Some of the largest luxury retail brands in the world—Chanel, Louis Vuitton, Tiffany's, Coach, and Swarovski—appeal to a very exclusive target market. As a result, these luxury retail companies have developed mission statements that often focus on some aspect of uniqueness or wealth.
As is often the case in corporate mission statements, these companies do not place revenue or profit at the center of their mission, and instead tend to focus on much larger and loftier goals.
Luxury Retail Brands Have Widely Differing Mission Statements
Although these brands often are after the same target market—people with a lot of disposable income who want the finest products—their mission statements can vary greatly depending on the brand. Some say they want to be "synonymous" with luxury, while others say they focus on putting the customer first. Regardless, each company builds their strategy around these guiding principles.
Audi and Lamborghini
Audi, one of the fastest-growing premium automobile brands, and Lamborghini, one of the most exclusive automobile brands in the world, are both owned by Volkswagen. Both brands have mission statements that are general and simple.
Audi says: "Our success has been achieved through creativity, commitment, and the ability to generate enthusiasm. The wishes and emotions of our customers are the guiding principles behind our every action."
Meanwhile, Lamborghini focuses on innovtation: "The key to the timeless success enjoyed by Lamborghini lies in the attention to design and the constant search for innovative solutions that, over the years, have contributed to make Lamborghini one of the most iconic brands in the world."
The BMW Group mission statement attempts to position the company as one a customer would associate with the best products, steep prices, and off-the-chart experiences. It states: "The BMW Group is the world's leading provider of premium products and premium services for individual mobility."
The Chanel mission statement aims to maintain the legacy of the Chanel brand while successfully moving it into the future: "To be the Ultimate House of Luxury, defining style and creating desire, now and forever."
Not all mission statements are long and emotive. The mission statement of Coach retail stores is fairly straightforward compared to many other luxury brands: "To become the company that defines global modern luxury.”
Hermès is a French luxury goods manufacturer that produces expensive home furnishings, jewelry, perfumery, accessories, and clothing. It is one of the most valuable luxury brands in the world. The brand is so well-known worldwide and so synonymous with class and luxury, the company doesn't actually have a logo or mission statement—at least one it shares with the public, anyway.
The mission statement of parent company LVMH is also the mission statement of the numerous luxury products, companies, brands, and retailers that it owns. The company treats this statement of values as the common thread that connects all the companies it acquires: “To represent the most refined qualities of Western 'Art de Vivre' (art of living) around the world; to be synonymous with both elegance and creativity; to blend tradition and innovation, and kindle dream and fantasy.”
The mission statement of this luxury carmaker takes the form of six values they refer to as, "what drives us." These values are:
- The audacity to reject compromise
- The instinct to protect what matters
- The commitment to honor a legacy
- The vision to consider every detail
- The foresight to take responsibility
- The ingenuity to outperform expectations
Their mission statement adds: "With innovative and high-quality products, we ensure sustainable economic growth and a constant contribution to the group's success."
Swarovski's mission statement seeks to be all-encompassing, hitting three main points:
- The first point is focused on the customer: "Swarovski adds sparkle to everyday life with high-quality products and services that exceed our customers’ desires."
- The second point is focused on the workplace: "We inspire our colleagues with innovation and reward their achievements while striving to expand our market leadership."
- The third point is focused on the company's impact on the world: "We assume accountability for our actions as a responsible corporate citizen, and make decisions that positively influence our world."
Tiffany & Co.
The official company mission statement of Tiffany’s aims to be holistic, going way beyond the quality of the jewelry they produce or even the business itself to make a broader statement about their focus on the sustainability of the world around us: "We believe it is our moral duty to sustain the natural environment."