THE LATEST EDITIONS: Classics REVISITED

A new page in the luxury book focuses on helping patients build their own optical libraries

By Amy Spiezio

Peter Baker
PHOTOGRAPHER

Leslie Stoeffler Atiles
MAKEUP & HAIR

Jennifer Butler
WARDROBE

Tyler Moss
MODEL

The luxury world has seen happier days in terms of retail sales. But in the months following the bubble bursts of the real estate and financial markets, luxury hasn't ended. And some folks believe it or not, are starting to feel like it's time to do some buying again.

How can you encourage this reinvigorated buying pattern?

By serving as the reliable source for a good investment.

Rather than making impulse purchases, people are much more likely to buy investment pieces that will help them grow their library of luxury items whether it be an Hermes scarf, a blue-chip stock for the investment portfolio, or a collection of eyewear.

While many retail strategists are crunching the numbers, the fashion world has stepped up its style game to meet the challenges of the market. They have wisely presented runway collections that answer the complex needs of today's consumer. From Asia to New York, the catwalk is featuring a variety of looks that provide a splash of hope for the future as well as timeless beauty that helps consumers feel that they are creating a lifetime wardrobe and wisely investing in their appearance for years to come.

By applying that to the optical world, eyecare professionals can plan their strategy for the coming year.

Consider the following:

1 SOLID CONSTRUCTION. Frame quality may never be more important. People are seeking quality materials and comfortable, customized fit. ECPs who can make that happen will find their stream of customers flowing.

2 NO EXPIRATION DATE. People still want style. But these days they are more likely to be seeking something that they will be able to wear for the next 15 years, not just until this color palette is left behind for next season's fashions.

3 MORE WITH LESS. While everyone is making cutbacks, no one wants to feel like he or she is living in a gulag, particularly when making a high-end purchase. While many ECPs have had to trim their inventories and staffs to stay competitive, the first priority has to be ensuring that the patient does not feel any reduction in service—or in the products they select.

FOLLOW THE MONEY

While the luxury market has compressed, it has not disappeared. Although some pundits are predicting that the luxury market will never be the same, others are finding openings in the market. And there are segments that remain strong. The ultra-wealthy may not have been hit as hard by the crisis, notes Thomas Coyle from Dow Jones, who cited a poll by PNC Wealthy Management reporting those with between $500,000 and $1 million in investable assets felt the effect was much worse than those with more than $5 million to invest.

Take a page from the finance world. A joint venture of Morgan Stanley and Smith Barney is growing its team of advisors who focus on ultra-high net worth clients. They have found that there is still a slice of ultra-wealthy individuals and families out there who have money to spend with goods and services providers. The key is to focus on extraordinary consumer experiences, market expertise, and access to truly one-of-a-kind products that the clients will find to be worth their expenditure.

The Lessons of the Classics

Although the numbers haven't been pretty in 2009 for the luxury market, there are a few stories that qualify as successes in a challenging time. With stock prices waxing and waning and customer confidence shaky, strong brands plan to maintain their luxury houses in style well into the future. Take a page from their business plans to help sustain your work.

BURBERRY: London newspaper The Telegraph recently noted that while pre-tax profits were down and the company had cut 1,000 jobs, Burberry's outlook was "pretty positive" going into the Christmas period and the company's first half sales increased year over year by four percent. In a recent interview with Reuters, representatives from Burberry noted that they were confident about survival thanks to their well-established reputation and customer base. The decades spent developing its iconic plaid is paying off in leaner times.

TIFFANY: Cutbacks and layoffs have made the blue-boxing jewelers lean and mean and ready to face the future. In its latest due diligence report, SADIF Investment Analytics found Tiffany to be an above-average quality company with a positive outlook that "is equally likely to outperform the market." Price cutbacks have not been an option for the diversified jeweler, however, and the focus has been on maintaining consumer confidence that the company is here to stay.

HERMES: Although the company's fiscal performance did not quite match investors' expectations, Hermes is confident about its forward motion, and the French accessories powerhouse is actively burnishing its reputation. While its products, such as the iconic Birkin bag and silk scarves, help consumers feel that they are buying something worthwhile that they will have for the rest of their lives, the company is also investing in operations. For 2010, Hermes has announced plans to renovate and expand at least 10 retail facilities in the United States and Asia.