1. Introduction

1.1. Research Background

The revenue from the market for luxury goods worldwide in 2021 was estimated by Statista to be close to 310 billion US dollars. According to Statista's Consumer Industry Out-look, this market should generate close to $387 billion in revenue by 2025 [1]. The future development of every luxury business is strongly dependent on the marketing tactics and optimization executed for premium items. This is because premium products are perceived as having a higher perceived value. For consumers to keep a level head and cultivate a rational consumption attitude, as well as to help guide the gradual development of luxury consumption in society, it is very important to understand the formation reasons and formation mechanism of the symbolic value of luxury brands. This will allow consumers to maintain a level head and cultivate a rational consumption attitude. Additionally, this will help guide the gradual development of luxury consumption in society. With this insight, we will be better able to guide the slow but steady growth of luxury consumption in society.

1.2. Literature Review

Yang and Hao proposed that the demand system, society, and the two communication pathways determine the symbolic value of luxury brands. Creating luxury brand symbolic value through pricey pricing and opulent appearance, stars, and scenes in ads, fashion leadership and show culture, shopping center service and atmosphere, and other marketing strategies [2].

Eldon and Li analyzed that luxury brands grew through the strategic use of physical connection platforms, making point-of-sale customer experience essential to their growth. Leading global luxury businesses have embraced virtual platforms to re-imagine consumer experiences during the past 10 years. Blending new pieces is difficult. It’s significant for us to comprehend the relative relevance of physical and virtual relationship platforms in luxury brand consumer experience has changed. Results enhance luxury branding theory and highlight crucial consequences for premium brand managers [3].

Hoffmann and Coste-Manière analyzed that Luxury firms have had to rethink their strategy and use advanced marketing and management techniques to keep up with consumers’ shifting expectations, wishes, and fantasies. Traditional marketing is obsolete. Brands that used to sell to a select, elite group of customers must now sell to more ordinary people. Brands can’t rely on name or reputation to keep market share. They must compete on innovation, creativity, distribution, communications, and IP. They must establish brand equity and balance democratized split markets. China, India, Brazil, Russia, and the Middle East are new battlefields. Thus, a new attack plan must consider cultural management and customer education.

1.3. Research Gap

Most scholars study luxury management and write articles focusing on the significance of brand marketing strategies concerning brands’ future influence and development. On the other hand, very few academics and articles study the challenges posed by particular brand marketing strategies and research strategy optimization.

1.4. Research Framework

This article mainly studies the problems of the Maison Goyard brand’s marketing strategy and the strategy optimization plan, using Brand Case Study and Comparative Analysis as the research methods. In the first place, the current regime of the luxury goods business, target customer groups, and the consumption behavior characteristics of these target customer groups are analyzed in this article. The results indicate Maison Goyard’s deficient marketing and promotional plan. Then, develop a marketing strategy optimization plan for Maison Goyard.

2. Method

2.1. Case Study

Based on Maison Goyard’s analysis of the Specific Brand Case Study, this paper analyzes the past/ current marketing strategy.

A case study is a type of research process that results in a comprehensive, all-encompassing understanding of a complicated issue in its actual context. It is a well-known research technique that is frequently used in many domains, particularly the social sciences [4]. In this paper, through the analysis of the specific brand case study of Maison Goyard, we will be able to analyze Goyard’s past and current marketing strategies, as well as find out more detail-oriented issues that Goyard is currently facing. In addition, we will be able to find out more information about the issues that Goyard is currently facing. Moreover, we will get the opportunity to acquire further knowledge concerning the Maison Goyard brand.

2.2. Comparative Analysis

Based on the Gucci vs. Maison Goyard to conduct Comparative Analysis, this paper Compare and Contrast the differences between Gucci and Goyard’s promotional marketing strategies.

Comparative analysis is comparing items to one another and distinguishing their similarities and differences [5]. This paper will analyze and contrast the various marketing and promotional techniques used by Gucci and Maison Goyard for their respective product lines. Specifically, we will focus on Gucci and Maison Goyard’s social media usage. We will also determine which method is most suited for the present market and investigate whether or not Maison Goyard may improve its marketing strategy by learning anything from Gucci’s approach.

3. Result

3.1. Saturated and Fiercely Competitive Current Situation in the Luxury Industry

A fundamental rethinking of business models has resulted from the expansion and globalization of the luxury sector. It has been more difficult for suppliers to operate independently of major conglomerates in traditional luxury markets like France. Some suppliers have chosen to step into competition to address this issue, which entails developing their own brand while continuing to work as a supplier for other premium firms (cooperation) [6]. Because of social and economic progress, the luxury products industry has always existed in an extremely saturated market characterized by intense rivalry. It is tough to distinguish oneself from the various premium brands and available items. Consequently, having suitable marketing strategies is of the utmost importance.

3.2. Motivation of Luxury Product Target Customers Tend to Purchase Products That Could Show Their Status

Understanding the consumption characteristics of the target consumer groups is essential in the luxury market. Luxury consumers have power when making large purchases and pleasure when acquiring rare, high-end goods. Luxury consumers want that their brands be “woke” [7]. They are interested in social and political concerns as well as the environment.

3.3. Characteristics of Goyard Target Customers Who Are Rich/Wealthy and Crave the Exclusiveness/ Secretiveness

The 200-year-old Parisian brand Goyard is virtually unheard of on purpose. Its deliberate obscurity is part of what makes Goyard such a prestige symbol. The mystery fuels demand, and Goyard's business is successful thanks to word-of-mouth marketing from its prestigious customers and collectors [8]. The majority of Goyard’s target market consists of rich individuals who want to use the company’s goods to emphasize their social status. Goyard is a rather “silence” brand compared to other well-known ones since it lacks marketing and exposure, collaboration with online retailers, and other factors. As a result, Goyard’s target consumers favor its specialization as opposed to other companies.

3.4. Current Problem Identified by Maison Goyard

Although Maison Goyard is famous for its secretiveness and exclusiveness, the brand’s marketing and promotional strategy are silent. Firstly, Goyard only has very few amounts of retail stores; Goyard only sells at a select few stores – 35 around the world. To be exact – with only six in the US, New York, Chicago, Dallas, Miami, Beverly Hills, and San Francisco, alongside a few store-in-store boutiques at Bergdorf Goodman (and at Barney’s back when Barney’s, well, existed) [9]. Goyard ignores all forms of advertising, online sales, and celebrity endorsements. It also gives extremely few interviews and rarely makes its items accessible to the general public [9]. The racked magazine describes the brand’s response to an interview request, ‘they politely declined and explained that their “official policy is to not speak directly to the press,” and that this is something they “literally never do.” They also noted that the brand “firmly believes in values such as exclusivity and discretion” and suggested we reach out to Chanel’s Karl Lagerfeld for comment instead [9]. As seen above, Maison Goyard’s present “silent” approach to marketing and advertising has driven away significant numbers of potential customers.

4. Discussion

This paper will discuss/ propose solutions and optimization to the existing problems and marketing strategy.

4.1. Implement More Advertising – More Exposure to the Market

Goyard should begin using extra advertising strategies such as shooting advertising posters and doing magazine interviews to improve its exposure to the market and the luxury industry. This will allow Goyard to boost the amount of money it makes from both of these industries.

4.2. Celebrity Endorsements (Such as Instagram/ Facebook) to Attract New Customers

Publicity on the Internet has been a significant contributor to the growth of luxury brand marketing in recent years as a direct result of the emergence of the millennial generation and the evolution of the contemporary Internet. However, Goyard would be considered one of the Internet’s late-starters. The brand didn’t even have an Instagram account until 2016, in an era when the social media platform has become crucial for designers to showcase their work [9]. Goyard should invest more effort into promoting and advertising on the Internet and social media platforms like Instagram and Facebook. These days, promotions on the Internet and/or social media platforms are essential for luxury brands. Goyard might collaborate with Internet influencers or celebrities, particularly on the social media platform, so that it would receive more exposure to the market and attract more new consumers at the same time. This would allow Goyard to obtain more exposure to the market.

4.3. Collaborations with Other Luxury Brands/ New Limited Editions to Increase Popularity in the Mass Market

Collaborating with other luxury brands is one of the most effective tactics for attracting new potential consumers and building popularity in the mainstream market. It is also one of the most straightforward strategies. Goyard may collaborate with other premium brands (in the same way that Gucci and Balenciaga did), and the company may issue new limited editions of its items. This is because they all fight for the same pool of potential clients despite the considerable differences between one luxury brand and the next.

4.4. Start on E-commerce to Face the New Generations/ Millennials

Goyard is perhaps the only luxury brand not to sell anything online. It wasn’t even possible to get a clear idea of the range of bags and luggage they sell until recently, when it appears that they added a product list, although none are for sale over the virtual medium [9]. As a result of the advancement of the already available network, almost everything now has virtual stores and channels through which it can be purchased online. It is renowned for exuding an air of secrecy and exclusivity that is nearly unheard of in today's online world. Goyard cannot be purchased online. They don't have an online catalogue or price list either [10]. Selling products and services through the Internet has evolved into an essential component of the growth of contemporary companies. They like to look at different things and make purchases on the Internet, particularly when it comes to millennials and other new generations. Goyard, which is one of the oldest luxury brands in France, has to modernize its sales approach to keep up with the changes that have taken place in society. For Goyard to grow in line with the mainstream, the company can consider forming partnerships with online retailers like Saks Fifth Avenue and Farfetch.

5. Conclusion

5.1. Key Findings

Maison Goyard, one of the country’s oldest luxury brands, must modernize its sales approach to stay relevant. Maison Goyard is known for its mystery and exclusivity but lacks a marketing and promotion strategy. Goyard ignores all forms of advertising, online sales, and celebrity endorsements. As noted above, a substantial chunk of potential customers has been put off by Maison Goyard’s present “silent” marketing and promotion strategy. Goyard needs to work harder at marketing and promoting its products online and through social media platforms like Facebook and Instagram. Goyard may collaborate with Internet influencers or celebrities, particularly on the social media platform, to gain market visibility and attract new clients. Goyard might collaborate with other high-end brands and release new, limited editions of its products, similar to Gucci and Balenciaga. Despite their significant differences, this is because all luxury companies contend for the same pool of potential customers. Goyard must start with internet sales to match the millennial generation’s demands. Goyard may need to cooperate with online retailers like Saks Fifth Avenue and Farfetch to develop in line with the mainstream. Millennials and other new generations, in particular, enjoy browsing various products and making purchases online.

5.2. Research Significance

This article examines the existing challenges and optimization goals of Maison Goyard’s brand, which has played a role in promoting Maison Goyard’s brand to play a role in the promotion of the brand’s future development.

5.3. Limitations

This article used the research methods of case study and comparative analysis; nonetheless, the case study method used in this article may have been impacted by the researchers' subjective opinions because this paper lacks scientific rigor and offers no support for generalizing the conclusions to a broader population (researcher bias). On the other hand, this article relied primarily on secondary information sources rather than primary data sources. More primary data can be gathered for use in future study and learning through the use of the survey method, interview method, and various other methods.