate™ is a global leader in
providing solutions to accelerate the lifecycle of innovation. Our
bold mission is to help customers solve some of the world's most
complex problems by providing actionable information and insights
that reduce the time from new ideas to life-changing inventions in
the areas of science and intellectual property. We help customers
discover, protect and commercialize their inventions using our
trusted subscription and technology-based solutions coupled with
deep domain expertise. For more information, please
visit clarivate.com.
Clarivate media contact
Sofia Nogues, Senior External
Communications Manager
media.enquiries@clarivate.com
1 Source: Trademark research data
from Clarivate, 2000 to present (Jun
2021). The dataset consists of trademark filing activity of
LVMH as the parent holding company, including any entities that are
subsidiaries, owned by the parent company or where LVMH has a
majority stake.
2 The Drum, "The luxury strategy: how
to maintain brand value while driving online sales", January 2021
3 Source: IP litigation data from
Clarivate, 2010 to present (Aug
2021). All arbitrations containing one of the following as
the plaintiff: Armani, Burberry, Calvin
Klein, Chanel, Chow Tai Fook, Dior, Fendi, Gucci, Hermes
International, Luxottica, Louis
Vuitton, LVMH, Moncler, Prada, Richemont, Supreme,
Valentino, Versace, Yves Saint
Laurent, Cartier, Bulgari, Tiffany & Co., Swatch, Rolex,
Tag Heurer, Estee Lauder.
View original
content:https://www.prnewswire.com/news-releases/new-clarivate-report-reveals-luxury-brands-are-accelerating-digital-transformation-to-meet-demands-of-changing-world-301438671.html
SOURCE Clarivate Plc