Style needs

WSJ. REPORTS “CONSUMER IS KING” AS LUXURY GOODS HOUSES

RETHINK THEIR STRATEGY IN ORDER TO SURVIVE

Fall Issue of WSJ. to Hit Newsstands on Sept. 12 in U.S. and Sept. 11 in Europe and Asia

NEW YORK (Sept. 10, 2009)—“The consumer is king” and will benefit from the global economic recession as luxury houses rethink their business strategy writes, Tina Gaudoin, editor-in-chief of WSJ., The Wall Street Journal’s glossy magazine, which is set to hit newsstands in the U.S. on Sept. 12 and Sept. 11 in Europe and Asia.

“Luxury-goods houses will have to rethink the way they appeal to us, the consumers, in order to survive…which ultimately means greater value, superior products and a better deal,” writes Ms. Gaudoin in her cover story, “Changed State of Luxury.” The magazine explores the recalibration of luxury focusing on diamonds, luxury cars, top-end real estate, accessories and travel. “Luxury is still a big business – $175 billion big – and all of us have contemplated abstinence in the past year, at least where purchasing is concerned,” she added.

WSJ. explores a new movement in design and fashion also born, at least in part, out of the economic downturn. Rough Luxe, the idea of juxtaposing the functional everyday against the brilliance of the new and modern, made itself known on the runways this year. “Interior designers have been working Rough Luxe in its various forms for at least the last five years,” said Ms. Gaudoin, “but the fact that it crossed over into fashion means it’s more than a passing trend."

My personal favorite quote from WSJ: "Whether it's a red Ferrari or a Prada bag, we are impressed, for better or worse, by people who wear these products," says Milton Pedraza, president of the Luxury Institute in New York. "They have become symbols of meeting someone of your own tribe."

WSJ Magazine Luxury Accessories full article here and WSJ Magazine website here.