Tapestry — the parent company of Coach, Kate Spade, and Stuart Weitzman — sees the future of luxury leaning towards “expressive luxury,” as CEO Joanne Crevoiserat told Vogue Business. This includes a departure from Coach's traditional “affordable luxury” market positioning to be more accessible to the Millennial and Gen-Z markets.
With the increasing buying power and changing style preferences of Millennials and Gen Z shoppers, luxury brands must look ahead to the future to stay relevant. Tapping into the Millennial and Gen-Z markets requires more than traditional marketing but a focus on personalization and social engagement to capture their attention.
3-Year Luxury Transformation Plan
In order to keep up with the increasing demand from Millennial and Gen-Z shoppers, Tapestry has laid out an accelerated growth strategy to keep its two prime demographics engaged in the coming years.
The three-year roadmap aims to grow its sales to $8 billion for the fiscal year by the end of July 2025. This includes building on its work in consumer-centricity, which means tailoring products, marketing, and services around the needs of its customers. And to continue its focus on brand building and to create a unique identity that resonates with the Millennial and Gen-Z markets.
Adapting for the Future
As Millennials and Gen Z drive the luxury market in 2025, it’s clear that brands must adapt now or risk getting left behind. It's up to businesses like Tapestry to provide customers with the best customer experience, pricing, and personalized products.
One way to achieve this is through overhauling packaging design. Businesses must focus on providing customers with an aesthetically pleasing and high-quality package that will make them feel valued and appreciated. Luxury packaging design can elevate the consumer experience and set brands apart from their competitors. Businesses can tap into design companies such as ORO & Co. to create unique custom packaging that resonates with customers. This allows brands to stay ahead of the changing demands of the Millennial and Gen-Z markets.
About ORO & Co.
With 20 years of experience in world-class luxury packaging design, ORO & Co. is ready to tackle the needs of the Millennial market in 2025 and beyond. By crafting finely detailed pieces that reflect the sophistication and high standards that today’s luxury brands strive towards, ORO & Co. has earned its place by delivering exceptional experiences that meet the needs of this new generation.
Find out more about ORO & Co. and their luxury packaging designs at https://orodesign.co.uk/luxury-packaging-design/