Native brands Michael Kors and Burberry are the epitome of luxury in the U.K., and both share similar global success as both rank among the top-20 luxury retailers in total sales.
Luxury carries a different meaning today than it has traditionally. Many elements have pushed brands around the world to change their practices. Everything from evolving consumer habits to new target audiences to an increasingly complex digital landscape have created new challenges that cannot be ignored.
For British brands to maintain their strength in the global market, they must understand the customer inside and out. With burgeoning new consumer segments joining the fray, this has never been more important.
Who are these new consumers? How can British brands take on this challenging transformation to ensure a steady growth?