By: Darrin Duber-Smith
With all of the talk about how the vast majority of traditional brands are struggling mightily to resonate with a massive cohort of fickle young consumers, it's nice to see one of your grandmother's classic brands emerge as a winner in bridging the proverbial "generational gap". Indeed we are talking about Gucci.
Yes, Gucci. Apparently, Millennials love Gucci, and so marketers at Gucci are learning to love Millennials replete with the incredible purchasing power that the largest generation in the history of the world is just now beginning to wield. Sales at Gucci are up by almost 50% from last year and half of those sales were to consumers under the age of 35. Success has been driven largely by a complete change in the product mix with a new look consisting of a wide range of colors, patterns and periods. Variety. The spice in the diet of almost every Millennial.
The "New Gucci" is also improving customer retention, with a robust digital marketing platform that enables the brand to develop and maintain a one-to-one relationship with any consumer that wants one. But today's fashion consumer is more fickle than ever, and so the marketers at Gucci will have to stay connected to what their consumers really want in addition to offering riskier, fashion-forward products that might set it apart from competitive brands. So far so good for Gucci.
Discussion: Name another "classic" brand that is resonating with young consumers. What is it about the brand that is appealing?
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