Page 32 - 20 Futuristic Startups In India 2021

SNAPSHOT

LUXURY
THE FUTURE OF

BRANDS

DURING THE PANDEMIC

he study of demand WAVING THE SOCIAL FLAG
in economics briefly Corporate Social Responsibility, or
describes the role simply CSR, has managed to grow
played by the three beyond the management cubicles
types of goods, in the past decade and has success-
namely – Normal fully emerged as a pure and more
Tgoods, Inferior goods generalized concept. The compa-
and luxury goods in the economy. nies, especially those dealing with
The very old textbook concept has luxury brands, were forced by soci-
turned out to be a crucial matter ety’s expectations and being the
of relevance, as the pandemic is centres of attention to level up their
continuing to affect the economy CSR activities amidst the pandemic.
to deeper extents. As a result, most We can assume that the relent-
of the luxury brands were forced to less hustle of change management
transform their face of operations has worked out in favour of some
and offerings, as wearing a tempo- of these brands, who successfully
rary mask was not enough to tackle achieved the most anticipated trans-
the depleting conditions. The piece formation to a complete societal
intends to discuss the changes in the brand.
way of operations and offerings made
by some of the top luxury brands and The process started with rede-
what is in it that is going to decide signing their operational strate-
their future in Indian markets. gies and making crucial changes
to their product offerings (pulling
out the products which are least
likely to generate revenue during
the pandemic and replacing them
with the products on demand), and
developed promotional strategies
that waved the social flag. Consid-
ering the example of Reliance
Brands, their way of communicating
to the customers has undergone a
drastic change to the promotion of

32| Thecorporatereview.com | India | Vol. 2 | Issue 6 | June 2021