Bottega and Balenciaga Luxury Brand Book

How can the strategic approach of heritage brands be affected by staying culturally relevant in this modern day?

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CONTENTS

2.

Outward authenticity and how it is exemplified through brand and product

1a. Bottega Veneta and coded luxury

1b. Bottega Veneta and innovation

1c. Bottega Veneta in the digital realm

1d. Balenciaga and cultural intimidatory’s

1e. Balenciaga and innovation

Inward authenticity and how it is exemplified through brand and product

2a. Bottega Veneta customer value and heritage

2b. Balenciaga and customer value and heritage

3. Bottega and Balenciaga market value and brand positioning

3a. Bottega Veneta business model

3b. Balenciaga business model

Executive summary

The report will appraise and critique the strategy of Bottega’s silence against the strategy of Balenciaga’s disruption. The report will focus on their key value propositions and the marketing strategies that have helped them to grow their brand identity. By exploring the successes and risks involved in building a cultural cache, the report will make recommendations that future-proof areas of critique are identified.

Introduction

This report will research both Bottega Veneta and Balenciaga’s strategic approaches. Testing whether the category of relevance can strip away heritage from a luxury fashion house, or whether there is a right balance when coming to tactfully following the hype. This report will research in depth into both houses’ heritage, looking at the blocks that stop an old fashion house turn into a new luxury. Tackling this current generation’s fixation with overconsumption and trends, can a heritage brand remain relevant by following these trends? Can a luxury house keep its dignity and heritage while collaborating with cultural intermediatory’s and following the cultural zeitgeist? This report will research the risks that luxury heritage brands face when collaborating with unpredictable celebrities, potentially risking all trying to satisfy the cultural cache of GenZ. This report will look at the demographic of each fashion house consumer, researching the connotations between a Genz consumer and relevance. This report will conclude with an acknowledgement of each brand’s inward and outward authenticity deciding the success at creating relevance and market value.

BOTTEGA AND HERITAGE BALENCIAGA AND HERITAGE

BOTTEGA AND INNOVATION BOTTEGA

BALENCIAGA AND INNOVATION BALENCIAGA

BALENCIAGA AND NOISE

BALENCIAGA

BALENCIAGA AND KERING

BOTTEGA AND DANIEL LEE

Figure 1, created by Rhoda Perriman on photoshop

1a.

Bottega Veneta and coded luxury

Bottega is a classic example of a heritage brand that has stuck to its roots. Mirroring brands such as Hermes and Moynat. Bottega uses its story of craftsmanship, fine Italian leather, and artisanship to market to certain consumers with a certain lifestyle. In 2021 Bottega Veneta brought out a new advertising campaign called “Bottega for Bottegas” showcasing local Italian goods and products helping support small businesses after covid-19. “We are thrilled to launch Bottega for Bottegas alongside Italian artisans with whom we share the common values of creativity and craftsmanship,” Bartolomeo Rongone, the CEO of Bottega Veneta, explained about the new venture. “We are proud to offer worldwide visibility to these ‘Bottegas’ that are deeply rooted in Italian culture, specially at a time where smaller entities continue to be impacted by the pandemic.”(Hyde, 2021) It seems, especially after Daniel Lee’s departure as creative director, Bottega has been trying to take a step back from the ‘hype’ of celebrity collaborations, trying to remind consumers Bottega is more than just a brand trying to stay relevant.

1b.

Bottega Veneta and innovation

Bottega shut down all its social media channels in 2021 and is yet to bring them back. Bottega Veneta has opted for a slightly unique and more creative approach. Mattieu Blazy who became creative director of Bottega after Lee’s departure, debuted his first runway show for Bottega at Milan Fashion Week, simultaneously launching an app describing it as “An open door to creativity”. (HypeBeast, 2022) The app itself is an amusing way to combine subtle marketing with technology “users can hold their smartphone against any green surface and it will play various content aligned with Blazy’s new creative direction.” (Maquire, Mcdowell, 2022) “The app is the latest launch in a string of non-traditional marketing plays at Bottega Veneta.” (Maquire, Mcdowell, 2022) Bottega is seen continuously using unconventional and subtle marketing techniques, debuting “Issued by Bottega” in 2021 an online magazine showcasing Bottegas latest collections, carefully collaborating with artists and photographers who represent who Bottega is and their values. Although it is apparent that Bottega is exploring different ways to still engage with the consumer without completely going off the grid, how much is not having social media affecting Bottega’s sales and revenue? Without reaching the potential varied consumers that one could obtain through Instagram, TikTok, and YouTube, using cultural intimidatory’s as key drivers, could Bottega through time lose loyalty. With the ever-growing climate of Gen Z’s reduced attention span paired with the rapid growth of overconsumption resulting in less attention on artisanship, Can Bottega sustain its current market?

Outward authenticity and how it is exemplified through brand and product

Bottega Veneta in the digital realm

Bottega relies on its exclusivity to stay relevant, but can Bottega balance hype and rapid growth with heritage? The MetaBirkin is a series of 100 NFTs’ created by designer Rothschild, although these Birkin were phygital “prices have since skyrocketed to near real-Birkin levels – with some selling for as much as the crypto equivalent of £40,000.” (Jackson, 2022) Although it is crazy to think that people are spending £40,000 on something that is not real, this is the product of hype and exclusivity. “However, it’s the use of the name ‘Birkin’ which has seemingly made Hermès unhappy and reportedly led the brand to lodge a 47-page complaint to the New York Southern District Court” (Jackson, 2022) Fashion houses that obtain such a powerful amount of exclusivity (such as Hermes) come with great risk when collaborating with celebrities, creating NFT’s, entering the metaverse and even posting on social media. Constantly following trends and trying to stay relevant can lead to a fashion house becoming lost in it all. Especially when over-using celebrities such as in Balenciaga’s case, a brand can become tarnished by someone else’s actions.

Balenciaga and cultural intimidatory’s

Balenciaga relies heavily on cultural intimidators and collaborations. Using sub-cultures and trending celebrities to direct the brand, the runways, the marketing and especially the garments, accessories, and footwear. Hailey Bieber, Justin Bieber, Kayne West, Kim Kardashian, Dua Lipa and Julia Fox, to name a few of the influential names who collaborated with this “Parisian Powerhouse” (Kessler, 2022) in 2022. However, at what cost? Using this strategic marketing tool can prove a triumphant success with consumers, especially through social media. Kim Kardashian who has 335 million followers on Instagram wearing a head-to-toe Balenciaga fit can help Balenciaga reach an audience they might not have been able to reach, making the brand aspirational for people wanting to follow the Kardashian’s lifestyle. “There have been numerous studies investigating the factors that influence the effectiveness of celebrity endorsements, the extent these endorsements influence consumer attitudes and purchase intentions toward a product, and on subsequent consumer buying behavior “(Newbert, 2020) However this year especially has proven that “Celebrity partnerships aren’t always the profit-making tactic you think they are! One wrong move from the celeb can spell major trouble for your company” (Pandey, 2022) In October of 2022 Balenciaga and the Kering group announced its split from Kayne West after other companies such as Adidas and Gap severed ties following his antisemitic views and “white lives matter” t-shirts during Paris Fashion Week. This case is an obvious example of how quickly celebrities can attract lic attention nonetheless can tarnish a brand with one wrong move. The faith big fashion houses put in celebrities to stay relevant can sometimes supersede their heritage and the values they stand for. For Balenciaga choosing to continuously work with Kayne West on collaborations and even have him model on the runway meant he was taking away the ability to recognize the brand, consumers started to

connect Kayne West with Balenciaga automatically, disregarding the heritage of the house completely. An example from 2009 is when the professional golfer Tiger Woods had an affair outside his marriage, he was at the peak of his career and working with a lot of brands including Adidas. “All brands working with Woods collectively lost 2% of their value within 10-15 days after the scandal broke.” (Pandey, 2022) Adidas who was also a giant endorser for Kayne and Yeezy was “at risk of losing US$560million from no longer selling Yeezy” (Pandey, 2022)

1e. Balenciaga and innovation

“Thanks to creative director Demna, luxury powerhouse Balenciaga is not only reflecting the cultural zeitgeist, it’s also driving it,” TIME writes.” (Northman, 2022) When it comes to staying relevant Balenciaga has hit the nail on the head. Being named in Times magazine 2021 of the top 100 most influential companies in the world and in fact being the only luxury fashion house: advocates that. “Balenciaga is the most relevant brand in luxury, continuously working with top-tier talent including Kim Kardashian and most recently Kendall Jenner at the Oscars, as well as shooting Justin Bieber, Cardi B, and more for its various campaigns. Demna understands what it means to be culturally relevant, and also understands how to create conversation.” (Northman, 2022) Since Demna arrived at Balenciaga it has always been about creating controversial collections, taking the words “no publicity is bad publicity” seriously. “The top referral sites sending desktop traffic to balenciaga.com. The top percentage is 26.09% News & Media Publishers” (Similarweb, 2022) From collaborations with The Simpsons to Fortnite as well as creating heeled crocs, extremely distressed trainers and taking ‘ugly fashion’ literally with the revival of the ‘dad trainer’ through the Balenciaga track’s sneaker. Working also with celebrities such as Kayne West has got them in a lot of trouble. “In 2020, Balenciaga was one of the first brands to virtually release their collection via a videogame fashion show. In the videogame Fortnite, Balenciaga dressed characters in the new Fall 2021 collection, which brought them one step closer into the metaverse” (Famele, 2022) Balenciaga has been joining the gap between fashion and the digital world since before covid-19, blending Balenciaga’s timeless luxury brand with hype, redefining what luxury meant and asking the question; can a luxury heritage brand remain timeless and relevant? “Charbit announced that Balenciaga is creating a dedicated business to explore marketing and commerce in the Metaverse, continuing its innovation and presence in the virtual world.” (Northman 2021) Some believe Balenciaga’s innovative techniques, not shying away from new marketing methods, are helping to grow the brand to new heights, never seen before in a luxury fashion house. One of the main struggle’s luxury fashion houses faces is immigrating their European marketing techniques overseas into China and becoming prosperous. When looking at the fashion market in China “Revenue in the Luxury Goods market amounts to US$48.91bn in 2022. The market is expected to grow annually by 5.22%” (Statista, 2022) Balenciaga took its Haute Couture over to China and showcased the collection in Shanghai. “The influence of China is everywhere — aesthetically, economically, culturally and in fashion — so it was important for us to be present in this market with the top of the pyramid in terms of Balenciaga’s offer,” Charbit said.” (Northman, 2021)

2a. Bottega Veneta customer value and heritage

Starting in the 1970s, Bottega Veneta began using woven leather material to produce slouchy shoulder bags. Called the Intrecciato weave, it has become a signature of Bottega, made for people who appreciate the quality and a low-key luxury aesthetic over flashy log-mania styles. The Jodie bag (which is seen as Bottegas hero product) was reinvented and officially realised in January 2020 by Daniel Lee. The Jodie bag silhouette is a perfect marriage of the brand’s core attributes. “The process of creating each bag highlights Bottega Veneta’s attention to detail. The Mini Jodie bag is handmade in Italy. Just the process of weaving the leather is incredibly complex. Craftspeople train for years to master the Intrecciato weave. It takes a careful blend of strength, skill, and time, and a single bag may require up to two days of work.” (BOPF editorial team, 2022) Although Bottega lacks a social media presence, this hasn’t stopped them from becoming an in-demand and highly sought-after brand, especially the handbags. The Mini Jodie bag was one of the most Instagrammed bags of 2021 and “In 2021 Bottega Veneta was ranked the 3rd highest revenue share of the Kering group, taking 9%.” (Sabanoglu, 2022) Although Bottega produces ready-to-wear, footwear and home goods “In 2021, leather goods made up 71 percent of Bottega Veneta’s global revenue” (Sabanoglu, 2022) The demand is so high for these bags that many have been sold on re-sale and resale prices are dramatically higher than retail price. “According to a rep

from Rebag, Bottega styles like the Pouch 20, Cassette Crossbody, and Padded Cassette have all sold for over their retail value.” (Besser, 2021) With most bags selling out instantly and Bottega’s “philosophy of creating value over time” (Molinos, 2022) Bottega decided to introduce the ‘Bottega Series’; a resale platform of pieces from multiple collections, cutting out the middleman “Each month, the brand will release monthly drops of archival designs from its own inventory, with 12 designs” (Chan, 2022) Bottega Veneta has also eliminated the sale system, a technique which helps hold exclusivity, already being implemented by other houses such as Hermès and Chanel. “We prioritise value over volume. We are proud of every collection we have ever introduced. That’s why we have eliminated all public markdowns in our regular shops around the world,” (Molinos, 2022)

Balenciaga customer value and heritage

“Balenciaga’s second largest age group of visitors for the Balenciaga.com website is aged 1824” (Similarweb, 2022) GenZ’s favourite hobby is trend hopping and that is exactly what Balenciaga do best, GenZ is one of the trickiest consumers to reach as they are constantly bombarded with an overload of marketing from multiple different angles, yet Balenciaga has managed to cut through the noise. “Balenciaga seems to draw as much fascination as criticism, thanks largely to a marketing strategy that can only be described as bold — if not totally crazy.” (Lifestyle Asia, 2021) Balenciaga creating this disruption has led to controversy but ultimately a serious undisputed leader of GenZ’s favourite fashion trends. “It was the luxury world making an incursion into pop culture — or vice versa — and an initiative that landed with full impact. And this mix of genres and cultures is an integral part of Balenciaga’s winning strategy.” (Lifestyle Asia, 2021) Balenciaga’s marketing tools comprise very strategic plans, which was what lead them to such a mass following, but are the followers within the younger community making sales? There is a multitude of articles featuring Balenciaga being a truly influential brand, however, there are not a multitude of statistics to prove that their tactics have done anything apart from cause hype around the brand. When Statista researched into “Balenciaga brand awareness, usage, popularity, loyalty, and buzz among luxury fashion owners in the UK in 2022, Balenciaga awareness was 67%, popularity was 25%, buzz was 19% however usage was 14% and shockingly loyalty was bottom at just 10%” (Kunst, 2022) When looking at the research conducted around the buzz with Balenciaga in the UK, Statista states “In September 2022, about 19% of UK luxury fashion users had heard about Balenciaga in the media, on social media, or in advertising over the past three months. Of the 67% who know the brand, that’s 28%, meaning at the time of the survey there’s some buzz around Balenciaga in the UK.” (Kunst, 2022) Loyal-

Loyalty is one of the key components of creating a luxury heritage brand that continually keeps fashion houses in the leading revenue spots. Because Balenciaga has played with so many different trends, they have overcompensated for trying to stay relevant. “Beginning November 2022, Bottega Veneta is rolling out its new Certificate of Craft program, a new service that “offers unlimited refresh and repair” for any Bottega Veneta handbag.”(Silbert, 2022) The luxury fashion house Bottega Veneta has subsidised staying relevant for timeless quality, craft and specifically loyalty. Now trying to offer a craft that is guaranteed forever, focusing on responsible growth, Bottega wants to be seen by the consumer as a brand that creates heirloom pieces. “Bottega Veneta is not like other luxury houses. It’s the middle ground between patient, permanent luxury and the future of top-shelf innovation.” (Silbert, 2022)

Bearing all this in mind, is Balenciaga trying to follow in Bottega Veneta’s footsteps, trying to relight their passion for heritage and true craftsmanship, and in Balenciaga’s case, Parisian Couture. In 2020 Balenciaga returned to Haute Couture, not producing a couture collection in 53 years, ever since Cristobel Balenciaga closed the atelier in 1968. Cristobel was the epitome of Parisian couture in the ’50s and ’60s competing with brands such as Dior and Chanel, creating innovative and ground-breaking looks. In 2022 Balenciaga announced they were opening a store committed to couture. “Dedicated to “preserving Balenciaga’s heritage, as well as creating a couture for today”, the store opens on 6 July — to coincide with its couture show —marking a return to the brand’s original couture location at 10 Avenue George V. Balenciaga first opened here in 1937,” (Guilbault, 2022) “The new store is evidence that Balenciaga is committed to regaining its position as a major couture player, alongside Chanel and Dior.” (Guilbault, 2022)

Bottega and Balenciaga market value and brand positioning

3a.

Bottega Veneta Business Model

figure two created by rhoda perriman on photoshop

Bottega Veneta facts and figures

Global revenue share of Bottega Veneta in 2021, by product category

3b. Balenciaga Business Model

figure three created by rhoda perriman on photoshop

Conclusion

This report will conclude by discussing whether the strategic approach of both these heritage brands has been affected by staying culturally relevant in this modern-day society. Both Bottega Veneta and Balenciaga have similar qualities, but also qualities that could inspire one another. Bottega Veneta is a refined, exclusive, and successful fashion house that although deleting its social media at the start of 2021, has seen a big revenue turn over becoming the third highest revenue share for The Kering Group underneath Gucci and YSL. Bottega Veneta is also looking ahead to the future investing in the fast-growing Asian market, where they are becoming particularly popular. Bottega Veneta is investing back into the community by creating the Bottega’s for Bottega campaign in 2022 and trying to become a more circular and transparent fashion house. Posting all environmental reports on their website, being transparent about the manufacturing process and introducing a lifetime warranty on certain bags. Bottega’s handbags are not seen with ostentatious branding or the overuse of logos, instead focusing on Italian craftsmanship and Bottegas distinctive weaving technique. “Each bag takes days to make using time-honored craftsmanship” (Shirley, 2022) So how are Bottega remaining so relevant without having social media, collaborating with celebrities or other brands? Bottega’s main ways of innovating and connecting with the consumer are through their app and their digital magazine, however, what will keep consumers following Bottega is the quality and longevity of the products and the brand’s desire to stand on its own, not focussing the brand on relevance, instead craftsmanship, artisanship, and community. Balenciaga is a luxury fashion house known for innovation and hype, taking the sleek lines and powerful designs of Cristobel Balenciaga combined with Demna’s destructive and chaotic personality. Balenciaga is a brand who have been competing for relevance for a long time. Being named one of ‘Time’s Most Influential Companies of 2022’ and is the only luxury fashion house within the 100. But is the relevance bringing in the revenue? Balenciaga has shown in the last 3 months why sometimes taking a risk with hype-related marketing strategies isn’t always successful. Balenciaga has been working with Kayne West for many years, Kayne was even seen walking in the Balenciaga SS23 runway show. However, over the years Kayne West has started to become a loose cannon, saying, or doing things that he shouldn’t. In 2022 he made a series of antisemitic comments on social media and across other platforms, as well as hosting his own fashion show where t-shirts saying the words “White Lives Matter” were sent down the catwalk. Shortly after this, consumers started to get angry that Balenciaga wasn’t taking responsibility, Balenciaga and the Kering Group had no choice but to bring out a statement and drop Kayne West from working with the brand again. Balenciaga is a brand that many other brands should follow when it comes to some of their marketing strategies. Luxury fashion houses trying to stay relevant can lead to curiosity and innovation. Brands like Balenciaga and Gucci are forerunners in the metaverse, NFTs, and digital clothing. Sparking inspiration for thousands of young creatives. Balenciaga needs to look at Bottega’s strategy approach, improving the brand by putting time and money back into Bottegas famous haute couture house as well as pushing for innovation and the future of technology. Kayne West has tarnished Balenciaga’s heritage, and with a series of other scandals, Balenciaga has been a part of, the fashion house will need to try hard to restore its heritage to its former glory. Both Bottega Veneta and Balenciaga have successful strategic approaches, but both need to be careful when trying to stay culturally relevant in this modern-day society, as it could affect the brand heritage past the point of repair.

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FIGURE REFERENCES

Dezeen. “The Characters from the Show Each Had a Different Balenciaga Look,” Website, 7 Oct. 2021, www. dezeen.com/2021/10/07/balenciaga-spring-summer-2022-the-simpsons-fashion/.

GQ Magazine. “Of Course It’s Justin Bieber in the New Balenciaga Sneakers,” Website, 10 Feb. 2022, www. gq-magazine.co.uk/fashion/article/justin-bieber-balenciaga-defender-sneakers.

GQ magazine. “Kanye Might Have Topped Himself with These Enormous Balenciaga Boots,” Website, 24 Apr. 2022, www.gq-magazine.co.uk/fashion/article/kanye-enormous-balenciaga-boots.

Harpers Bazar. “Kim Kardashian and Balenciaga Made Yellow Caution Tape High Fashion,” Website, 6 Mar. 2022, www.harpersbazaar.com/celebrity/latest/a39342463/kim-kardashian-caution-tape-catsuit-balenciaga/. Magazine. “The Renaissance of Coded Luxury,” Website, 5 Jan. 2022, www.wmagazine.com/fashion/coded-luxury-tiktok-bottega-veneta-succession.

Pus Puss Magazine. “Bottega for Bottegas,” Website, 21 Dec. 2021, www.pusspussmagazine.com/bottega-for-bottegas/.