The Luxury Brand

 1.0 INTRODUCTION

 

Generally, entrepreneurship is not a new field in the world.The world proves that entrepreneurship is indeed recognized as a catalyst for economic development aside to fulfilling basic economic functions. `Strictly, in the field of entrepreneurial, it is a main pillar and driving force of the economical. An entrepreneur are the people who produce various goods and services needed by community. The entrepreneurial activity indeed can created various job opportunities for societies. According to Zafir ( 2003 ), an entrepreneur plays an important role for create and maintain the economic position of a country because they are creating job opportunities and increasing the country’s export capacity aside from increase the country’s economic growth.

 

Regardless of any type of business, today the impact of globalization and the changes in consumer’s attitudes and purchase behaviour towards luxury products is changing the luxury industry and require brands to constantly innovate their strategies (Turner, 2016). We realized the luxury brand products often get attention where luxury brands are generally very closely related to identity, prestige and high social status ( Chadha 2006). This is because the luxury brands is special and have a high value and the character are very exclusive. The way is created a very perfection through artistic beauty and passion that able to distinguish people’s status. Majority, the luxury brands are often used by the elite status.

 

In the context of luxury branded fashion products, it it characterized as a high price and this corresponds to its superior quality and the exclusivity.That’s why a product that are well created and made from an expensive materials are more exclusive. Not only that, aside to offering the highest level of symbolic and emotional value that reflect with the perception of visibility, uniqueness, quality, hedonism and self-expression, it also often associated with the haute couture collection worn by wealthy and influential groups in society ( Cabigiosu, 2020). Products from luxury brands are dreamed of by anyone but not all people can afford it due to price factor which is the main constraint in get the products. Luxury branded are available in boutiques luxury but with the existence of internet, the luxury brands moving from selling through traditional stores to selling through e-commerce platform. We are introduced to one of the most popular luxury brand are called Louis Vuitton and we believe Louis Vuitton is the most successful brand today.