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Luxury Market Sees Divergent Performances in 2024: Polène and Vee Collective's Success Contrasts with LVMH and Kering Declines
In 2024, while LVMH and Kering reported sales declines, Prada saw an 18 percent increase; Bain and Altagamma predict minimal market growth, yet Polène and Vee Collective achieved significant success with their handbags, selling hundreds of thousands of units and becoming highly visible due to influencer marketing.
- How did Polène's marketing strategy, including influencer collaborations, contribute to the widespread popularity of its Cyme bag?
- The contrasting performances highlight the impact of brand recognition and marketing strategies. Polène and Vee Collective's success, with their respective bags becoming highly visible, demonstrates the power of focused marketing and influencer collaborations, leading to widespread adoption. This contrasts sharply with established luxury brands facing stagnant or declining sales.
- What factors explain the divergence in performance between established luxury brands like LVMH and Kering, and emerging brands like Polène and Vee Collective in 2024?
- The luxury goods market in 2024 shows mixed results, with LVMH and Kering experiencing sales declines of 2 percent and 15 percent respectively, while Prada achieved an 18 percent increase. Bain and Altagamma predict minimal growth for the overall market.
- What are the long-term implications of the success of Polène and Vee Collective for the luxury goods market, and how might established brands respond to this competition?
- The success of Polène and Vee Collective suggests a shift in consumer preference towards newer brands with strong online visibility and influencer marketing. Established luxury brands may need to adapt their strategies to compete effectively with these emerging players and maintain market share. The over-saturation of influencer marketing with Polène bags, however, indicates a potential for future brand fatigue.
Cognitive Concepts
Framing Bias
The article's framing heavily emphasizes the extraordinary success of Polène and Vee Collective. The headline (though not provided) likely highlights their popularity. The descriptions of long lines, ubiquitous presence in train stations, and the terms "the bag of the year" and "astronomically high growth" create a positive and almost celebratory tone around these two brands. The inclusion of negative financial data for LVMH and Kering is brief and serves to further emphasize the success of the smaller brands by contrast. This creates a biased narrative that potentially overshadows other important aspects of the luxury market.
Language Bias
The article employs strong, positive language to describe Polène and Vee Collective's success, using terms like "astronomically high growth," "the bag of the year," and "ubiquitous." In contrast, the descriptions of LVMH and Kering's performance are more muted and negative ("Umsatzminus," "schrumpften"). The choice of words creates an emotional response favoring the smaller brands. More neutral language, such as "significant growth" instead of "astronomically high growth," would reduce this bias.
Bias by Omission
The article focuses heavily on the success of Polène and Vee Collective, omitting discussion of other brands' performances or broader market trends in the luxury handbag sector. While mentioning LVMH and Kering's struggles, it doesn't provide a comprehensive overview of the entire luxury goods market's performance, potentially giving a skewed impression of overall market health. The omission of alternative perspectives on the reasons for Polène and Vee Collective's success (beyond the mention of Instagram marketing) limits the reader's ability to draw fully informed conclusions.
False Dichotomy
The article presents a somewhat simplistic dichotomy between struggling luxury brands (LVMH, Kering) and the highly successful Polène and Vee Collective. It doesn't explore the nuances of the market, such as potential differences in target demographics, marketing strategies, or product offerings that might explain the varied performance. This creates a false impression that success in the luxury market is binary.
Gender Bias
The article uses gender-neutral language in most instances when discussing consumers ("Abnehmerinnen und Abnehmer"). However, the repeated mention of influencers being predominantly female ('Gifting an Influencerinnen') and the detailed descriptions of the bags as desirable fashion accessories could subtly reinforce traditional gender roles associated with luxury goods consumption. More information about male consumers and the distribution of consumers across genders would provide a more complete picture.
Sustainable Development Goals
The article highlights the success of Polène and Vee Collective, two brands creating and selling fashionable and durable handbags. The popularity of these bags, despite their price point, suggests a shift towards valuing quality and design over fast fashion. This contributes positively to responsible consumption and production by encouraging consumers to invest in fewer, higher-quality items, thus reducing waste and promoting a more sustainable consumption pattern.