As an avid reader of non-fiction books, I'm always on the lookout for interesting things to occupy me, and this book certainly satisfies that brief. Rarely have I been so eager to keep turning the pages, and if you are interested in luxury goods beyond watches then this is a must read.
Dana Thomas digs deep and spews forth a mine of fascinating information about the brands (in particular LVMH), how they built their empires, how they expanded into the Eastern markets and the differences between customers on different continents. For example, a customer brought a dress back to a boutique in Japan complaining of a hanging thread. The manager took the dress back, gave a full refund and sent the woman a bunch of flowers as an apology (the Japanese have zero tolerance for flaws, which is something I have heard before when it comes to buying watches from Japan). By contrast the feeling is that in Paris the customer would notice the dress but accept the flaw and cut the thread, whereas in the United States the thread would go completely unnoticed. Even Louis Vuitton's goods were returned by the Japanese boutiques, because the stitching wasn't perfect enough for the local consumers (with the message 'Please sell these in Paris').
At the time of writing it was estimated that 50% of all luxury goods were sold to Japanese customers, 20% in Japan and the rest while travelling abroad (duty free). The book also details the importance of the thirteen million so called 'Parasite Singles': twenty-something singles still living at home and with large disposable incomes to pour into the coffers of the luxury brands' bank accounts.
Such was the importance of the Japanese market that Chanel opened a boutique in Hawaii to service the huge number of Japanese tourists, offering Japanese speaking staff and all manner of incentives and tricks to get the customers into the stores. According to Thomas that one store in Hawaii turned over $60m in one year and before long the other brands moved in and took over Waikiki, pretty much to the exclusion of the local population.
I'm actually only part way through this book but it's so good that I already feel it worthy of recommendation. It really is quite fascinating, and even though the book was published in 2007 and some things have probably changed (I'm sure the Chinese market is now way more important than the Japanese market for instance) it's still an engrossing insight into the way the big houses operate.
The book also looks into the impact of counterfeit goods, luxury's relationship with Hollywood and advertising, raids on sweatshops and the huge cost of revamping the brand's boutiques (often taking two to three years to recoup through sales). I found my copy on Amazon for just a few pence, making this by far the best bang for buck item I've bought this year.
https://www.amazon.co.uk/Deluxe-How-Luxury-Lost-Lustre/dp/0141019670/ref=sr_1_1?ie=UTF8&qid=1527502019&sr=8-1&keywords=dana+thomas
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