Luxury

An exploration of the luxury market through trends, insights and expert opinions.

News 13.09.2023

Need to Know

Subdial’s rebranding targets next-gen watch collectors, Ikea begins community car boot sales and why Britons no longer believe hard work leads to a better life.

Watch reseller Subdial rebrands to appeal to next-gen collectors

Subdial. Identity by Nalla, UK
Subdial. Identity by Nalla, UK
Subdial. Identity by Nalla, UK

UK – Luxury watch reseller Subdial has collaborated with London-based branding agency Nalla to create a new, youthful identity for the brand, appealing to next-gen watch collectors.

Known for its transparent pricing and social-focused approach, the ‘network-powered’ watch retailer has made a name for itself among younger luxury watch collectors through its Subdial Watch Index, a real-time tracker showing the prices of the top 50 most-traded watch models on the global pre-owned market. The new branding aims to further tap into this younger market through vibrant illustrations and animations.

Subdial has also introduced The Clubhouse, an online space designed for conversation, education and trading that allows watch collectors around the world to connect. As explored in our EQ-Commerce macrotrend, retailers are increasingly looking to technology to assist and elevate digital commerce journeys. This digital space and Subdial’s new brand identity are part of a shift in the watch sector, driven by up-and-coming collectors who increasingly seek personality and innovation from luxury watchmakers.

Strategic opportunity

Taking lessons from the luxury sector as it evolves to cater for younger generations of consumer-collectors, consider how your brand and business can incorporate and develop its digital community to encourage and monetise this connoisseurship culture

Extra Butter goes global with first flagship store in Mumbai

Extra Butter, India Extra Butter, India
Extra Butter, India Extra Butter, India

India – New York’s beloved sneaker haven, Extra Butter, made its international debut in Mumbai, India, in September 2023. Breaking free from its US roots, the Mumbai store embraces the city’s vibrant culture, infusing its movie-inspired style with local customs and traditions. ‘Mumbai’s deep love for Bollywood only extends how Extra Butter adopts cinema as a source of inspiration and storytelling,’ said creative director Bernie Gross, in a press release.

Situated in the bustling Lower Parel neighbourhood, the store boasts an open, theatre-themed layout featuring faux movie seats and hanging film reels. The footwear collection spans New Balance, Adidas, ASICS, Birkenstock and more, while apparel includes BAPE, Carhartt WIP, THUG CLUB and Gramicci. Extra Butter’s in-house label has also introduced a collection with a Bombay-inspired twist.

Co-founder Ankur Amin, who was born in India, finds special meaning in bringing the brand to his homeland. The store will also ship across India through extrabutterny.in, and there are plans for future stores in Delhi and Bangalore.

As explored in State of Luxury: India, brands looking to settle in the country must find inspiration in local culture and references in order to be relevant. As cinema is one of Extra Butter’s brand pillars in New York, embracing Bollywood references in its Indian store is an appropriate strategy.

Strategic opportunity

When entering a new market such as India, consider partnering with artisans who can infuse traditional elements into your products or building an emotionally driven narrative showing your respect for the local culture, history and values

Ikea hosts community car boot sales to encourage sustainable shopping

UK – Ikea piloted a car boot sale concept at its Milton Keynes and Cardiff stores at the beginning of September 2023.

In a bid to encourage customers to buy pre-loved home goods, the events were free to attend as a seller or a buyer. The concept ties into Ikea’s circular hubs, which are in-store areas dedicated to selling recycled products, launched at the beginning of 2023. Both schemes are part of the retailer’s pledge to be climate-positive by 2030.

If the concept is successful, Ikea plans to roll out the car boot sale initiative in store car parks across the country in 2024. ‘We want to make the passing on of pre-loved items as easy and enjoyable as possible, and providing the opportunity for people to resell the items they no longer need brings benefits to the community, the environment and wallets,’ Milton Keynes store manager David Manser told Retail Gazette.

Big retailers such as Ikea tapping into the well-known community spirit of car boot sales highlights the growing importance of collaboration over consumption for contemporary customers, as explored in our Neo-collectivism macrotrend report.

Ikea, UK

Strategic opportunity

Put collectivism front and centre in your next eco-friendly initiative and see how incorporating community values can help create an impactful and long-lasting positive influence around your brand

Stat: Britons no longer believe hard work leads to a better life

Toi Toi Toi Creative Studio for Contentful. Photography by Koy+Winkel, Germany Toi Toi Toi Creative Studio for Contentful. Photography by Koy+Winkel, Germany

UK – A recent study involving 24 countries has challenged the traditional perception that Britons prioritise work over other aspects of life. The research conducted by the Policy Institute at King’s College London found that Britons are less likely to consider work important and 39% of those surveyed no longer believe that hard work guarantees a better life.

Nearly one-fifth of Britons surveyed stated that work is unimportant in their life, the highest proportion among all countries surveyed, including France, Sweden, Nigeria, Japan, the US and China. The research, part of the World Values Survey, reflects a changing attitude to work, driven by factors such as economic and wage stagnation, the cost of living crisis and growing income inequality. It suggests that Britons are increasingly questioning the value of work, highlighting a sense that the social contract is broken.

These findings also indicate a shifting perspective on work-life balance in Britain, with many questioning the role of work in their overall wellbeing, something we explore further in Work States Futures.

Strategic opportunity

Have you considered the long-term wellbeing of your employees? What are the policies and services you can implement to ensure they feel secure, content and motivated in their job? Regularly engage in conversations with them to recieve feedback and understand their needs

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