The Strategy Behind The Renaming Of Italy Luxury Brand Bottega Veneta

Italy luxury brand Bottega Veneta is known for its low profile. It has never been rich in LOGO products like many competitors. Even after several years of brewing the brand new Chinese name "Bao butterfly home", it has always kept a low profile: there is no major announcement, and there is no advertising for this purpose.

Bao's family only published information on the new name on the official brand micro-blog, and sent a statement to the media, hoping to unify the Chinese name in the future, and emphasized that there was no need to send it to the press.

But a series of cold treatments did not block fans' enthusiasm. The official micro-blog's comments on the butterfly family blasted the pot: "crash price"? Should we not see whether there is homophonic ambiguity before the decision? "" the new name made me lose half of my interest in the brand "" no original name, high-end atmosphere "...

"If this is the spread of such a spoof, the brand will be at a disadvantage in word of mouth." Yang Xilun, chief architect of CEO Brand Management Co., Ltd., pointed out in an interview with reporters.

Behind this may be the helplessness of the brand. When the original name that had been widely disseminated and recognized by the public was first registered, Bao butterfly had to launch this brand new Chinese name.

"Name, whether it is brand, company or group, is part of the logo. If it is not in a certain strategic transformation, it needs to reverse the image of the customer in the past, or to further elaborate the brand connotation in a more precise way, changing the name that has been known to the customers and the public is not a wise choice or risk." An unnamed luxury brand China company director stressed to reporters.

　　 Strategy behind rename

Compared with the helplessness and passivity of Bao's family, the renamed name of Karing of the luxury group appears to be "in control." Since 1963, Francois Pino's Pinault, which started with timber trading, is now open to the cloud. Behind the five renaming is the constant adjustment and transformation of the group's business.

In 1992, Pino group began its first transformation. After buying Paris Spring Department Store (Primtemps), it shifted to the retail industry and changed its group name to Pinualt-Printemps. With the acquisition of Redoute, a professional retailer, the name of the group was changed to Pino spring Pinualt-Printemps-Redoute. The change of group name is closely related to the strategic transformation of the company.

Finally, the Pino family decided to focus on luxury and sporting goods. When the Paris spring department store, which is represented by the second letters in the name of "PPR", is stripped, and the future of the third letters is likely to be sold, the name "PPR" is no longer in line with the positioning of the group.

Compared to the choice of the family name, the Pino family launched a brand-new name, because in its view, this is the beginning of a new identity. "Francois-Henri Pinault", CEO and CEO of Kai Yun current group, explained in the renamed statement: "updating our identity is the inevitable result of the transformation of the group." (Pinault) The new name not only reflects the changes of our business scope and business mode, but also fully reflects our new identity and corporate culture.

How does it change? "Brand is related to the ultimate consumer, so any change in name will affect the relationship between the brand and the consumer and then affect the sales. Therefore, luxury brands for terminal consumers will not change their brand names. MBA and EMBA, director of the Marseilles School of business in France, Michel Gutsats, "but the group level is only related to the investors and the media, so it is much easier to change the name of a group."

As for the cost caused by the internal and external communication and the dissemination of new content, a senior consulting firm executive who asked not to be named told reporters: "compared with a brand name change, the cost of opening the cloud is much smaller."

　 Consider Chinese culture

Although terminal oriented luxury brands do not risk changing their brand names, they are rather "entangled" in the choice of localizing names in the regional market. Burberry, a luxury British brand, used Burberry when entering Hongkong and Taiwan. In fact, the name was later well known in the Chinese mainland market, and its popularity was even higher than that of the "Boboli" Chinese name officially launched in the mainland market.

The name "Po Tejia" is widely recognized as Bottega Veneta. "How many famous brands are not well-known in China?" after the announcement of a new Chinese name, the fans of the butterfly family issued such questions on their official micro-blog.

In the eyes of the industry, unless a strategic transformation is needed to reverse the image of the previous brand in the customer's mind, or to further elaborate the brand connotation in a more precise way, the name that has been widely disseminated can not be regarded as a wise choice.

Perhaps the name "Burberry" is too feminine. Maybe the butterfly family is helpless. But it is obviously not easy to launch a brand-new and popular Chinese name. Fans' reaction to the "butterfly family" is proof.

Lu Xiaoming, who has many years of experience in the luxury industry and now is the founder and chief executive of the organic family, said in an interview with reporters: "taking Chinese names should not only consider brand culture and positioning, but also consider the acceptance of Chinese consumers and Chinese cultural elements. Whether the homonyms of Chinese names in popular culture will bring bad effects, these operators should consider." From the literal point of view, "Bao butterfly home" is biased towards female color, which is not in line with the brand positioning of the male product line.

For the decision making of renaming, prudent brands will usually pass through: discuss whether to rename, name, filter, carry out a certain range of research, feedback positive, negative information, and make a series of decisions on the selected names, and "research" is particularly important.

"The Chinese name of a brand is very important, especially for luxury brands. A good Chinese name can help consumers better remember the brand, and a good Chinese name should reflect the brand characteristics and the inheritance of DNA, and also bring positive and positive associations to people." Lu Xiaoming pointed out.

In Yang Xilun's view, if the new name is propagandist online, it will be harmful to the reputation of the brand. Even if the "spoof" may not be the target consumer group of luxury brands, but in the eyes of Ren Guoqiang, partner of Roland Berger management consulting company, whether it is high-end or middle end crowd, the understanding and understanding of Chinese characters will have certain convergence.

"When the public starts bombing the new name, and the brand does not plan to spread the new name, the final loss of the brand may be great." Insiders stressed.