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The luxury fashion business strategy model

In: Luxury Fashion Branding

Author

Listed:
  • Uche Okonkwo

Abstract

It is perplexing to find out that when several practitioners in the luxury goods management are questioned about their business strategies or business models, they often look puzzled. The majority of these managers perceive business models and strategy plans as documents drafted by consultants to be filed away and reproduced during the annual reporting exercise. A senior executive of a luxury brand once told me that if I were interested in evaluating their business strategy plan, he would not hesitate to send a copy of the ‘Strategy’ to me. When I asked him the main features of the strategy plan, he replied, ‘How could I know? I am occupied everyday with managing the company, I don’t have enough time to read the Strategy Report.’ It was my turn to be puzzled. For this manager, the company’s strategy, (which by the way is its lifeline), was represented by a pile of papers stored in a drawer to be retrieved when a Consultant visited. This is part of the reality of the state of luxury fashion management.

Suggested Citation

  • Uche Okonkwo, 2007. "The luxury fashion business strategy model," Palgrave Macmillan Books, in: Luxury Fashion Branding, chapter 9, pages 267-277, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59088-5_10
    DOI: 10.1007/978-0-230-59088-5_10
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