The enduring appeal of high end wrist-watches is explored in an article by BL Global (Business Life), with the help of Nastaran Norouzi Richards-Carpenter, Associate Professor of Marketing at Richmond and Programme Director of the University’s MA in Luxury Brand Management.
BL Global’s feature focuses on the continued growth of demand for high-end mechanical watches – the sector was worth $6.9bn in 2018 and is expected to expand in the coming years, all the more surprising in an era where our phones, computers and smartwatches tell accurate time.
For Nastaran Norouzi Richards-Carpenter, “Status is the main factor when it comes to purchasing a luxury watch”. She notes that there are subtle differences between the ways that specific brands market themselves. “If you look at Patek Philippe’s branding, they strongly emphasise the idea of family and ‘old money’.
But what makes a Rolex or a Breitling a luxury watch, and a Casio an everyday purchase? Nastaran Norouzi Richards-Carpenter lists the ‘eight Ps of luxury’: performance, pedigree, paucity, persona, public figures, placement, public relations and pricing. If a watch ticks all these boxes, it is normally considered a luxury item.
Richmond Business School’s MA Luxury Brand Management programme is offered in conjunction with Condé Nast College of Fashion and Design. With a focus on emerging trends in luxury brands, marketing strategy and management case studies, the programme aims to encourage students to develop their commercial skills and entrepreneurial talent while expanding their leadership qualities, and critical and strategic thinking.