<p><br><strong><em>By Neetu Bhatia</em></strong><br><br>Jonas Hoffman and Laurent Lecamp in their book Independent Luxury have explored the challenges faced by independent luxury entrepreneurs and explained why they need to remain in business. The book is an exhortation to independent luxury brands to innovate. The authors lay down a path for entrepreneurs, creators and designers in the luxury world to, first and foremost, stay independent, build groundbreaking products and formulate strategies that will help them go “back to the roots” of luxury.<br><br>The authors argue that as a handful of luxury multi-brand houses continue to grow and proliferate, the fundamental hallmarks of a luxury brand — being truly unique, high on the discernment curve and appealing to a true consumer of luxury that values old-fashioned craftsmanship — are and can continue to be alive and well via independent innovation and vision. While the big multi-brand houses are churning out “mass” luxury product and, in some sense, “assembly line” luxury goods, the independents can make a foray with equal measures of innovation, vision, courage and tenacity.<br> </p><table align="right" border="1" cellpadding="6" cellspacing="6" style="width: 200px;"><tbody><tr><td><img alt="" src="http://bw-image.s3.amazonaws.com/Neetu-Bhatia%2C-Co-founder-%26-CEO---Kyazoonga-300.jpg" style="width: 200px; height: 200px;"></td></tr><tr><td><em>Neetu Bhatia</em></td></tr></tbody></table><p>The book uses significant analogies like those of the endangered species of the Knysna elephant in the forests and savannahs of Africa to highlight the need to maintain the independence of luxury. It offers theories, tools and stories to luxury entrepreneurs to build and achieve success in the face of continued vertical integration by global luxury giants. In their push to achieve economy of scale, these large companies will continue to standardise the notion of luxury, which in itself is an oxymoron. The focus on quarterly earnings and private equity exits is antithetical to the traditional and independent luxury houses that have built these over multiple generations.<br><br>The authors argue that in their quest for scale and profitability, major luxury brands run the risk of dilution and the eternal balancing act of exclusivity versus accessibility. Borrowing from Clayton Christensen, Hoffman and Lecamp suggest that these companies may be caught in the “capitalist’s dilemma” and a vicious circle that needs increased accessibility but at the same time need to be fresh in their approach.<br><br>They also analyse consumer behaviour, especially in Asian economies such as China, and take us through the stages of luxury lifecycle evolution. The fact that a huge swathe of the region’s population has developed “logo fatigue” and that, as these consumers become more discerning and evolve from the materiality of brands to the culture of luxury, the authors suggest, there are tremendous opportunities for independent luxury entrepreneurs.<br><br>The authors also outline the role of the digital revolution with social, mobile, data and Internet of Things as disruptive and enabling forces for independent entrepreneurs to take advantage of. They further explain four innovation strategies that independents can adopt.<br><br>The fact that large groups continue to want to acquire independents in itself is proof of their strength. As an entrepreneur and a discerning customer of a select set of luxury brands, I find this book at once, informative and edifying. The authors have done a fine job of providing inspiration to the creators of independent luxury.<br><br><em>Bhatia is CEO and Co-founder, KyaZoonga</em><br><br>(This story was published in BW | Businessworld Issue Dated 16-11-2015)</p>
