Luxury designer, Hermes has released a limited edition commemorative scarf for the 250th Anniversary of Marqui de Lafayette's birthday. The idea came from Lafayette College as a fund raising idea, as LaFayette founded the post-secondary institute.
The Hermes scarves will sell at the campus bookstore for $325 to benefit students.
Implications - Iconic brands like Hermes often attach themselves to a cause, which exemplifies corporate social responsibility and creates positive brand recognition in the mind of consumer. Though today's average adult is quite busy, consumers will always hold a certain amount of concern for the human race as a whole. Thus, displaying corporate social responsibility is key.
Haute Scarves for Education
Hermes Supports Lafayette College
Trend Themes
1. Luxury Scarves for a Cause - Luxury brands partnering with educational institutions to create limited edition scarves that benefit students is a disruptive innovation opportunity.
2. Corporate Social Responsibility in Luxury Fashion - Highlighting the importance of Corporate Social Responsibility in the luxury fashion industry and partnering with social causes can lead to positive brand recognition and customer loyalty.
3. Cause Marketing Collaboration - Collaborating with educational institutions and designing limited edition products to support a social cause can be an effective marketing strategy.
Industry Implications
1. Luxury Fashion - Luxury fashion industry can leverage cause marketing collaboration and corporate social responsibility for positive brand recognition and higher customer loyalty.
2. Education - Educational institutions can leverage partnerships with luxury brands to increase awareness of their fundraising efforts and gain support from a wider audience.
3. Charity - Charity organizations can collaborate with luxury brands to create limited edition products that support their cause and raise funds for their programs.