What is a Premium Brand?
A premium brand is a brand that markets and sells its products to customers at higher price levels in exchange for a higher quality or better experience.
It seeks to have customers that are normally shopping at value brands upgrade to the premium version and staying loyal to it, due to the higher value for money.
Premium Brand vs. Luxury Brand
Premium brands try to address and appeal to a larger audience than luxury brands. They are seeking to sell to anyone who is willing to pay for the quality and upgrade from the value version of the product. Their marketing usually addresses the price for value aspect, and try to deliver this message to everyone interested in their product category.
Luxury brands, on the other hand, wish to remain relevant to a narrower audience, in order to maintain exclusivity and retain their luxury status. They don’t make their products readily available to a lot of people or through many distribution channels, and tend to use prestige pricing to maintain such exclusivity.
What Are Examples of Premium Clothing Brands?
Examples of Premium Clothing Brands Include:
- Calvin Klein
- Tommy Hilfiger
- Hugo Boss
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