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Crafting Luxury Marketing Strategy: Strategic Integration of Sustainability and Market Leadership of Hermes
- 1 Global Educational Academy, Ontario, Canada, L4J 8C9
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Abstract
This study delves into Hermes’ strategic operations in the luxury goods market, focusing on its brand management, brand marketing, and their profound impact on corporate sustainability. Anchored in its rich history and exceptional craftsmanship, Hermes has strategically positioned itself as a leader in the global luxury market through market segmentation and innovative marketing strategies. Particularly amidst ethical controversies and increasing consumer concerns about ecological issues, Hermes has enhanced its market competitiveness through initiatives such as ethical sourcing and environmental advocacy, establishing itself as a benchmark in corporate social responsibility (CSR). Additionally, starting from the definition of luxury goods, the study analyzes Hermes’ current brand development status, emphasizing brand management and marketing. Sustainable development as a core value continues to influence luxury brands’ marketing strategies, targeting specific middle and upper social classes to ensure brand image alignment with the identity and status of target consumers. Through an analysis of Hermes’ marketing strategies, this study provides insights into luxury consumers’ psychological needs and behavioral habits.
Keywords
Luxury Goods Market, Corporate Social Responsibility, Sustainable Development, Hermes
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Cite this article
Pan,X. (2024). Crafting Luxury Marketing Strategy: Strategic Integration of Sustainability and Market Leadership of Hermes. Advances in Economics, Management and Political Sciences,110,16-20.
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Volume title: Proceedings of ICEMGD 2024 Workshop: Decoupling Corporate Finance Implications of Firm Climate Action
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