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  "documentTitle": "The State of Fashion Luxury",
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      "text": "Luxury brands are facing a significant challenge as they contend with a more diverse client base, as well as growing disparity in luxury spending power, preferences and expectations.",
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      "text": "Ensure brand consistency across products, experiences and price points. Create memorable touchpoints both in-store and online to build lasting emotional connections and brand loyalty. Inspire customers through innovative design and marketing messages that reinforce brand prestige.",
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      "text": "Continue to elevate the brand mix with exclusive limited editions and personalised products. Integrate holistically into the lives of top spenders through VIP spaces. Expand into lifestyle categories like hospitality or by offering money-can't-buy experiences.",
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      "text": "Rework product range and price architecture to cater to shoppers who have been priced out by recent price increases. Foreground in marketing products at entry price points that enable aspirational customers to enter the brand's universe.",
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      "text": "Luxury brands are facing a significant challenge as they contend with a more diverse client base, as well as growing disparity in luxury spending power, preferences and expectations. To navigate these challenges, luxury brands need to revisit their target client segments to prioritise which customers they want to address. They also need to invite new customers to their brand, meeting them through the channels these customers use. This involves making strategic decisions on how best to address the unique needs of each segment and adjusting their price architecture accordingly, all while protecting brand equity. However, customers do not neatly fit into static, monolithic segments. To truly understand their clients, brands must define dynamic customer segments that blend demographics, spending habits and psychographic attributes. This requires investing in deep, next-generation insights across channels to identify and engage customers effectively.",
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      "text": "Source: McKinsey State of Luxury Interviews with UHNWI, HNWI and aspirational clients (US, France, China, Japan, South Korea, UAE), of which selected conducted in collaboration with the Luxury Institute",
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      "text": "1. PRICE",
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