{"id":16181,"date":"2015-08-27T08:59:36","date_gmt":"2015-08-27T12:59:36","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=16181"},"modified":"2020-02-26T14:26:49","modified_gmt":"2020-02-26T19:26:49","slug":"how-to-launch-your-own-luxury-brand","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/creativity-culture\/how-to-launch-your-own-luxury-brand","title":{"rendered":"How to launch your own luxury brand"},"content":{"rendered":"\n

Entrepreneurs are passionate people. However, some of them may not know exactly how to apply that zeal to start something of their own until fate kicks in.<\/p>\n\n\n\n

Take Ashley Smith, founder of Otherworld<\/a> apparel, an upscale clothing company based out of New York City’s WeWork 175 Varick St<\/a> space. She was working in advertising and marketing for companies like Naked Communications in Australia and Goodby Silverstein & Partners in San Francisco, but deep down, she wanted to be her own boss.<\/p>\n\n\n\n

\u201cI’ve always known that to be completely fulfilled professionally, I had to have my own business,\u201d says Smith. \u201cIt’s just the way I’m wired.\u201d<\/p>\n\n\n\n

After traveling in 2012 and 2013 to places like Turkey, Thailand, India, and Bali, she was inspired to create her own luxury brand that would combine landscape photography, textiles, and travel.<\/p>\n\n\n\n

\u201cIt came together pretty organically, which is the reason I knew I had to move forward with it,\u201d she says. \u201cWhen you’re passionate about something, it generally feels easy and right.\u201d<\/p>\n\n\n\n

Building a luxury brand<\/h2>\n\n\n\n

Smith is one of many entrepreneurs focusing on the luxury market, which can prove to be extremely lucrative if entrepreneurs strike a certain chord with their wealthy customers. According to Bain & Company\u2019s 2014 estimates, the luxury industry raked in $73.3 billion in the United States<\/a>, and more than $25.5 billion in New York City alone.<\/p>\n\n\n\n

Smith started Otherworld just a year ago, and already her clothing has appeared in the Lord & Taylor flagship store on Fifth Avenue in Manhattan. She says that if other entrepreneurs want to make an impression in the luxury market, they must show how their brands fit into a certain lifestyle.<\/p>\n\n\n\n

\u201cIn the luxury marketplace, you’re selling an aspirational lifestyle,\u201d Smith explains. \u201cSo get clear on what the brand means to your audience, beyond the products. In the case of Otherworld, we’re selling a lifestyle influenced by travel, style, wellness, and celebration. So everything we do\u2014from the products we develop, to our communications, social media, and influencer marketing choices\u2014should align with these four values.\u201d<\/p>\n\n\n\n

Jeffrey Ward, founder of Savvy Navigator<\/a>, says his company aims to attract wealthy individuals who love to explore the world.<\/p>\n\n\n\n

\"How<\/figure>\n\n\n\n

\u201cMy customers have a high net worth, are very well-traveled, and are looking for different travel experiences,\u201d he says. \u201cWhen they stay in a hotel or lodge, they want it to be a really nice place. Some of my customers are kids in their 20s who are getting married and are in the workforce. They traveled with mom and dad when they were younger, and now they have high standards. They typically have good budgets, too.\u201d<\/p>\n\n\n\n

Though Ward says that all businesses must solve a problem for their consumers, luxury brands take it one step further: They should serve an emotional need as well.<\/p>\n\n\n\n

\u201cIt goes above and beyond solving the problem that the customers are facing.\u201d he says. \u201cIt\u2019s really about that emotional connection with the brand.\u201d<\/p>\n\n\n\n

To forge a connection between his audience and his watch company Broome & Mercer<\/a>, Jimmy Pinto has been striving to produce content that will resonate with them. This includes posting photos of Millennials, his core demographic, wearing the watches in different environments<\/a>. He also connects with them through the humble backstory behind the brand<\/a> on his website.<\/p>\n\n\n\n

Pinto advises aspiring luxury entrepreneurs to also do content marketing to reach their customers.<\/p>\n\n\n\n

\u201cMeasuring what kind of content and when it resonates with your audience takes dedication and time,\u201d he says. \u201cNot everything will work. The key is to identify what is and do more of that.\u201d<\/p>\n\n\n\n

Nicholas Hahn, managing director of Platinum Porter<\/a>, a company that provides upscale travel services, says that it\u2019s all about giving the customers what they want and need. Since his customers are used to the finer things in life, Hahn knows that he and his employees have to be on their toes at all times, ready to satisfy.<\/p>\n\n\n\n

\u201cThere\u2019s always a higher level of skepticism from wealthy and elite clients,\u201d he says. \u201cThey have higher expectations.\u201d<\/p>\n\n\n\n

With the top employees by his side, however, Hahn can fulfill his duties to his clients and then some.<\/p>\n\n\n\n

\u201cWithin the luxury realm, you have to have a genuine interest in providing a high-level service or product,\u201d he says. \u201cIt requires you to be at the top of your game all the time. You must anticipate your clients\u2019 needs, and the expectation is that you\u2019ll always exceed your expectations. You always need to build a great team, because they\u2019re the most important thing.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Entrepreneurs in the high-end travel and fashion industries share advice on developing a business<\/p>\n","protected":false},"author":1498,"featured_media":16185,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43902,43908],"tags":[502,39218,39221],"class_list":["post-16181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development","category-creativity-culture","tag-creativity","tag-small-businesses","tag-entrepreneurs"],"acf":[],"yoast_head":"\nHow to make a luxury brand | Ideas by We<\/title>\n<meta name=\"description\" content=\"Entrepreneurs in the high-end travel and fashion industries share advice on developing a business\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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