Luxury brands are delving into unchartered territory, gravitating towards collaborations far outside their comfort zones. Companies such as Versace, Ferragamo, and Prada are entering other business sectors such as transportation and technology. Garnering strongholds in industries other than fashion will not only increase sales and profits, but will also bolster the brand’s identity, experts said.
Luxury phones are fast becoming essential fashion itemsLuxury mobile phones are seeking to rival handmade watches for many jet-set consumers, especially business travelers who rely on digital gadgets to tell the time abroad.Because they are constantly holding their phones, laying them on dinner tables and otherwise flashing them about, Mr. Torres said many wealthy people had become increasingly conscious of the image their handsets projected.“A phone has become an important element of lifestyle. The phone says something about yourself,” Like most luxury goods segments, high-end mobile phones have benefited from a surge in the number of millionaires worldwide alongside fast economic growth in countries such as China, India, and Russia. Rich people in the oil-producing Middle East have also flocked to status symbols with the recent commodities boom. Other companies have also entered the luxury mobile field to greet the new clientele. Motorola and designers Dolce & Gabbana have launched a gold-colored version of the best-selling RAZR model, and South Korea’s LG Electronics Inc. has helped develop a Prada phone to complement Prada accessories.
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