Speaking at the National Retail Federation’s (NRF) Big Show, Burberry CEO Joshua Shulman stressed the importance of authenticity during brand reinvention.
"The greatest opportunities arise from genuine authenticity. In the luxury sector, it's essential to incorporate an element of surprise and allure, but this must be grounded in the fundamental values of the brand."
Returning to the right path
The seasoned luxury executive assumed leadership of Burberry last year, during a time when both sales and profits were on the decline. "When I stepped in, it became evident that we had a chance to critically evaluate our strategies and determine which messages and products we needed to highlight," he stated.
Schulman pointed out that, even with a significant global brand recognition and loyalty, Burberry had strayed from its path. “We lost track of our primary customer and didn’t concentrate enough on our key customer groups and essential outerwear line. Additionally, we projected a brand image that felt alien to many of our clientele…it's not 1999 anymore; nowadays, if your brand message fails to connect, you’ll hear about it on social media right away.”
The prestigious luxury brand, with a legacy spanning 170 years, revealed a revitalization strategy late last year known as Burberry Forward. The goal of this initiative? To restore the brand's connection to its foundational mission – after all, it was established with the intent of shielding individuals from the unpredictable British climate.
According to Schulman, Burberry holds significant expertise in outerwear and scarves, which is why these items are being prioritized. “Our goal is to provide a complete wardrobe, but we want to highlight our core strengths while focusing on what customers adore about Burberry. We’ve noticed a positive change in how the brand is perceived. We’ve recognized the areas where we let our customers down, and we are now focused on pleasantly surprising them as we improve our offerings.”
Alongside a renewed focus on key product lines, the strategic overhaul emphasizes the need for increased pricing diversification. Many anticipated that Schulman might steer Burberry towards a more affordable market as CEO, significantly lowering prices and launching numerous outlet locations. “That’s not our strategy. We position ourselves as a luxury brand with widespread, universal attraction.”
He talked about how the leading five luxury brands share a common allure, each employing unique strategies to attract customers, whether it be through products like lipstick, sunglasses, or leather accessories.
"We require captivating and exhilarating luxury fashion shows at the pinnacle of the industry. This should be complemented by exceptional products across a spectrum of luxury price points, categorized into good, better, and best, to cater to the diverse needs of luxury consumers."
Stay true to yourself, but avoid reliving previous experiences.
Burberry has consistently maintained a blend of “magic and logic.” What strategies do you employ to preserve this essence while remaining authentic to your heritage and simultaneously evolving to stay relevant to your customers?
“Revisiting the past isn’t an option,” Schulman remarked. “Instead, you should capture the essence of what made people fall in love with the brand originally and tailor that for the modern consumer. The most successful brand transformations evoke joy and prompt the thought, ‘this is the essence of what I’ve always adored about the brand, yet it feels innovative and revitalized.’”
He recounted how he recently came across images of ASAP Rocky sporting a timeless Burberry scarf on social media, leading him to believe it was a sponsored partnership. To his surprise, it turned out to be a genuine post, as the rapper had simply visited a store, bought Burberry's signature item, and decided to showcase it online.
"At times, brands attempt to reshape themselves by declaring, 'We’re bored with our essence, we're weary of our identity.' However, the most fascinating individuals actually seek out the most genuine aspects of our brand."
