Founded in 1921, Gucci is an Italian luxury brand of fashion and other leather goods. It is a part of the Gucci Group which is actually owned by Kering, which is a French holding company. It has been many decades since Gucci was introduced, and today Gucci has achieved its position as one of the best fashion brands around the world. The success and reach of Gucci can be analyzed by the fact that according to Forbes 2017 list, it is ranked at number 47 in the list of World’s Most Valuable Brands.
The brand equity of Gucci is extremely high all around the world and some of the reasons behind the current position of Gucci are:
Brand Awareness
Gucci sells and markets to a niche market and always market their products as exclusive. In terms of their target market being aware of their brand in terms of fashion, the brand awareness of Gucci is extremely high. This can also be realized by looking at its ranking for all these years, specifically for the last decade. Being ranked in the list of World’s Most Valuable Brands says a lot about the awareness of the brand.
Brand Loyalty
Gucci offers exclusivity not just through their brands, but also by making their customers a part of their strategy by offering them with after-sale services like warranties and offers that they can avail in the future. In this way, Gucci has been able to gain loyalty of millions of their customers around the world. Most of their customers, who are a part of their targeted niche, are most likely to purchase Gucci again once they have purchased it once. Moreover, this loyalty is enhanced because of the high quality that they deliver through their products.
Brand Image
Gucci has been able to present their brand through their products as a combination of exclusivity, modernity and prestige. They make their products a combination of modern designs while maintaining their classic design that has been their identity for many years now. It is important to keep some part of their original classic design as customers are better able to resonate with the brand and feel part of Gucci’s story. The image is further built because of celebrity endorsements which also depicts Gucci as a luxury fashion brand. The kind of image that the consumers have developed in their minds is that when they wear Gucci products, they feel exclusive because they associate their personality with the personality of Gucci, which they have depicted for many years now.
Brand elements
Gucci has been in the market for a very long time and its logo is now identified around the world. The logo is a very prominent element for their brand and most of the buyers are actually paying to get that logo on the products that they wear. Their logo adds so much value to their brand equity in the consumer’s mind and because they have established their image around the world, they are now able to cash that logo through their products.
References
Guccis Brand Value. (2017, May 4). Retrieved February 27, 2018, from https://luxuryheterotopia.wordpress.com/2017/03/27/guccis-brand-value/
Gucci on the Forbes World’s Most Valuable Brands List. Retrieved February 27, 2018, from https://www.forbes.com/companies/gucci/