On principle, lifestyle brands follow the heartbeat of the times. They accompany consumers through various life stages and situations and give them the opportunity to express their lifestyles.
What is special about a lifestyle brand?
Lifestyle brands are not limited to certain product groups, but offer a range of products and services revolving around the world and identity patterns of consumers. Initial successful concepts are the range expansions of H&M and Zara into home textiles.
There are examples in the luxury segment as well: Mont Blanc extends its line to include watches and jewelry, Armani sells luxury furniture and Hermés designs the interior of the Bugatti Veyron. Byredo – the epitome of a lifestyle brand – makes not only perfume but also leather handbags, blankets and combs.
- Clarify the prerequisites:
Does it fit the brand to become a lifestyle brand?
Or is it wishful thinking rather than reality?
- Know the customers' desires:
Do you know your target customers inside and out?
Do you know their lives' reality?
- Anticipate trends:
What new movements do you see on the horizon?
What will be relevant to your customers in the future?
How can you satisfy their future needs coherently with your brand?
- Take the risk of dilution seriously:
Are you aware of the limits of your brand?
What extension can you not put across credibly?
- Watch the style:
Was the brand style consistently and continuously developed?
Were you able to build trust?