Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Blockbuster to Blackberry: 9 iconic consumer brands that couldn’t keep up​

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">China's luxury slump</a> is spreading to more consumer brands.</li><li>Companies like Starbucks, Estée Lauder, and Nike have reported falling sales in the region.</li></ul>For the better part of this year, <a target="_blank" href="https://www.businessinsider.com/china-luxury-retail-sales-slowdown-brands-fashion-2024-7">China has experienced a slump</a> in the most opulent of sectors. Sales for luxury powerhouses like LVMH, Richemont, and <a target="_blank" class="" href="https://www.businessinsider.com/how-burberry-became-fashions-biggest-fail-stock-drop-ceo-ousting-2024-8">Burberry</a> have fallen in the region that once seemed to represent limitless growth for high-end goods.Now, that downturn is coming for a wider set of consumer industries. Chinese people aren't just saving on <a target="_blank" class="" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Gucci</a> and cognac but also cutting back on spending on cheaper products like beer and lipstick. It's hitting Western brands particularly hard, as reflected by companies across the consumer sector reporting muted sales in China in the most recent quarter.Consumer spending in China never fully recovered after the government started lifting COVID-19 curbs in late 2022. Since then, the country has struggled with weak consumer sentiment and multiple economic challenges, including a property crisis, deflation, and high youth unemployment. China's<a target="_blank" href="https://www.businessinsider.com/china-economy-3q-gdp-growth-stock-market-stimulus-2024-10"> third-quarter GDP</a> grew 4.6% year-on-year — the slowest pace in over a year and below Beijing's growth target of around 5%.In late September, Beijing announced <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">aggressive stimulus</a> measures to boost the economy, but analysts say much more is needed to spur and drive consumer confidence.Meanwhile, China's once-free-spending consumers are holding back and prefer to save — in cash or <a target="_blank" href="https://www.businessinsider.com/china-economy-gold-rush-consumer-spending-money-savings-starbucks-gucci-2024-5">gold.</a> Cautious spenders are also trading down to knockoffs and lower-priced or local alternatives across a range of products from beauty and fashion to travel.The prevailing zeitgeist in China is about "aiming to <a target="_blank" href="https://www.businessinsider.com/chinese-economy-young-shoppers-looking-dupes-substitutes-pingti-fashion-travel-2024-9#">live well while spending less,</a>" MingYii Lai, a strategy consultant at Beijing-based market research firm Daxue Consulting, told Business Insider in September.Last week, AB InBev, the world's largest beer producer, announced declining revenue in the region, joining rival Carlsberg in reporting disappointing results. AB InBev, which makes Budweiser, has struggled in China all year and reported a 16% sales drop in the country for the third quarter.People in China are skimping on on-trade alcohol purchases, meaning they are spending less at bars and restaurants, Spiros Malandrakis, Euromonitor's head of research in the alcohol sector, told Business Insider."There is some flexibility, but it is not entirely recession-resistant," he added.It looks like they aren't going out for coffee or burgers, either. Negative sales in China brought down McDonald's results for the third quarter. And <a target="_blank" class="" href="https://www.businessinsider.com/why-starbucks-is-struggling-in-china-sales-prices-competition-coffee-2024-8">Starbucks</a>, which announced its fourth-quarter earnings last week, saw comparable store sales fall 14% in China."All indications show me the competitive environment is extreme, the macro environment is tough," <a target="_blank" href="https://www.businessinsider.com/starbucks-ceo-to-lay-out-strategy-to-fix-coffee-chain-2024-10">Brian Niccol, the coffee giant's new CEO</a>, said about China during the company's earnings call.A similar phenomenon has arisen in fashion and beauty, where nonluxury brands are seeing consumer confidence, leading to an overall tightening of belts.Beauty brands like Estée Lauder and L'Oréal have reported worse-than-expected results in the region. Sales for the former decreased 11% in the most recent quarter, driven by mainland China, where the company noted a declining appetite for skincare. It doesn't expect recent government stimulus to help sales in the current quarter.Those results came on the heels of Nike's, which had lowered its full-year guidance over the summer, blaming China's unstable economy. The sneaker giant cited "softness" in the country, its third-largest market by revenue.Even <a target="_blank" href="https://www.businessinsider.com/apple-stock-earnings-report-call-live-updates-2024-10">Apple</a>, once bulletproof in the region, missed revenue estimates in the Greater China division.Despite the headwinds, there have been bright spots.Adidas managed to buck the trend, reporting sales up 9% in Greater China in the third quarter. Heineken, too, saw growth in the region last quarter.Sectors offering discretionary <a target="_blank" href="https://www.businessinsider.com/china-economy-lopsided-recovery-consumer-retail-spending-industrial-output-property-2024-5">"eat, drink, and play"</a> experiences outperformed the wider consumer sector in China earlier this year, though their momentum has slowed in the past few months, wrote Lynn Song, the chief economist for Greater China at ING, in an October 28 note."More consumers appear to be gravitating toward higher value-for-money options," Song wrote.

China's luxury slump is trickling down to other consumer companies

<keyword id="10879" type="General" weightage="100" keywordseo="youtube" source="Orion">YouTube</keyword> fans have been puzzled by a subtle change in the platform’s familiar look recently. Several users have been noticing how the red progress bar when you watch a video is shifting to a pink gradient. This subtle change has sparked talk of a broader rebranding effort, perhaps even a logo update. Given the platform’s last major visual redesign was in 2019, it’s possible YouTube is gearing up to align itself with a fresher, more modern look, a common trend across digital brands today. <h2>YouTube logo getting changed soon? </h2> YouTube has long retained a clean, recognisable identity with its bright red colour. Yet, the shift to pink in the progress bar could hint at broader changes, especially as other tech giants are also embracing gradient colours and experimenting with logos to keep their brand aesthetic current. “The visual changes rolling out on web and mobile will also come to the YouTube app on TV. Keep an eye out for new pops of pink, as well as other light touches that add dynamism to the YouTube you know and love,” the company mentioned in a blog post last month. YouTube also disclosed the change in a post on X, via a relatively unknown handle called Google Design. "YouTube's identity just got a refresh. The new YouTube color palette features a brand gradient that elevates the UX and reinforces the brand. Say hello to a softer shade of red and eye-catching magenta-infused gradients," the post reads. <div type="image" title="7" msid="115050326" hostid="261"></div> YouTube may similarly be looking to refresh its look while balancing the identity that’s made it iconic. However, nothing about an official logo update has been announced. With that being said, if a logo redesign indeed follows, its impact can be tricky to predict. For example, many brands have misfired in the past when attempting major redesigns, alienating their loyal audience instead of attracting new interest. A potential logo update would mark a big step for YouTube, especially since subtle changes like these can dramatically affect user perception. As YouTube reportedly considers a new logo redesign, the move brings to mind some memorable and turbulent logo changes from other major brands. Redesigning a logo isn’t a simple task; it can redefine a company’s image, reinforce brand values, and appeal to new audiences. However, as these examples show, a logo change can easily backfire if it doesn’t resonate with consumers or fails to reflect the brand’s core identity. Let us take a look at some examples from the past where a logo redesign didn’t go as planned. <h2>1. Gap’s Short-Lived redesign </h2> <div type="image" title="3" msid="115050331" hostid="261"></div> Gap, the popular clothing retailer, experienced one of the most infamous <keyword id="23849484" type="General" weightage="20" keywordseo="logo-redesign-failures" source="keywords">logo redesign failures</keyword> in 2010. With the aim to align with contemporary design trends, Gap abandoned its iconic blue box for a minimalistic Helvetica-based look. This redesign faced immediate backlash, with customers expressing disappointment over the loss of the brand’s warmth and heritage. Within a week, Gap reverted to its original logo, realising the new version lacked the authenticity their audience valued. This incident underscores the importance of respecting a brand’s legacy. A logo redesign can’t just be trendy; it must feel connected to what loyal users have come to love. <h2>2. Tropicana’s misguided simplicity </h2> <div type="image" title="5" msid="115050344" hostid="261"></div> In 2009, Tropicana attempted a redesign that would prove costly. The bright, recognisable logo was replaced with a simplistic and sterile version, alienating consumers. Sales plummeted as customers struggled to identify the new packaging, which resembled generic brands rather than a trusted favourite. Within a few months, Tropicana reverted to its original look, learning the hard way that standing out on the shelves was crucial to its appeal. A toned-down design might not align with a brand that aims to capture and hold people’s attention. <h2>3. Uber’s identity shift </h2> <div type="image" title="2" msid="115050352" hostid="261"></div> In 2016, Uber tried to distance itself from its ride-sharing origins with a logo that removed its familiar “U” in favour of a geometric symbol. The change confused users, and the loss of instant brand recognition led Uber to make adjustments, later adding the name “Uber” below the symbol for clarity. By 2018, Uber dropped the icon altogether, reverting to a more traditional logo that better aligned with its global user base <h2>4. Pepsi’s pricey tilted strip </h2> <div type="image" title="1" msid="115050360" hostid="261"></div> Pepsi reportedly spent a staggering $1 million in 2008 to reorient the white stripe on its logo into a “smile,” hoping to evoke a friendlier brand image. However, the change was so subtle that many consumers didn’t notice or understand the rationale behind it. The company’s large expenditure didn’t translate into brand enhancement, serving as a reminder that a high investment doesn’t guarantee a logo’s success. Last year, Pepsi’s logo changed again and brought back the white wave closer to how it was before the 2008 design change. <h2>5. Myntra’s logo controversy </h2> <div type="image" title="4" msid="115050367" hostid="261"></div> In early 2021, Myntra, an Indian e-commerce giant, faced a unique challenge when it had to change its logo following a complaint from a social activist. The activist claimed that Myntra’s then-redesigned logo was offensive and insulting to women, and the company had to update the design. DCP Rashmi Karandikar of Mumbai Police's Cyber Crime Department had said at the time, "We found that the logo was offensive in nature for women. Following the complaint, we sent an email to Myntra and their officials came and met us. The officials said they will change the logo in a month's time." This case highlights the importance of anticipating public perception, especially in today’s highly connected and sensitive social environment.

YouTube is turning pink: Times when logo redesigns failed to impress

<ul class="summary-list"><li>Independent luxury brands face pressure to sell or seek investment amid the market downturn.</li><li>Even the biggest and most successful independent brands with cult followings are under pressure.</li></ul>Sell up or get out.It's a decision some independent luxury brands are confronting amid an <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-sales-drop-bad-indicator-luxury-market-kering-hermes-china-2024-10">industry-wide downturn</a>.With smaller budgets and fewer resources than counterparts owned by conglomerates like <a target="_blank" href="https://www.businessinsider.com/lvmh-luxury-louis-vuitton-struggles-china-slowdown-2024">LVMH</a>, indie brands are feeling the heat of an increasingly challenging retail landscape.Even the biggest and most successful independent brands with cult followings are under pressure.Mere weeks after the grand opening of its first boutique in Soho, New York City, drew large crowds, the French-born indie luxury label <a target="_blank" class="" href="https://www.businessinsider.com/luxury-fashion-in-style-according-to-jacquemus-2024-1">Jacquemus</a> announced it's seeking outside investment."I value my independence," French designer Simon Porte Jacquemus told French outlet Le Figaro in October. "I want to pass down this company to my children, but I have to break through the glass ceiling by finding the right partner, who would only have a minority."<div type="image" title="Gigi Hadid walks the Jacquemus runway." height="2000" width="1333" msid="115416179" hostid="261" sizebytes="107156"></div>Founded by the French designer in 2009, his eponymous label has experienced a meteoric period of growth. The Business of Fashion reports its sales hit 270 million euros ($290 million) in 2023. Jacqumeus did not immediately respond to requests for comment.But as 2025 nears, the luxury landscape is proving to be more difficult to navigate, even for LVMH and <a target="_blank" class="" href="https://www.businessinsider.com/things-arent-looking-great-gucci-kering-apac-slump-to-blame-2024-10">Kering</a>, both of which reported weaker-than-expected third-quarter earnings in October."If all of these brands that are giant brands with gigantic budgets behind them are suffering this economic climate and this luxury downturn," Blanca Zugaza Escribano, a fashion and luxury consultant at Metyis, told Business Insider, "Imagine smaller brands that have way smaller resources."<h2 id="c138f4ef-aa24-4cfb-8439-dbf25775bf1a">Seize the moment or risk failure</h2>Escribano said there's been an uptick of independent brands seeking investors as a survival strategy.Earlier this year, a series of independent brands, including Vampire's Wife, a luxury British retailer beloved by Kate Middleton, Dion Lee, an Australian luxury brand that Taylor Swift has worn, and NYC-founded Mara Hoffman, found themselves on the chopping block.A combination of the slowing luxury market and the closure or decline of third-party retailers that these brands heavily rely on, took its toll.Others managed to survive by selling out, including Roksanda, the eponymous label of Serbian designer Roksanda Ilinčić, which was bought by The Brand Group in May.For independent brands, Escribano said, the thought process is "either we make it today or we're not here tomorrow."<div type="image" title="Kate Middleton departs a special reception hosted by the Gov. General of Belize in celebration of Her Majesty The Queen's Platinum Jubilee in March, 2022 in Cahal Pech, Belize." height="1838" width="1280" msid="115416180" hostid="261" sizebytes="272002"></div>"It's just a very, very competitive category," Milton Pedraza, CEO of the Luxury Institute, said, adding that independent brands often don't have the resources to scale their business by themselves."The margins are very low, and it takes a long time to achieve critical mass to have success," he said. "It's almost like a salmon swimming upstream in a very turbulent river."Successful marketing tactics, like Jacquemus's buzzy food-inspired beauty campaigns or its mini <a target="_blank" href="https://www.businessinsider.com/jacquemus-tiny-handbag-le-chiquiti-review-2020-1">Chiquito bags,</a> which the internet couldn't get enough of in 2019, can fuel brand momentum, but it takes more to make it last and compete against heavyweights.In his interview with Le Figaro, Jaquemus offered an example, saying its store in Paris' Avenue Montaigne saw a drop in visitors over the summer as some shoppers avoided the city during the Olympics Games, although he said they weathered it."In reality, we are doing quite well considering we're the smallest house on the avenue," he said.Nevertheless, being the smallest on the avenue means a drop in shoppers can hurt more if you don't have the resources in place."You have to feed this monster of growth to scale to achieve this critical mass," Pedraza said.It's no surprise that Jacquemus is seeking an investor as "they need fast money to capitalize on this momentum," Escribano added.But finding an investor post-COVID-19 is no walk in the park either, as many feel as though they "got burned" by brands "that were just asking for money and burning through it, not really achieving sales, not achieving results, and not having great products," Pedraza said."The consumers and the investors have so many choices out there that they can afford to be very picky," he added.<h2 id="98e6d44e-cb1f-47ae-a13c-19724d62dcc6">Safety in numbers</h2>Jaquemus may be relatively small, but its decision to seek an investor has some foreshadowing with bigger stand-alone brands.In the summer of 2023, Kering acquired a 30% stake in Valentino, a historically independent brand.Rumors have been squashed of a Moncler acquistion of <a target="_blank" class="" href="https://www.businessinsider.com/burberry-turnaround-plan-new-ceo-revenues-plummet-luxury-slowdown-2024-11">Burberry</a>, the beleaguered stand-alone British brand.Burberry, which reported a 22% sales decline in the six months ending in September, faces an uphill battle to regain a competitive position in the luxury market.Nonetheless, Pedraza believes that consolidation between brands and independent brands seeking outside investment will likely persist as they confront industry-wide issues, including the rise of artificial intelligence."It's going to be harder for new brands to penetrate into the life of the consumer, to get the attention, to get the eyeballs, to get the awareness," he said.<div type="image" title="Designer Simon Porte Jacquemus attends the opening of the Jacquemus' Boutique as part of Paris Fashion Week at 27 avenue Montaigne on September 26, 2022 in Paris, France." height="853" width="1280" msid="115416178" hostid="261" sizebytes="44988"></div>But going the safety-in-numbers route and doing so by being acquired by a conglomerate is a decision with consequences.Brands have historically feared certain acquisitions, Escribano said, as it can fundamentally impact brand identity and creativity.For Jacquemus to sell out, it could still lose what Escribano said its magic, which in her view, is its head designer's ability to do "whatever he wants without having to explain his decisions or his creative choices to a board of investors which, at the end of the day, is going to limit so much of his creativity because he's going to have to think purely about business."

Why founders of some small luxury brands are eyeing exits        

<ul class="summary-list"><li>Raja Rajamannar, chief marketing and communications officer of Mastercard, is one of BI's <a target="_blank" class="" href="https://www.businessinsider.com/most-innovative-chief-marketing-officers-2024-6">"Most Innovative CMOs"</a> of 2024.</li><li>Tapping into people's passions can inspire emotional connections with consumers.</li></ul>Marketers have long understood that emotion, not logic, drives most consumer behavior. A staggering 92% of purchasing decisions are driven by emotion, according to a Harvard Business School study. The idea dates all the way back to the 1950s, when television came to the fore and gave brands a groundbreaking medium for compelling, emotionally driven storytelling.Considering the profound advances in media, technology and connectivity since then, marketers are still strategizing about how to stir people's emotions. With attention more fragmented than ever, making a truly emotional connection has become a tall task. In this incredibly chaotic landscape, marketing leaders looking for a future-ready strategy are focusing on people's passions as a way to capture attention and affection — and achieve long-term growth.<h2 id="9ec2275f-ced8-47a4-97f9-c923b1aa3313">Focus on what unites us</h2>Defining your audience by its passions — and tapping into the positive emotions people associate with those passions — can be an effective way to connect in today's overwhelming environment. Instead of segmenting consumers by geography or age, targeting people by their passions like music, sports, food, or travel allows marketers to transcend traditional demographics.Recently completed proprietary research from Mastercard reveals just how powerful passions can be as a way to forge stronger connections with consumers. Three-quarters of people surveyed across eight markets say engaging in their passions is a part of their identity. Not only that, but passion-focused activities offer a form of stress relief and make them feel more like themselves, per the study. Music, often referred to as the universal language, is a prime passion category that unites and inspires. Take the recent<a target="_blank" href="https://www.contagious.com/news-and-views/cannes-lions-2024-entertainment-winners"> Johnnie Walker campaign</a> that aimed to give long-overdue recognition to the 88-year-old "forgotten mother of Bossa Nova" Alaíde Costa for her role in pioneering the smooth and rhythmic Brazilian music genre. It culminated in a Carnegie Hall concert, which she was denied decades ago. Powerful. The campaign went on to win a Cannes Lions Grand Prix in June in the music category.Mastercard embraces this passion-based approach to engage a wider audience in more meaningful ways. By focusing on what truly excites people, we're able to curate unique experiences for a broader range of cardholders, fostering deeper and more lasting connections. Our <a target="_blank" href="http://priceless.com">priceless.com</a> site offers a variety of special experiences, categorized by passion and available only with Mastercard.<h2 id="f850eeb1-dd6f-44f5-b754-0dc3fa74ed87">The proof is in the passion</h2>The days of brands brashly pushing ads on people are over. Consumers expect brands to add value to their lives, and marketers must be able to deliver on that expectation in new and dynamic ways. The research suggests a significant opportunity for brands: people want brands to act as an "incentivizer" in the passion space, rewarding them and helping them feel justified pursuing their passions.In fact, our survey data identifies eight key roles that brands can play to either accelerate consumers' passions or alleviate their frustrations — one of which is fostering shared connections around their passions. A prime example of this is how Nike taps into peoples' passion for wellness, which is ranked the second highest among those we surveyed, while strengthening community bonds. Nike has cultivated a global community through its <a target="_blank" href="https://affiliate.insider.com?h=dbba50699d99b1a6fd0474ee43e851742a7cae2f110133f30d422b3b1cdb97b9&amp;postID=670060ce0c43543ec7aada6f&amp;postSlug=consumers-passions-emotional-connection-stronger-marketing-strategy-growth-behavior-audience-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.nike.com%2Fnrc-app">Nike Run Club </a>app, which brings runners together virtually and physically. The app provides coaching, tracking, and social features, connecting people over their shared passions for running. They also host live running events and challenges to further foster this sense of community.<h2 id="ae05c97c-10b6-4f61-8e5a-6528f6327668">The complexity of emotion</h2>Traditional market research involves surveying people to understand their purchasing motivations. While this is effective in some cases, uncovering the emotions consumers associate with a brand or product is often too complex a task for this type of research. For instance, someone who prefers blue candy to green may attribute the preference to taste but, in reality, may be influenced by a positive association with the color itself. When consumers respond to surveys, they often overly rationalize or deliberate their reasoning, not capturing the complete emotional story.We must continue to find new ways to understand impact. One powerful solution is neuromarketing, which taps into neuroscience to understand the subconscious drivers of emotion. Neuromarketing can derive an abundance of data-driven insights from study participants, allowing us to discern consumers' emotional associations with logos, messages, storylines, colors, and more. By revealing how brands truly resonate with people, neuromarketing offers new opportunities to enhance the effectiveness of their campaigns.Inspiring an emotional response is an incredibly challenging task for marketers at a time when consumers feel bombarded by messages. By tapping into the interests people already identify with and feel connected to, brand leaders can step forward as purveyors of passion — creating emotional impact that consumers will never forget.

The power of passions: Tapping into consumers' emotional bonds

<ul class="summary-list"><li>US port workers are on strike following the expiration of their labor contract Monday night.</li><li>The work stoppage at Eastern and Gulf Coast facilities will impact a host of consumer products.</li></ul>US port workers with the International Longshoremen's Association are on strike following the expiration of their <a target="_blank" class="" href="https://www.businessinsider.com/longshoremen-strike-leaves-east-and-gulf-coast-ports-shuttered-2024-9">union's contract Monday night.</a>In the latest development of the ongoing labor dispute, the work stoppage at Eastern and Gulf Coast facilities is expected to impact a host of consumer products.Atlantic ports handle more than half of US imports, with an estimated economic impact of $540 million per day, according to <a target="_blank" href="https://www.conference-board.org/publications/looming-US-East-and-West-Coast-port-strikes-would-paralyze-US-trade">The Conference Board</a>.While some companies have managed to work ahead of the impending deadline, accelerating shipments or routing to West Coast ports, others are in a tighter spot.<h2 id="cadaa8ed-437c-44cb-909a-962092c27e71">A wide range of everyday items could be affected</h2>Fresh fruits and vegetables, especially those coming from Central and South America, are expected to be most impacted by the strike, said Margaret Kidd, program manager and associate professor of supply chain and logistics at the University of Houston.Top of the list: <a target="_blank" class="" href="https://www.nytimes.com/2024/09/30/business/port-strike-dockworkers.html">Bananas and mangoes.</a>"Grocery stores and others in the supply chain aren't holding a lot of inventory because they don't want them to expire," Brian Pacula, a supply chain partner at consulting firm West Monroe, told Business Insider of bananas.Tim Ryan, a Florida importer who supplies grocers including Walmart, <a target="_blank" href="https://www.wsj.com/articles/dockworkers-union-strike-shipping-economy-81301038">told</a> The Wall Street Journal he's having to fly in asparagus from Peru that he would ordinarily bring through the port of Miami.Other food and beverage commodities, including beer, wine, and spirits could also be impacted because of their perishable nature, Pacula said.European manufacturers are expected to face more disruption than brands that ship from Asia, according to analysts from Jefferies. That's bad news for toymakers like Playmobil and Lego, as well as Ravensburger puzzle-solvers.Durable goods — where there's less of an urgency to reroute them because they are not perishable — like furniture and tires could also be stuck at ports, according to Pacula. Continental Tire, Michelin, and Goodyear are all top importers through East and Gulf Coast ports, Pacula noted.In addition to tires, shortages of other auto parts could plague consumers in the coming days, two supply chain experts said, especially those coming from Europe or tied to secondary markets like car maintenance and manufacturing.When the Port of Baltimore was closed after the vessel Dali knocked out the Francis Scott Key Bridge, it shut down the <a target="_blank" href="https://www.businessinsider.com/baltimore-bridge-collapse-impact-imports-exports-cars-coal-farm-equipment-2024-3">largest point of entry for imported cars</a> to the US. Baltimore is also a key site for importing sugar and gypsum, which is commonly used in construction and agriculture.Meanwhile, parts of the East Coast are still reeling from Hurricane Helene, which is expected to further slow the transport of goods throughout the US.Michael Yamartino, CEO of post-purchasing company Route, said smaller businesses that don't have large inventories or the luxury of planning ahead, as well as companies dealing with complex products, will most likely be hit the hardest.Three experts said that with less than two months until Black Friday, the likelihood that the strike could impact holiday shopping and shipping is high.Chris Butler, CEO of National Tree Company, a leading online seller of Christmas decorations, said even with precautions in place, an estimated 15% of the company's goods will be stranded amid a strike.

These consumer products are most likely to be impacted by the port strike

Four years after the unveiling of its consumer electronics brand globally, IT and technology solutions giant <keyword id="20658763" type="General" weightage="20" keywordseo="Acer-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Acer Group" meta.hostid="268" meta.entityid="Acer Group">Acer Group</keyword> has finally announced the entry of <keyword id="20725958" type="General" weightage="20" keywordseo="Acerpure" source="keywords">Acerpure</keyword> in India. "It took time because India is an important market and required special strategy," said Andrew Hou, President of Pan-Asia Pacific Operations at <keyword id="20240684" type="General" weightage="20" keywordseo="Acer" source="keywords">Acer</keyword> Group. He was speaking at the launch of the flagship product of its consumer electronics brand - a 65-inch television that promises an immersive viewing experience - in Bengaluru. Acer India's President and Managing Director <keyword id="21727286" type="General" weightage="20" keywordseo="harish-kohli" source="keywords">Harish Kohli</keyword> said the strategy involved creating a manufacturing ecosystem in India. "Through our collaboration with Indian company <keyword id="20252424" type="General" weightage="20" keywordseo="Dixon-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="Dixon Technologies" meta.hostid="268" meta.entityid="Dixon Technologies">Dixon Technologies</keyword>, we are poised to usher in a wave of locally manufactured products. This partnership embodies our shared vision of fostering economic growth and technological advancement within the nation,"Kohli said. While partnerships with local companies are an India-specific strategy, globally the brand builds on its existing strengths - customer-centric innovations, service access and fostering sustainability, President of Acerpure Inc Stanley Kao said. At the launch, Dixon Technologies Co-founder and Executive Chairman <keyword id="20420375" type="General" weightage="20" keywordseo="sunil-vachani" source="keywords">Sunil Vachani</keyword> and Acer India President and MD Kohli signed the partnership deal. Vachani said Dixon Technologies's goal is to manufacture premium consumer products for both domestic and international markets. Apart from televisions, globally a diverse range of consumer electronics products, including 'air-circulator' fans, water purifiers, hand-held vacuum cleaners, robotic vacuum cleaners, hair dryer and styler, are already available in the market. "The range of products are well received in Japan, Singapore, Thailand and the Philippines," said Hou. While Hou said the likely competitors of Acerpure are Dyson and Korean water purifier brand Coway, globally known for their high-end gadgets, Acerpure India Director Vasudeva G said that in India the brand is building on its existing reputation of being affordable even while offering cutting-edge solutions. "For instance, our 'air circulator' fans are AI enabled and can adjust its speed according to the drop or increase in air temperatures," Vasudeva said. The fan starts from Rs 7,490 in India. "Acerpure represents more than just a product launch, it signifies the dawn of a new era in home appliances and consumer electronics with a key focus on 'Make in India'," said Hou. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a><a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank">Woman loses ₹54 lakh in work-from-home scam! Here's what it is and how to protect yourself</a><a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank">iQOO Z9x 5G with 120Hz display, 6000mAh launched starting at ₹12,999</a>

Acer launches its consumer electronics brand Acerpure in India

<ul class="summary-list"><li>American pantyhose brand L'eggs is staging a comeback.</li><li>Parade founder Cami Téllez is the executive creative director.</li></ul>More than half a century after L'eggs became a household name, the American hosiery brand is stepping into a new era.This time, with Gen Z in mind.Executive creative director <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/parade-underwear-cami-tellez-sale-2023-11">Cami Téllez</a>, 27, is working to breathe new life into the brand after finding initial success with her undergarment startup, Parade. Téllez launched Parade in 2019 while still in her early 20s. At its peak, the company was valued at $200 million. <a target="_blank" class="" href="https://www.businessinsider.com/underwear-brand-parade-sold-to-lingerie-manufacturer-ariela-and-associates-2023-8">It was sold in 2023,</a> and Téllez left the company."The opportunity to steer the future legacy of the brand was an exciting challenge — it's an American icon hidden in plain sight, with a substantial business distributed in close to 30,000 stores across the country and has an awareness with 60% of American women," Téllez told Business Insider.<div type="image" title="Parade founder and L'eggs executive creative director Cami Téllez." height="3000" width="3750" msid="115114956" hostid="261" sizebytes="195314"></div>After L'eggs launched in 1969, it quickly became a consumer favorite recognized for its colorful egg-shaped packaging and celebrity-endorsed TV ads.L’eggs' dominance mellowed by 2006, when Hanes said in an August SEC filing that net sales for its hosiery segment had declined every year since 1995 due to changes in consumer preferences. By late 2021, Hanes said in an SEC filing that it decided to divest its US Sheer Hosiery business — including L'eggs — as a strategy to streamline its portfolio.Private equity firm Windsong Global acquired L'eggs in October.Now, the brand's iconic slogan, "Nothing beats a great pair of L'eggs," is something it is trying to prove to modern shoppers, especially in the age of Kim Kardashian's SKIMS. Kardashian's company was valued at <a target="_blank" class="" href="https://www.businessinsider.com/kim-kardashian-skims-to-sell-mens-underwear-apparel-2023-10">$4 billion</a> in July 2023."I look at Spanx as being the innovator of modern shapewear. I look at SKIMS as bringing fashion to the shapewear industry, but L'eggs was the OG of hosiery and shapewear brands," Bill Sweedler, Windsong Global's CEO and chairman, told Business Insider.Téllez echoed that sentiment. She said L'eggs is rooted in a mass-market strategy that aims to attract female shoppers wherever they are.<div type="image" title="L'eggs archival campaigns" height="2000" width="3000" msid="115114951" hostid="261" sizebytes="234820"></div>"We have such a huge opportunity to be able to own the entire fashion foundations category — everything that makes her love her legs, we will be there," Téllez said. "We're starting with tights because it's our DNA, but throughout 2025, we'll bring our solutions innovation into shapewear, leggings, socks, and beyond."Téllez said L'eggs has a "very loyal existing customer base," but it's hoping to build "a new generation of fans for the brand.""We'll be approaching growth through a few different areas of focus — product innovation, increased consumer awareness, and distribution to make the product as accessible as possible," she said.She said L'eggs products would be available in stores like Kohl's and online retailers like Amazon. Téllez said women will be able to find L'eggs at "tens of thousands of existing storefronts," including 1,800 Target stores this spring.The brand will continue to offer classic collections like Sheer Energy and Silken Mist while introducing new products like its 360 Contour collection."We're increasing consumer awareness across generations by meeting our customers where they are — across new channels like community, influencer, and beyond to build a new generation of fans for the brand," Téllez said.<div type="image" title="L'eggs campaign photo" height="6182" width="7728" msid="115114958" hostid="261" sizebytes="1323886"></div>Part of building that new generation of loyal L'eggs enthusiasts is introducing it to young consumers, some of whom may not be familiar with the brand."Building a L'eggs community means creating a space where consumers feel connected to the brand's heritage while also feeling empowered to interpret their fashion in their own way," Téllez said.One of the ways L'eggs plans to do that is by engaging Gen Z and Gen Alpha on social media."Inspired by my experience with Parade, we'll focus on two things: creating a dialogue and inspiring expression," Téllez said. "This will involve engaging content, including social media challenges that invite users to share how they style L'eggs, and community-centric activations that bring together diverse voices across all generations — which is critical to the L'eggs DNA as a 55-year-old brand."The brand also plans to lean into the culture surrounding style and fashion through partnerships."This means working with celebrity stylists to incorporate L'eggs into street style, showing how versatile tights can be styled across designer collections," Téllez said. "Collaborating with fashion brands will also play a huge role in extending L'eggs' reach; by aligning with brands known for iconic print and color, we're demonstrating that tights can be central to a contemporary wardrobe.""By positioning L'eggs alongside industry tastemakers, we're not just present in fashion spaces — we're actively contributing to their narrative," she added.

Gen Z is reimagining the iconic 70s brand L'eggs

<ul class="summary-list"><li>Ralph Lauren just reported strong sales in Asia, including in China. </li><li>The iconic American brand appears to be bucking the luxury slowdown in China. </li></ul><a target="_blank" class="" href="https://www.businessinsider.com/sc/menswear-polo-ralph-lauren-holiday-collection-2023">Ralph Lauren</a>, the quintessential American brand, is pulling off what many of its luxury peers are finding near impossible right now: getting <a target="_blank" class="" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">Chinese consumers</a> to spend.An integral part of Ralph Lauren's success is that it doesn't shy away from its all-American-ness.At a time when luxury conglomerates like <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-luxury-louis-vuitton-struggles-china-slowdown-2024">LVMH</a> and Kering are seeing sales in China drop, dampened by issues like <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-stimulus-package-push-wont-reverse-property-market-crisis-2024-9">its real estate crisis</a> and the rise of <a target="_blank" class="" href="https://www.businessinsider.com/luxury-goods-sales-slow-clothes-shoes-china-bain-company-travel-2024-6">"luxury shaming,"</a> the New York City-headquartered company is seeing quite the opposite.In its second-quarter earnings for fiscal 2025, released Thursday, Ralph Lauren reported global same-store sales were up 10%. Asia led its growth, with same-store sales up 11% during the quarter. The company said revenue growth in Asia was up 10% in constant currency, with the China market alone up in the low teens.China remains a relatively small revenue source for Ralph Lauren, accounting for just 8% of the entire business. But it's onto something there — and it knows it."I've said it before but it bears repeating in a volatile environment, Ralph Lauren is firmly on offense," Patrice Louvet, the CEO of Ralph Lauren, said on a conference call with analysts on Thursday.<h2 id="7c39228c-869d-47de-af72-7c09876b7ef0">Logos are out, but 'Preppy' is still in</h2>One factor contributing <a target="_blank" class="" href="https://www.businessinsider.com/chinese-rich-go-for-quiet-luxury-stealth-wealth-2023-8">to the luxury slowdown in China</a> is a move away from ostentatious displays of wealth, fueled partly by government policy.Xi Jinping's government has spent over a decade discouraging ostentatious displays of affluence, fueling the rise of "luxury shame" among Chinese consumers.Neil Saunders, managing director of GlobalData Retail, told Business Insider via email that while this movement has hit brands that are "overt" and "flashy" hard, it's set up brands like Ralph Lauren, known for its "classic, quiet luxury" products, to thrive.He said Ralph Lauren's styling and brand position are very favorable to current trends, in which consumers are not looking to flaunt their wealth but want products that have some longevity.<div type="image" title="A woman wears a blue Ralph Lauren knit shirt." height="853" width="1280" msid="115143538" hostid="261" sizebytes="121204"></div>Martin Roll, global business strategist and senior advisor at consulting giant McKinsey, also told BI over email that Ralph Lauren's embodiment of the "classic American lifestyle" is key.As the Chinese market shifts from conspicuous spending to "more refined and 'timeless luxury,'" Roll said, consumers want brands that "represent quality, authenticity, heritage, and status."Speaking to analysts in the conference call, Louvet said staple products like Ralph Lauren cable-knit sweaters, Polo shirts, and sports coats are what have driven sales, both in China and abroad."Our core is resonating in Tokyo, in Seoul, in Shanghai and Milan," he said. "At a time where consumers are worried about the future around the world, where they're more discerning on how they spend their money, they really turn the brands they know. They turn the product categories they trust."<h2 id="3b954ea4-0593-4823-b303-40372ef11c74">American, but China-forward in China</h2>While Ralph Lauren doesn't hide its Americanism in China, it does reinvent how it targets consumers there, which Roll said is key to its success."Ralph Lauren has established a strong online presence on major e-commerce sites such as Tmall and JD.com, as well as on social media platforms like WeChat," Roll said. "This omnichannel strategy allows the brand to reach a wider audience and engage consumers through multiple touchpoints aside from retail stores."He added that Ralph Lauren is connecting with Chinese Gen Zers, who are increasingly accounting for a larger portion of luxury purchases through those same digital platforms, pop-up stores, and exclusive collection drops.<div type="image" title="Pedestrians walk past the American fashion brand Ralph Lauren store in Hong Kong." height="3327" width="5000" msid="115143539" hostid="261" sizebytes="1769070"></div>With its brick-and-mortar stores, Ralph Lauren has prospered by doing more with less.It targets just six key cities in China — including Beijing, Shanghai, and Chengdu — a contrast to some luxury brand peers that went all in with opening newer, bigger stores throughout the country during the luxury boom post-COVID-19 — some of which now sit empty.Leaning into sustainability — which Olivia Plotnick, founder of Wai Social, an advertising and social media firm in Shanghai, previously told BI is another way younger generations in China are redefining luxury for themselves — is also playing to Ralph Lauren's favor."Sustainable practices are becoming more and more important to Ralph Lauren, which appeals to China's younger, greener clientele," Roll said, noting the company's "Color on Demand" cotton dyeing initiative, launched in 2021, as an example."This China for China approach shows respect for local culture and values," he added. "And it appeals to national pride and fosters brand loyalty for Ralph Lauren."Still, with <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's reelection</a>, looming tariffs against China raises questions on how long Ralph Lauren's winning in the region may last.Roll said <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-victory-spoils-chances-luxury-rebound-china-tariffs-consumers-2024-11">American brands may find it harder to appeal to Chinese consumers in the wake of tariffs</a> because of rising nationalist sentiment."It's not going to be easier to be an Apple. It's not going to be easier to be an LVMH. It's not going to be easier to be any type of retail brand in China, at least in the foreseeable future," he said.

Why Ralph Lauren, the all-American luxury brand, is a hit in China

<ul class="summary-list"><li>Fast-food chains and retailers are using loyalty programs to drive sales amid inflation challenges.</li><li>These programs are key for customer retention and giving chains a competitive advantage.</li></ul>Retailers and fast-food chains are leaning into loyalty programs to drive sales. This week, McDonald's reported its Q3 results. Global <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-sales-dropped-second-quarter-in-a-row-sharees-down-2024-10">sales dropped 1.5% in its latest quarter</a>, following a 1% slide in the previous quarter.However, one bright spot in its earnings was that the fast-food chain reported sales to its loyal members reached over $28 billion for the 12 months ending September — and $8 billion during the quarter across 50 loyalty markets. This is up from $6 billion in Q1 and $7 in Q2. The figure includes sales in both company-owned and franchisee restaurants.<a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-new-rewards-program-offers-free-burgers-and-mcchickens-2021-6">MyMcDonald's Rewards</a> was first introduced in the US in the summer of 2021. By the end of that year, McDonald's said over 21 million shoppers in the US had enrolled in the system. The program has since expanded to other markets.For every dollar spent on an order, you receive points. When accumulated, these can then be used to redeem free menu items.CEO Chris Kempczinski told analysts that the company's aim to reach 250 million active members by the end of 2027 was achievable. As of December 2023, McDonald's had 150 million 90-day active users in its loyalty program."We know as we drive loyalty adoption, we increase the frequency of visit and the spend from these customers over time," Kempczinski said.<h2 id="88661e47-ef97-4b4a-ae95-3bf701414a31">It's not just McDonald's</h2>McDonald's is not the only chain reaping the rewards from loyal consumers.Starbucks said in its most recent report earlier this week that its own rewards program had reached 33.8 million 90-day active members, a 4% year-on-year increase. Former boss Laxman Narasimhan said in February that <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-offer-fewer-deals-under-new-ceo-2024-10">60% of the company's sales</a> were from the nearly 34 million Starbucks Rewards members.Another popular example is Costco, which has become a master at building a superfan base.The warehouse club chain said its executive-tier members, who get 2% rewards on purchases, are <a target="_blank" href="https://www.businessinsider.com/companies-are-doubling-down-on-loyalty-programs-2024-8">responsible for about 73% of worldwide sales</a>.For West Paschal, cofounder of Alpine IQ, a Colorado-based customer loyalty platform that works with retail businesses, people are hesitant to spend on non-essential goods, so it is particularly important for businesses to use rewards programs to draw them in."It's especially necessary right now," he told Business Insider, "persuading consumers with loyalty deals can be a way to get them back in the store."<div type="image" title="A Starbucks barista works at an espresso machine" height="3456" width="5184" msid="114852909" hostid="261" sizebytes="514486"></div>As prices have soared due to inflation and shoppers have tightened their belts, fast-food chains have been competing against each other to tempt them back with <a target="_blank" href="https://www.businessinsider.com/fast-food-price-rises-tipping-point-value-deals-combos-mcdonalds-2024-8">the best value meals</a>. McDonald's, KFC, and Burger King all rolled out $5 combo deals, for example."Loyalty programs are among the most effective ways businesses can cultivate customer engagement and repeat business," Kevin Shahnazari, cofounder of FinlyWealth, a personalized credit card recommendation service, said.Restaurants and stores that offer points-earning apps can drive consumers to opt to buy there over shopping at competitors and they would likely continue making their purchases somewhere where they can win rewards, he said.<h2 id="64ce7ac0-7b75-4926-88de-aa38ad203f8c">The power lies in the perks</h2>However, a good loyalty program should be about more than just the points.Financial incentives are still important, but there's a growing appreciation for rewards programs that align with the customer's values and include personalized experiences, Zsuzsa Kecsmar, chief strategy officer of Antavo Enterprise Loyalty Cloud, an AI-powered customer loyalty platform, said.<a target="_blank" class="" href="https://www.businessinsider.com/chappell-roan-against-hm-doesnt-bode-well-for-brand-2024-9">H&amp;M</a> is one of the retailers that offers exclusive event invites to its members, while <a target="_blank" class="" href="https://www.businessinsider.com/nike-ceo-elliott-hill-takes-over-faces-challenges-2024-10">Nike</a> provides a customization service for its app users.For Zarina Stanford, CMO at software development firm Bazaarvoice, today's customer wants to feel recognized, and programs that achieve this can create a powerful cycle of prolonged engagement."In a marketplace where choices are endless, a strong loyalty program doesn't just retain customers, it also builds a relationship that feels personal and valuable," she said.It also provides companies with valuable data to understand customers better and tailor marketing.For the future of rewards systems, Kecsmar said <a target="_blank" class="" href="https://www.businessinsider.com/sc/how-your-business-can-leverage-data-to-increase-customer-loyalty">technology will likely play a crucial role</a> in further adapting to the personalized needs of customers."This might include leveraging AI and advanced analytics to create more intuitive and responsive loyalty ecosystems that adapt to individual customer preferences and behaviors," she added.

Why fast-food chains and big brands love loyalty programs

<keyword id="19934680" type="General" weightage="20" keywordseo="Amul" source="keywords" meta.keywordsubtype="org" meta.entityname="Amul" meta.hostid="261" meta.entityid="Amul">Amul</keyword>, has been recognized as the strongest food and <keyword id="20467955" type="General" weightage="20" keywordseo="dairy-brand" source="keywords">dairy brand</keyword> globally, according to the <keyword id="20220223" type="General" weightage="20" keywordseo="Brand-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Brand Finance" meta.hostid="261" meta.entityid="Brand Finance">Brand Finance</keyword> Food &amp; Drink 2024 report. In a post on X (formerly Twitter), Amul posted, "We are pleased to inform you that Amul is ranked as the strongest <keyword id="22460165" type="General" weightage="20" keywordseo="food-brand" source="keywords">food brand</keyword> and strongest dairy brand in the world as per Food &amp; Drink 2024, the annual report on the most valuable and strongest food, dairy &amp; non-alcoholic drinks brands by @BrandFinance , world's leading brand consultancy" The annual report by Brand Finance, a global brand valuation consultancy, highlights the growing influence of Amul in the international market. The company's <keyword id="22862818" type="General" weightage="20" keywordseo="brand-strength" source="keywords">brand strength</keyword> was evaluated with a Brand Strength Index (BSI) score of 91.0 out of 100, earning it the prestigious AAA+ rating. Amul's performance in familiarity, consideration, and recommendation metrics solidified its position as a global leader in the food and dairy sectors. While Amul shines in brand strength, the report identifies Nestle and Lay's as leaders in brand value. Nestle retained its title as the world's most valuable food brand, despite a 7 per cent decline in brand value to USD 20.8 billion. The company's ability to adapt to changing consumer preferences and maintain a diverse product portfolio has been key to its enduring success. Lay's, on the other hand, saw a 9 per cent increase in brand value, rising to USD 12 billion and securing the second spot globally. Lay's innovative product offerings, including its Flavour Swap and MAX lineups, have driven its brand value growth. The Brand Finance report also notes a 4 per cent decline in the overall brand value of the food and beverage sector, now totalling around USD 268 billion. This decline is attributed to consumers increasingly favoring smaller, private-label brands offering unique, personalized products over traditional big names. Convenience foods, however, are bucking the trend, with rising brand value due to growing demand from busy consumers. Brands like Healthy Choice and DiGiorno have seen a 17 per cent increase in brand value, driven by innovative product releases and strategic marketing. Amul's ascension as the world's strongest food and dairy brand is a testament to its consistent innovation, effective marketing strategies, and strong consumer trust. The cooperative's commitment to quality and its extensive product range has made it a household name not just in India but across the globe. With an 85 per cent share in the Indian butter market and a 66 per cent market share in cheese, Amul's brand equity continues to grow stronger each year. The dairy industry, however, faces its own set of challenges. The report notes a 6 per cent dip in the total brand value of the top 10 dairy brands, now at USD 43.8 billion. Despite this, Amul has retained its title as the strongest dairy brand for the fourth consecutive year, thanks to its unique cooperative structure and impactful branding efforts. Meanwhile, Valio, a Finnish dairy brand, has emerged as the fastest-growing dairy brand, with a 31 per cent increase in brand value, driven by its acquisition of Planti, a producer of plant-based dairy alternatives. Sustainability continues to be a critical factor for brands. Nestle leads the food sector with the highest Sustainability Perceptions Value at USD 1.4 billion, while Coca-Cola tops the non-alcoholic drinks sector with a value of USD 5.2 billion. The report suggests that brands like Lay's and Pepsi, with high positive gap values, could further enhance their market positions by better communicating their sustainability efforts. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

Amul emerges as world's strongest food and dairy brand, topping global rankings in Brand Finance Food & Drink 2024 Report

<ul class="summary-list"><li>Gen Z could account for nearly a third of luxury purchases by 2030, Bain reports.</li><li>Yet, after COVID-19, many brands neglected younger consumers to focus on the uber-wealthy.</li></ul>The first people to shop at <a target="_blank" class="" href="https://www.businessinsider.com/hermes-escapes-luxury-industry-slump-lvmh-kering-struggle-2024-10">Hermès</a> are long gone, as are those at Louis Vuitton and Prada. Yet, the brands still exist because their ultimate goal is to continuously train new generations to fall in love with luxury.But now it appears that some luxury brands have forgotten that aim.After the pandemic, luxury players took their eye off the ball <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-gospel-of-wealth-manifesting-tiktok-dating-2024-11">with Gen Z</a>, a generation Bain &amp; Company estimates could account for nearly a third of all luxury purchases by 2030. Industry experts say brands took advantage of inflation by hiking prices and heavily focused on their wealthiest clients with VIP experiences, essentially putting aspirational consumers on the back burner.Two years later, this strategy seems to have backfired, shrinking the luxury customer base by 50 million, Bain reports in its 2024 luxury study, published Wednesday."There's been a kind of a refocusing, probably an over-correction of the strategy, to focus on the top of the pyramid that was more resilient in a moment of turbulence," Claudia D'Arpizio, senior partner and global head of Fashion and Luxury at Bain told Business Insider."Luxury brands aim to stay forever," Blanca Zugaza Escribano, a fashion and luxury consultant at Metyis, said.But to do that, brands "need to keep an eye on both sides of the business," she added. And that includes winning back Gen Z through decisive strategy shifts, creative partnerships, and affordable luxury.<h2 id="7ff2a5fb-18da-4547-8857-cb52ac8b582a">Training the next generation</h2>D'Arpizio said that to get Gen Z back on board, luxury brands must adopt a "high-low" strategy, part of which entails releasing affordable products that appeal to younger, aspirational consumers and their core clientele.<a target="_blank" href="https://www.businessinsider.com/gen-z-luxury-perfume-obsession-tiktok-fragrance-teen-boys-branding-2024-10">Fragrance</a>, beauty, and eyewear — categories that have shown resilience through <a target="_blank" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">the industry-wide slowdown </a>— could be key to this strategy.In its most recent earnings results, LVMH reported that perfumes and cosmetics delivered the strongest growth across sectors in Q3, up 3%. This division was up 5% for the first nine months of 2024 compared to the previous year.Meanwhile, Kering's beauty and eyewear divisions were also one of the few highlights from its own latest earnings, delivering 7% same-store sales growth in Q3. <div type="image" title="Sabrina Carpenter performs during the 2024 Governors Ball at Flushing Meadows Corona Park in New York City." height="853" width="1280" msid="115360802" hostid="261" sizebytes="44798"></div>Jamie Ray, the CEO of Buttermilk, a marketing agency that works with luxury brands, said his company's work to help launch Prada's beauty range in the US this year through nano influencers on TikTok, coupled with <a target="_blank" class="" href="https://www.businessinsider.com/sabrina-carpenter-mom-advice-relieve-stress-touch-grass-shortnsweet-2024-8">Sabrina Carpenter</a> whipping out one of its lip balm's in a music video, is a prime example of how brands can and should try to resonate with Gen Z."The broader issue I think every luxury fashion house or conglomerate has is: 'We can't sell a $5,000 handbag to a 21-year-old," he said. "'But we can sell a lip oil, or we can sell foundation, and they still get some sort of emotional attachment.'"Not only do affordable products align with Gen Z's current spending power, but they can develop lasting brand loyalty, which Escribano said will pay off long-term."That little piece of luxury that you're carrying with you is already building you into a potential future customer if you ever have the means to actually purchase the products that are aimed at the higher net worth customers," she said.<h2 id="d0804aea-f5cd-41e4-8e67-9ba0ab368a1b">Getting Gen Z excited to spend</h2>But putting out affordable products is only half the work. The other half is getting Gen Z excited to spend on them.Escribano said one key way brands can do this is by embracing Gen Z's love of experiences and showcasing the brand in creative ways. Thomaï Serdari, a luxury marketing and branding professor from NYU's Stern School, previously told BI that <a target="_blank" class="" href="https://www.businessinsider.com/nfl-partnership-luxury-fashion-brand-pricey-women-team-jackets-2024-10">luxury brands</a> also increasingly see <a target="_blank" class="" href="https://www.businessinsider.com/luxury-brands-taking-over-paris-olympics-lvmh-dior-armani-glossier-2024-7">sports</a> as an opportunity to connect with younger consumers.But relying on partnerships has risks, as Gen Z is more discerning than previous generations, Escribano said. Those that come across as superfluous or not in alignment with a brand identity could be unsuccessful."It's not let's collaborate to push a collection with this random person who's now super hot on Instagram or who's super popular," Escribano said.<div type="image" title="The Chanel Store in Tokyo's Ginza district." height="853" width="1280" msid="115360801" hostid="261" sizebytes="149866"></div>Ray of Buttermilk said that some luxury brands have been hesitant to explore collaborations as a means of engaging Gen Z consumers because they fear losing their luxury allure."The brands that have struggled probably are the brands that are more heritage brands," he said. "They've got such a true sense of who they are, almost to their detriment. They're too scared to reinvent themselves."<h2 id="ee0d4082-fffa-4f1d-8e67-52b9ce670e21">The future is vintage</h2>Luxury players might be kicking themselves for alienating Gen Z consumers, but Gen Zers never forgot about luxury.The proof is in the meteoric growth of <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-secondhand-shopping-luxury-high-end-preloved-items-report-2023-4">the secondhand luxury</a> market, which Bain reports reached $47 billion in 2023.Not only do secondhand luxury marketplaces like The RealReal satisfy Gen Z's love of gamification and collecting, but they are "serving their "unmet demand," D'Arpizio said.But secondhand's success isn't bad news for primary luxury brands, Escribano said.<div type="image" title="Vintage clothes on rack" height="1412" width="2122" msid="115360800" hostid="261" sizebytes="140784"></div>"There's no cannibalization between secondhand and firsthand," Escribano said. "A customer that's actually a VIC — a very important customer — for The Row or for whatever luxury brand, they're not going to go into secondhand to save."Bar certain luxury products like Hermès Birkins handbags, secondhand luxury is by and large cheaper and retains a level of exclusivity, she said. "It also has this sustainability factor to it that is growingly important to younger generations," she added.By dedicating more initiatives to secondhand, collaborating with resell companies, or releasing slightly more accessible specific pre-loved lines, luxury brands can connect with Gen Z consumers while avoiding alienating their top 1% of consumers."It's another amazing entry point for younger customers," she said.

Luxury brands forgot about Gen Z. They can't afford to make that mistake again.

<ul class="summary-list"><li>Luxury sales in Japan surged due to a weakened yen and increased tourist spending.</li><li>The luxury industry faced a decline in China, making Japan's market growth crucial.</li></ul>If you were looking to shop luxury in <a target="_blank" class="" href="https://www.businessinsider.com/japan-airlines-free-flights-initiative-could-backfire-experts-2024-10">Japan this summer</a>, you had to get in line.According to Amrita Banta, managing director of luxury insights firm Agility Research &amp; Strategy, luxury stores started admitting customers by appointment only to cope with the meleé of <a target="_blank" class="" href="https://www.businessinsider.com/things-american-wishes-she-knew-before-visiting-japan-mistakes-2024-9">tourists</a> flocking to Japan to take advantage of the <a target="_blank" class="" href="https://www.businessinsider.com/japan-weak-currency-yen-boosts-foreign-tourism-luxury-purchases-travel-2024-4">weakened yen</a> and cheaper prices on high-end products.The sales surge in Japan has been a much-needed boost for the luxury industry, which has been hard hit by <a target="_blank" class="" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">a drop in demand in China</a>.In the second quarter of 2024, LVMH's sales in Japan were up 57%, far outpacing its other markets. Gucci owner Kering also saw a 27% uptick in sales in Japan in Q2, while its sales plunged in other markets.<div type="image" title="Shibuya Shopping District, Tokyo, Japan" height="3600" width="5400" msid="114913669" hostid="261" sizebytes="2019376"></div>But in Q3, both LVMH and Kering reported a slowdown in luxury spending in Japan.A mix of the strengthened yen due to Japanese government intervention and economic uncertainty abroad appears to have slowed Japan's shopping boom.Still, while the tourist spending may have faded somewhat, experts say Japanese consumers are emerging from a frugal era and spending on luxury themselves."There's a lot of optimism about Japan in the market," Jelena Sokolova, a luxury analyst at Morningstar, told BI.A combination of wage increases and the strengthening of the yen is driving consumer spending confidence in Japan, Daniel Langer, CEO of brand development and strategy firm Équité and a Pepperdine University luxury professor, told BI over email.But the Japanese aren't just splashing their cash anywhere — a bitter pill for some luxury brands to swallow.<h2 id="493fbccc-5f4a-41a5-8130-deff4524ff2f">Low-key luxury aligns with Japanese values</h2><a target="_blank" class="" href="https://www.businessinsider.com/hermes-escapes-luxury-industry-slump-lvmh-kering-struggle-2024-10">Hermès</a> is one example of a brand that continues to report strong momentum in Japan.This is partly because its image is in sync with core Japanese values, Martin Roll, global business strategist and senior advisor at consulting giant McKinsey, told BI.Consistency, craftsmanship, and "quality over loud branding" — attributes <a target="_blank" class="" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">the Birkin bag maker</a> is known for — align with "Japanese consumers' desire for subtle luxury that conveys a sense of heritage and exclusivity without overt showiness," he said."Hermès and similar brands appeal here because they prioritize quality, subtlety, and minimalism over ostentation, which is key to succeeding in the Japanese luxury space," Roll said.<h2 id="a1d7bb15-45d8-46a7-ae5e-65b8f931680d">The nuances of a Japanese audience</h2>While trend-forward brands have historically done well in regions like India and China with younger populations, "Japan is more of a stable, mature market," Banta said, especially given the country's <a target="_blank" class="" href="https://www.businessinsider.com/japan-company-shifts-adult-diapers-due-low-birth-rates-babies-2024-3">aging population</a>.Banta said brands like Prada, Louis Vuitton, and Hermès, which have long been seen as epitomizing luxury and have select products with cult followings, will maintain momentum with locals.Still, the young, affluent Japanese consumers — while more likely to self-indulge — retain many of the same values as their elders, Roll said."This group is more willing to invest in high-quality goods that blend tradition with modern self-indulgence, appreciating brands that offer a sophisticated but not overtly showy luxury experience," Roll added.<div type="image" title="The Chanel Store in Tokyo's Ginza district." height="853" width="1280" msid="114913672" hostid="261" sizebytes="149866"></div>Luxury brands that didn't participate in <a target="_blank" class="" href="https://www.businessinsider.com/recession-economic-outlook-greedflation-inflation-corporate-earnings-slowdown-societe-generale-2024-1">"greedflation"</a> and hiked prices after the pandemic have also fostered trust with Japanese consumers, Langer said.Although Japan has always been an important market for luxury brands, it was eclipsed by China as the world's largest in the early 2010s.But now that China is seemingly no longer the luxury cash cow it once was, brands looking to pivot their attention back to Japan will have to double down on respecting and understanding the locals."Cultural capital is the name of the game in today's world," Langer said."Brands need to be able to inspire Japanese audiences, and this means giving them something they desire," he added. "Brand storytelling, timelessness, and meticulous quality are critical in this market."

You Searched For "consumer brands" and got 13 results

Blockbuster to Blackberry: 9 iconic consumer brands that couldn’t keep up

Prerna Tyagi

China's luxury slump is trickling down to other consumer companies

Madeline Berg,Huileng Tan

YouTube is turning pink: Times when logo redesigns failed to impress

Divyanshi Sharma

Why founders of some small luxury brands are eyeing exits

Maria Noyen

The power of passions: Tapping into consumers' emotional bonds

Raja Rajamannar

These consumer products are most likely to be impacted by the port strike

Dominick Reuter,Erin Snodgrass

Acer launches its consumer electronics brand Acerpure in India

PTI

Gen Z is reimagining the iconic 70s brand L'eggs

Lauren Edmonds

Why Ralph Lauren, the all-American luxury brand, is a hit in China

Maria Noyen

Why fast-food chains and big brands love loyalty programs

Nora Redmond

Amul emerges as world's strongest food and dairy brand, topping global rankings in Brand Finance Food & Drink 2024 Report

ANI

Luxury brands forgot about Gen Z. They can't afford to make that mistake again.

Maria Noyen

Japanese shoppers are entering their spending era. Not all luxury brands stand to benefit.

Maria Noyen

Popular Keywords

Buying Guides

You Searched For "consumer brands" and got 13 results

Blockbuster to Blackberry: 9 iconic consumer brands that couldn’t keep up​

Prerna Tyagi

China's luxury slump is trickling down to other consumer companies

Madeline Berg,Huileng Tan

YouTube is turning pink: Times when logo redesigns failed to impress

Divyanshi Sharma

Why founders of some small luxury brands are eyeing exits

Maria Noyen

The power of passions: Tapping into consumers' emotional bonds

Raja Rajamannar

These consumer products are most likely to be impacted by the port strike

Dominick Reuter,Erin Snodgrass

Acer launches its consumer electronics brand Acerpure in India

PTI

Gen Z is reimagining the iconic 70s brand L'eggs

Lauren Edmonds

Why Ralph Lauren, the all-American luxury brand, is a hit in China

Maria Noyen

Why fast-food chains and big brands love loyalty programs

Nora Redmond

Amul emerges as world's strongest food and dairy brand, topping global rankings in Brand Finance Food & Drink 2024 Report

ANI

Luxury brands forgot about Gen Z. They can't afford to make that mistake again.

Maria Noyen

Japanese shoppers are entering their spending era. Not all luxury brands stand to benefit.

Maria Noyen

Popular Keywords

Buying Guides

Blockbuster to Blackberry: 9 iconic consumer brands that couldn’t keep up