Coach Drives Luxury Handbag Sales, but Michael Kors Comes On

Coach Drives Luxury Handbag Sales, but Michael Kors Comes On Strong 
NEW YORK, NY -- (Marketwire) -- 12/11/12 --   Wealthy U.S. women
earning at least $150,000 a year rank 31 luxury handbag brands in the
new 2013 Luxury Brand Status Index (LBSI) survey from the independent
and objective New York-based Luxury Institute. The LBSI evaluates
product quality, design, exclusivity, social status enhancement, as
well as considerations of in-store experiences, quality of customer
service and worthiness of premium pricing on an average score of
1-10. 
Among high-income U.S. women, Coach is the best-known (70%) and most
frequently purchased (24%) brand in the past year, but ranks tenth on
the overall LBSI with a score of 7.19. Judith Leiber earns the
highest LBSI score (7.72) with exceptional strength in customer
evaluations of materials, design and exclusivity. Leiber is also
deemed the brand most worthy of premium pricing. 
Louis Vuitton earns the second-highest overall LBSI score (7.53), as
well as the second-highest level of familiarity (53%), just ahead of
Gucci (51%). Vuitton ranks first for its brand heritage, in-store
experience and long-term relationship building skills. Newer entrants
like Michael Kors are coming on strong, however, with 7.3% of women
purchasing a Kors handbag in the past 12 months, compared to 5.5% who
purchased Vuitton. 
Regarding future purchases, Coach remains the leader, with 66% of
wealthy U.S. women planning to buy Coach for their next handbag
purchase. Michael Kors (56%), Cole Haan (54%) and Longchamp (51%)
follow as the handbag brands most likely to be purchased next. 
"Product quality and style are absolutely essential in a competitive
luxury segment like handbags," says Luxury Institute CEO Milton
Pedraza, "but superior customer service and relationship building
create long-term value." 
About the Luxury Institute (www.LuxuryInstitute.com)
 The Luxury
Institute is the objective and independent global voice of the high
net-worth consumer. The Institute conducts extensive and actionable
research with wealthy consumers about their behaviors and attitudes
on customer experience best practices. In addition, we work closely
with top-tier luxury brands to successfully transform their
organizational cultures into more profitable cust
omer-centric
enterprises. Our Luxury CRM Culture consulting process leverages our
fact-based research and enables luxury brands to dramatically
Outbehave as well as Outperform their competition. The Luxury
Institute also operates LuxuryBoard.com, a membership-based online
research portal, and the Luxury CRM Association, a membership
organization dedicated to building customer-centric luxury
enterprises. 
For Further Information, Please Contact:
The Luxury Institute, LLC
Martin Swanson
Vice President Business Development
(914) 909-6350
mswanson@luxuryinstitute.com 
 
 
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