Bling Bling Boring
Jeremy Gutsche — January 12, 2007 — Marketing
References: usatoday
Looking to add a little luxury to your Pepsi? Now you can with a $100,000 jewel studded Pepsi can. The only dealio is that you have to win it. The can is trimmed with 300 diamonds, 100 saphires and 100 rubies. Oh... And it's ugly.
This trend of luxutizing products for press is something we've covered before. In fact, I think it's now overplayed.
Even USA Today noted the following diamond encrusted products:
• Philips Electronics (PHG) unveiled a diamond-decorated LCD TV on Sunday at the Consumer Electronics Show in Las Vegas. The Ambilight FlatTV trimmed with about 2,250 diamonds will be showcased at Philips events, then auctioned for charity.
• Victoria's Secret (LTD) annually creates for sale a jeweled bra — this year, a $6.5 million diamond-studded Victoria's Secret Hearts on Fire model. The lingerie company hasn't actually sold any of the multimillion-dollar bras, but gets plenty of publicity by featuring them in its holiday catalog and at fashion shows.
"Its not that companies necessarily expect many people to buy these products," says McMennamin. "It's similar to having a flagship store on Fifth Avenue or SoHo, where they don't expect the cash register to ring as much as a regular store" but use it to build cachet, instead.
• When Motorola (MOT) and Baby Phat said they would sell a limited-edition $700 diamond-accented "Baby Phat by Kimora Lee Simmons" cellphone in October 2004, it brought headlines about "ring bling."
• Montblanc's bejeweled, special-edition pens, which it also sells, have gotten features in luxury magazines.
This trend of luxutizing products for press is something we've covered before. In fact, I think it's now overplayed.
Even USA Today noted the following diamond encrusted products:
• Philips Electronics (PHG) unveiled a diamond-decorated LCD TV on Sunday at the Consumer Electronics Show in Las Vegas. The Ambilight FlatTV trimmed with about 2,250 diamonds will be showcased at Philips events, then auctioned for charity.
• Victoria's Secret (LTD) annually creates for sale a jeweled bra — this year, a $6.5 million diamond-studded Victoria's Secret Hearts on Fire model. The lingerie company hasn't actually sold any of the multimillion-dollar bras, but gets plenty of publicity by featuring them in its holiday catalog and at fashion shows.
"Its not that companies necessarily expect many people to buy these products," says McMennamin. "It's similar to having a flagship store on Fifth Avenue or SoHo, where they don't expect the cash register to ring as much as a regular store" but use it to build cachet, instead.
• When Motorola (MOT) and Baby Phat said they would sell a limited-edition $700 diamond-accented "Baby Phat by Kimora Lee Simmons" cellphone in October 2004, it brought headlines about "ring bling."
• Montblanc's bejeweled, special-edition pens, which it also sells, have gotten features in luxury magazines.
Trend Themes
1. Luxutizing Products for Press - The trend of luxutizing products for press offers opportunities for companies to build cachet and generate publicity by creating high-end, jeweled versions of their products.
2. Diamond-encrusted Electronics - Companies like Philips Electronics are exploring the opportunity to create diamond-encrusted electronics, such as LCD TVs, to showcase at events and charity auctions.
3. Jeweled Fashion Accessories - The trend of jeweled fashion accessories, like Victoria's Secret's diamond-studded bras, presents an opportunity for companies to gain publicity and generate interest through limited edition, high-priced items.
Industry Implications
1. Consumer Electronics - The consumer electronics industry can consider incorporating luxury elements, like diamond decorations, into their products to create unique, high-end offerings.
2. Lingerie - The lingerie industry can explore the creation of jeweled, limited edition pieces like Victoria's Secret's diamond-studded bra to generate buzz and attract attention from fashion enthusiasts and collectors.
3. Luxury Goods - The luxury goods industry, including companies like Montblanc, can continue to feature bejeweled, special-edition products in luxury magazines to appeal to affluent consumers and enhance their brand image.
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