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INTRODUCTION
The luxury goods market is significant, not only in terms of its market value (estimated to have exceeded US$130 billion in 2007),1, 2 but also in terms of its rate of growth - which has in the past 10 years significantly outpaced that of other consumer goods categories. The rate of growth has been driven by a variety of factors, the most significant of which has been the increase in the number of high-net-worth individuals with an appetite for luxury brand consumption. In response to significant consumer interest and demand, the suppliers of luxury fashion goods have developed business strategies that seek to better service consumer demand by increasing availability through the extension of their geographic coverage and their market accessibility via the opening of dedicated points of sale.3, 4 and 5 Fuelling and supporting this development of the luxury market has been increased media interest in luxury goods consumption, and the emergence of luxury brand awareness as an integral element of consumer culture. Consequently, a variety of studies have noted that luxury brands are among the most recognised and respected of consumer brands the world over.5, 6
Within the luxury offer, there is an ever-expanding offer of luxury categories. There are four principal categories of luxury goods: fashion (couture, ready-to-wearand accessories), perfumes and cosmetics, wines and spirits and watches and jewellery.7 More recently, the categories of luxury automobiles, hotels, tourism, private banking, home furnishing and airlines have been added.8 The focus of this study is the luxury fashion goods category. Firstly, this focus is justified on the basis that it accounts for the largest proportion of luxury goods sales, with a 42 per cent share in 2003,9, 10 and the strongest product category growth in 2007.11 Secondly, previous studies have suggested that the branding of luxury fashion goods is more complex than other sectors by virtue of the speed of change within the sector (the majority of luxury fashion goods are dormant at the end of the fashion season),2, 7, 12 and 13 as well as the scale and number of fashion items that are marketed using a single luxury brand name. Thirdly, the marketing of fashion goods is typically more complex and costly...