They say money can’t buy you class but it seems 100 million Instagram followers will get you close enough.
In a bid to court the next generation of buyers, luxury jeweler Tiffany & Co has pulled out the big guns for its flagship store opening in Sydney on Thursday, with reality TV star and Kardashian family member Kendall Jenner arriving in Sydney for a mere 24 hours as the brand’s VIP guest.
The social media queen’s brief appearance at the event could only have been ludicrously expensive for the jewellery retailer – Jenner reportedly earns around $250,000 per Instagram post to her 107 million followers.
The move by the 182-year-old company follows part of a broader trend by luxury brands away from the older affluent buyers toward the cashed-up millennial generation, according to fashion editor of The Australian Glynis Traill-Nash.
“They’re courting a younger and younger market and so they’re all on the social media… They’re tapping into millennial celebrities that have that appeal,” Traill-Nash told Your Money Live.
“The traditional luxury market has always been older more affluent consumers, but they’re getting older, and these are heritage brands a lot of the time.”
Part of that push to appeal to the younger market is to appear less formal and more in touch with social issues – while still sought after by the upper echelons.
“Chanel is doing it very well, Gucci has probably done it better than anybody since their new creative director Alessandro Michel took over about four years ago now,” says Traill-Nash.
“It also taps into a lot of touch points for millennials, it touches into that slight gender fluidity that’s happening.”
Apparently, the numbers are proving the value of this new marketing tactic.
Traill-Nash says Gucci’s sales figures are the envy of the luxury market, with millennials making up half of their sales.
She explains Tiffany’s bid to win over fans of Jenner ties into its image of being a “relaxed luxury” rather than pretentious, which appeals to the younger market today.
“You don’t want to be seen as that stuffy brand,” she says.
“They are actually tailoring their product. Their new creative director… his new vision is very youthful and light,” she explained.
Watch the full interview online.