12 JUSTIN RATCLIFFE / JAMES TREDRAY
LUXURY DESIGN TINE ARENTSEN WILLUmSEN Tine Arentsen Willumsen is the founder of Above & Beyond, a business development agency focusing on luxury brands. Born in Denmark, she has lived in Sydney, Singapore, Brussels, Paris, London and Zurich, where she gained industry expertise in the fields of jewellery, watches, hi-fi, leather goods, accessories, au<strong>to</strong>mobiles and real estate. It is time, says Tine, that the superyacht industry takes a closer look at brand management. What makes a classic or timeless <strong>design</strong>, and why are certain products from the past still so alluring and seductive in 2011? If we look at the world of luxury goods in general, certain brands and <strong>design</strong>ers have managed <strong>to</strong> create objects of perfect dimensions and beauty that have had a long lasting, international appeal that goes far beyond form and function. These objects become collectables, they show up in the auction catalogues and are passionately talked about by their owners. The products are displayed in <strong>design</strong> museums and eagerly studied by the next generation of <strong>design</strong> students. I am not only referring <strong>to</strong> items such as limited edition watches, vintage couture from Paris or fine jewellery; it very much applies <strong>to</strong> larger, more functional objects such as vintage cars or even audio equipment. By extension, we can also include super<strong>yachts</strong>. So what is it that makes an As<strong>to</strong>n Martin DB5 attractive <strong>to</strong>day when car <strong>design</strong> and technology has advanced so much in the meantime? Or, <strong>to</strong> take a more recent product, the BS9000 CD player from Bang & Olufsen, launched back in 1995, still has contemporary appeal even though the AV industry moves faster than any other? In part, the answer seems <strong>to</strong> be that we have lived through a long period in which the consumption of luxury goods has been an aspirational phenomenon. High-end products have been perceived as luxurious because they are status symbols that reflect the purchasing power of those who acquire them. These items, while not necessarily better in quality, performance or appearance than their less expensive substitutes, are purchased with the main purpose of displaying the wealth of their owners. Conspicuous consumption, in other words. This pattern has left some luxury consumers with a longing for something deeper, less superficial or more meaningful, and this is reflected in their buying behaviour. The secret of tapping in<strong>to</strong> the timeless dimension of cus<strong>to</strong>mer desire lies in the ability of a brand and/ or product <strong>to</strong> be not just aspirational, but also inspirational. When we are inspired, we experience a whole series of emotions and develop an instant attachment <strong>to</strong> the object at hand. So-called Tribal Marketing, whereby very different types of consumers feel a communal bond with each other through ownership of the same branded product, was born out of this phenomenon. It is what was behind the revival of Harley Davidson brand after the company came close <strong>to</strong> bankruptcy in the mid-‘80s. So how does this relate <strong>to</strong> the yachting industry? Quite significantly, as I believe it is now increasingly important <strong>to</strong> keep in mind that the <strong>yachts</strong> being <strong>design</strong>ed <strong>to</strong>day should aim <strong>to</strong> not only display purchasing power, but also inspire future generations of potential cus<strong>to</strong>mers. If incorporating <strong>to</strong>o many gadgets or technical innovations means compromising on classic <strong>design</strong> or quality craftsmanship, then the yacht will be everything but timeless. Those objects that are most desirable have a soul and their exterior is uncompromisingly beautiful. Yachts potentially have this allure, but if they begin <strong>to</strong> look more and more alike so that “one size fits all”, they become dull and anonymous. If that happens—and there are signs it has happened—the demand will be short-lived and the resale value will suffer. What defines a leading luxury brand at the moment of purchase is the buyer’s conviction in its excellence and authenticity. Luxury houses become iconic brands when they are desired at a level that effectively precludes substitutes during the purchase decision. Some names in the yachting world have made brand image and reputation management a priority, but there are still many lessons that can be learned from the world’s most prestigious and desirable luxury brands, which manage <strong>to</strong> exude glamour while transcending the past, present and future. Beyond these considerations, brand management in the yachting industry will have <strong>to</strong> take further steps in the future. While keeping the all-important principle of classic <strong>design</strong> in mind, cus<strong>to</strong>mers now expect brands <strong>to</strong> lead with invention and a sense of dynamism. If this can be linked <strong>to</strong> a strong brand heritage, then success and even market dominance is within reach. www.above-and-beyond.eu 13