No other city does Fashion the way New York City does, so when one of the fastest-growing shops for unique luxury brands stems straight from the heart of the city, it will catch your attention. Luxury Next Season was founded by Penny Karabey (a prominent figure in the New York fashion scene) by identifying a market gap around one of her biggest passions. This is how a small luxury fashion company has followed in the footsteps of exponential growth similar to Fortune 500 companies and built a strong brand in the process.
Identifying a Need
Like many great companies such as Apple, Amazon, and Walmart, they were all capable of identifying a need in the market and building an enormous brand while doing so. So before Luxury Next Season became a reputable company, it started as a simple passion for fashion from the founder.
While Living in NYC, Penny (Founder) ran into many stylish women every day, but she noticed a large majority of them were shopping at the same stores and wearing the same merchandise. That split-second decision of opportunity is all it took for Karabey to see a gap in the market when it came to a place to shop for women like herself. Women who enjoy high fashion but want special pieces nobody else will have! So she went all in and decided to start Luxury Next Season to create a place for women like herself and help facilitate the process of finding pieces that will truly make their hearts sing! Kareby began searching the world and utilizing her relationships with top brands to bring such pieces to a supply lacking market.
Obstacles Encountered Building a Brand
Before any business became a Fortune 500 company, they started as an idea to fill a need within the marketplace. In the same way, Luxury Next season has managed to do so, and just like every one of those winning ideas, they all came with mountains of obstacles, and this company was no exception.
Very early on in the process Luxury Next Season as a company struggled to land brand exposure. Although this company was the answer for a unique demographic within the market, connecting the company to those individuals was the biggest obstacle of them all. However, Karabey had a card up her sleeve that involved using her brand as leverage. Karabey was already known in the fashion world for her own personal style, which aided in creating buzz for Luxury Next Season. So unbeknown to Karabey at the time she was an early pioneer in leveraging her personal brand to be the driving motor behind a company.
Creating Solutions Driven by Innovation
This step has to be the most essential step of all for a company’s success, the ability to present the solution to the market. For example, Amazon presented e-commerce as a mainstream way to shop, making it feasible and simple for anyone to order off Amazon. This type of solution meeting Innovation has always yielded great results and for Luxury Next Season the same dynamic has greatly helped the company grow past expectations.
So what Karabey did to innovate within her space was focus on building customer relationships. Luxury Next Season talks with many of their customers daily regardless of whether or not they are shopping. They discuss the latest in fashion, the trends, the must-have pieces as well as personal things. The company considers its customers to be part of their family. When you treat customers that way, they will stay loyal to you. In that way, competition becomes irrelevant and sets you up to extend the lifetime value of a single customer.
On top of bringing a personalized experience to Luxury Next Season, the company has doubled down on working with influencers and people within the industry while still staying on top of the company’s core trends for fashion. Ultimately, the company brought a unique shopping experience to the marketplace, customers were not treated as just numbers, they were given an experience and access to some of the most exclusive pieces available, these two pivotal points cemented the difference between a huge retailer versus a company like Luxury Next Season.
Luxury Next Season has been regarded as one of the fastest-growing companies based out of New York and Founder Penny Kareby has ensured us that she has huge plans awaiting this company over the next few years. The company will also continue its commitment to creating and maintaining meaningful relationships with its customers and ensuring the standards are raised when it comes to shopping for luxury pieces.