Balmain are a brand that innovates their products and visual identity quite frequently. In a way this has helped them keep their status as a luxury fashion brand a s the consumers can wonder what to expect nest. Unlike certain brands, they have managed to connect with their audience through various brand touchpoints and this has helped keep consumers and gain more. “Someone who is already brand-aware may then visit the website or store and take the next step towards actually purchasing” (Posner, 2015, p. 158). Through good PR, advertising and celebrity endorsement mentioned in my previous blogs, I feel it can be said that Balmain keep their success as they know their audience well but aspire to break into other markets to gain more consumers. Yes, it is clearly a business but the fashion industry is very much a lifestyle and the experience are worth a lot more (Fionda, 2009).
Again, the collaborations and endorsements have helped them expand and remain a relevant brand. The Balmain x H&M collaboration exposed Balmain to the more Highstreet audience and it was really successful as more people ca afford to shop high street rather than luxury. This in turn has helped Balmain to respond quickly to the ever-changing dynamics of the marketplace and fashion industry (Shen, 2017). The Balmain x Kylie collaboration proved to be very successful as to only did they collaborate with a different industry, it was with a well-established brand. This also increased their exposure in the beauty industry as well as social media culture. This again is the brand diversification that can help reach new audience and gain more recognition. In my opinion, most of the modern world are even slightly aware of the Kardashians and Jenners so a collaboration such as this really correlates with the generation of today and media culture.
The diversification of the brand has also aided the in remaining competitive. If we look at the Ansoff matrix, Balmain have introduced new products and merged with other industries to make themselves more prominent. This is a great use of product development and diversification. It gains exposure and encourages them to break into new markets by creating unconventional products the brand is previously known for (Ansoff, 1957). With the introduction of sneakers, makeup, reading glasses and headphones, there is the opportunity to take a step back from purely couture pieces and penetrate other thriving markets such as the beauty industry.
In conclusion, Balmain will always be known as a luxury, French fashion brand but by updating their strategies they have grown to be so much more. They speak for people looking to be confident and powerful, which all of their platforms exude. Rousteing in particular has had the task of updating the brand and in my perspective has produced fantastic work and developed the right contacts to broaden the future of Balmain and the Balmain Army.
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