Research Handbook on Luxury Branding
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Research Handbook on Luxury Branding

Edited by Felicitas Morhart, Keith Wilcox and Sandor Czellar

Unique and timely, this Research Handbook on Luxury Branding explores and takes stock of the current body of knowledge on luxury branding, as well as offering direction for future research and management in the field. Featuring contributions from an international team of top-level researchers, this Handbook offers analysis and discussion of the profound socioeconomic, psychological, technological and political changes that are affecting the luxury industry, and that will continue to shape its future.
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Chapter 7: Building and growing luxury brands: strategies for pursuing growth while maintaining brand coherence

Vanessa M. Patrick and Alokparna (Sonia) Basu Monga

Abstract

This chapter comprehensively examines research-based brand strategies that can help luxury brands successfully extend and expand. A key take-away is that successful luxury brand growth strategy entails walking the fine line between managing brand coherence and managing brand innovation and growth. The chapter identifies what a luxury brand is from a consumer perspective, and the facets of the luxury brand that need to be carefully managed in order to create the perception of coherence. Next, it reviews the literature on luxury brand growth strategies, namely, brand extensions, line extensions, alliances and acquisitions, and co-branding. It also outlines research insights on when brand dilution is likely to occur, and how to reduce or eliminate brand dilution. Finally, the chapter concludes with innovations in luxury brand growth strategies, with a call for research to understand the scope of these strategies that help luxury brands pursue long-term growth.

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