In their Luxury Magazine supplement, The New York Times has been running a series of interviews with fashion insiders on the subject of LUXURY, asking each of them the following eight questions:
- What is your most treasured possession?
- What is the quality you most desire in a fine product?
- If you were a handbag, what would it look like?
- If “luxury” changed its name — what should it be called?
- Is your idea of luxury tangible — or a sensation/ experience?
- Can luxury be virtual as well as actual?
- What do you consider the most overrated luxury?
- Is your ultimate luxury time — for yourself?
The interview with Imran Amed, the Founder of Business of Fashion and a strategic consultant for international luxury brands, particurarily caught my eye.
Here are a few of his answers:
What is your most treasured possession?
It’s a tie between a durable, boiled cashmere blazer by the Japanese bespoke tailors ICHO and a vintage Heuer Carrera watch from the late 1960s. Both are high-quality, versatile items suited to my taste and style, with deeply personal stories attached to them. And both — if cared for properly — will last forever.
What is the quality you most desire in a fine product?
It must enable me to reflect my own personality and fit with the way I live, rather than stamp me with a logo or reflect the current fashion trends.
If “luxury” changed its name — what should it be called?
During a period of unrestrained economic expansion, prices of so-called luxury products had risen to an all-time high, while quality and workmanship suffered. In short, consumers were paying more for less. This is why new luxury must focus on traditional luxury values: craftsmanship, personalization, heritage, quality at a fair price.
Is your idea of luxury tangible — or a sensation/ experience?
For me, luxury is about the stories, feelings and meaning attached to objects, as opposed to the actual objects themselves. For example, a traditional, handmade Alpaca scarf I discovered in a small, hidden shop in the San Telmo district of Buenos Aires is so much more luxurious to me than a mass-produced cashmere scarf piled up next to hundreds of others in a generic luxury flagship. True luxury must offer life-enriching experiences and stories, as well as attractive objects. Indeed, these kinds of stories may be the most enduring form of luxury of all, because they never expire.
Think about this as it might be applied to luxury real estate. Many of your potential buyers may share Imran's values and outlook. Will your marketing materials resonate with them? Does your copy reflect these or similar values? What are the values of your targeted buyers? As we've long said, "Every home has a story. It is your job to find it and tell it well."