The Italian brand of luxury Bottega Veneta, which nowadays is led by creative director Daniel Lee, has not made a statement on why and why their blackout in social media was so difficult.
Bottega Veneta social media, including Instagram, Facebook and Twitter accounts, was closed earlier this week without a warning and no explanation.
- This message has been removed but remains available in the cache from the Kering website.
- This survey shows that social media is significantly underperforming the expectations of luxury companies.
- Over the last three years, these social media channels have always had low ratings.
- By 2020 the share of the e-commerce market was expected to increase to 30%.
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The abrupt end to the promotion of social media has amazed the world of luxury fashion.
By doubling its share on the luxury personal goods market by 2020, from 12% in 2019 to 23%, and by 2025, when its share is expected to be at 30%, social media has become an important part of any luxury brand’s online strategy.
People speculate, that the release of their Spring/Summer 2021, similar to the tactics musicians used for their new album, is only a marketing stunt.
It is even more confusing as the company looked in October for an overall social media strategy from a communications-only device to a complete funnel marketing capability to be implemented by a new global Social Media Manager.
This notice is removed but is still available in the cache from the Kering website.
I was not so surprised when I had just finished an analysis of a survey of luxury insiders between some 500 leaders working in or helping in the luxury industry. This survey shows that social media have greatly underperformed expectations for luxury businesses over the last three years.
Brands are projected to spend $8.5 million on influencer marketing alone in 2019, but one report in 2019 found that influencer fraud is costing brands USD 1 billion — a figure that is projected to increase by 50 per cent in the year 2020.
The report also found that an awesome 50% of the sponsored content was falsely driven by fake followers and commitment numbers.
In the last year, the privacy concerns associated with using personal data via social media platforms have also been strengthened.
In December, the United States ordered them to explain how the tracking, collection and implementation of user data are being carried out by the Federal Trade Committee on nine companies, among them the TikTok owners ByteDance, Facebook, Snapchat and Twitter.
In the latest survey, Instagram is the best performing social media channel for companies with luxury products and services, but best of all is a relative term.
Pinterest and YouTube are 9% and 8% respectively, and high-efficiency ratings for Twitter, Snapchat and WeChat and TikTok are almost too small to measure. In the last three years, these social media channels have been constantly low.
What’s known about Bottega Veneta?
Bottega Veneta is a luxury Italian fashion house specializing in men’s and women’s ready-made products, as well as handbags, shoes, accessories, gems, and fragrances.
Cabat, Knots and Pouch bags are Bottega Veneta’s favourite items.
Is Veneta a good brand?
Bottega Veneta has always been a go-to brand for people who do not like logos. Bottega Veneta has always been the winner for those who fall in love with the essence of a product, its fine craftsmanship and its signature weaving.