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|[ Article ]|
|International Journal of Costume and Fashion - Vol. 20, No. 2, pp.50-60|
|ISSN: 2233-9051 (Print) 2288-7490 (Online)|
|Print publication date 31 Dec 2020|
|Received 12 Nov 2020 Revised 10 Dec 2020 Accepted 23 Dec 2020|
|How the Luxury Fashion Brands Adjust to Deal with the COVID-19|
Jiali Xie ; Chorong Youn†
|Doctoral Student, Department of Textiles, Merchandising and Fashion Design, Seoul National University, Seoul, South Korea|
|Lecturer, Department of Textiles, Merchandising and Fashion Design, Seoul National University, Seoul, South Korea|
|Correspondence to : †email@example.com|
Citation Xie, J., & Youn, C. (2020). How the luxury fashion brand adjust to deal with the COVID-19. International Journal of Costume and Fashion, 20(2), 50-60.
Although, the luxury industry has been considered immune to uncertainty and crisis, the luxury industry is currently facing another crisis which is the COVID-19 crisis. People begin to isolate themselves and face-to-face contact becomes less and less in the hopes of stemming the spread of the virus. The COVID-19 has affected people’s daily life and the economy. In order to handle the crisis, the luxury brands implement the special marketing strategies. The aim of this study is to investigate how the luxury fashion brands do in order to overcome the COVID-19. The research conducts the inductive contents analysis. We analyze the marketing actions of top 10 luxury fashion brands in the period of coronavirus crisis. The marketing strategies are summarized as 1) the product donations, 2) the monetary donations, 3) the price adjustment strategies, 4) turning to e-retailing, 5) trustworthy communication, and 6) the fashion shows strategies. The luxury fashion brands promptly and actively conveyed the brand image and deployed the correct brand communication. They improved brand affinity through cause marketing and maintained business through online retailing and online marketing strategies.
|Keywords: COVID-19, Coronavirus crisis, Luxury fashion brands, Risk management
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