Marvin Traub, former president of Bloomingdale's and one of the largest distributors of fashion brands in the world, has highlighted in Expansión the importance of social networks in a context of crisis in which luxury brands have to work to gain consumer confidence.
Today, shoppers are more concerned with the price of advertising data what they are buying, but even more so with the value of the item. “Shoppers need to know that they are investing their money in something that will last, like a Burberry or Gucci piece,” said Traub, whose client list includes Ralph Lauren and Oscar de La Renta, Saks Fifth Avenue, Lanvin, Donna Karan and Tommy Hilfigher.
The consultant believes that the current situation will inevitably change the market, but it will not be the only factor of change; innovative technology and the rise of social networks will be a key point. In his opinion, technology not only drives online shopping, but can also greatly influence the consumer. Just as Obama gained much of his support through a fan club on Facebook, the Internet can influence the purchases of Internet users. Traub says that a brand can win many customers by creating a site on Myspace or Facebook, since it is enough for someone to say that they like Puma for a fan club to join.
The 82-year-old executive believes that brands are still not taking advantage of the great potential of social networks.