The mechanics of how a brand, particularly a luxury brand, is born in this day and age are multilayered. First, luxury is an exclusive product niche that exists in practically every consumer sector, be it clothes, accessories, automobiles, real estate, services, and even pet products. In other words, owning luxury products reflects the inherent human desire to have the 'best of the best' and stand out. While the purchase of a luxury item typically serves some material need, the purchase of a luxury item also serves this psychological desire.
Additionally, the luxury market invariably defies classic economic theory as demand for luxury products actually increases, instead of decreases, as its price increases since a large price tag is indicative of quality or popularity in this subsector. Scarcity, superb workmanship, and the ability to hold value and appreciate with time make luxury items — regardless of the market more desirable. For those reasons, the global luxury goods industry has demonstrated a renewed strength post-covid rising by 21 per cent in 2022 from the previous year and reaching an astounding 1.4 trillion euros in sales. This growth is expected to continue as the global luxury goods sector is projected to grow by 60 per cent by 2030, according to the latest Bain & Company Luxury Study.
On the one hand, it is a good time to start a luxury brand given the strong global demand. On the other hand, it takes a combination of mettle, business savvy, a strong brand message, and sheer luck to find success in an industry with legacy players and fickle customers who purchase at the whim of their fancy. Sometimes being a new brand, free of prejudice and industry expectations, helps.
Enter Etier, a new luxury leather brand positioned to make a name for itself in the crowded sector dominated by the likes of Hermes, Louis Vuitton, Chanel, and other renowned heavyweights. The brand’s founder is Sonny Spriggs, son of Wayne Spriggs, who is building his company borrowing on his father’s experience with design and in the luxury domain. As they say like father, like son: what Wayne has started and grown to a £150 million luxury fixture business began with Spriggs buying his first batch of 38 luxury stone baths for Lusso with a £10,000 bank overdraft in 2014. Seven years later he is making £2 million a week. Wayne’s 18-years old offspring has the same appetite for risk, investing exactly £2 million in his new business.
Etier's product line will include a variety of leather-based luxury accessories such as luggage bags, toiletry bags, watch cases and watch rolls, and much more. Etier products will be manufactured from premium leather, including exotic crocodile hide and ostrich.
Etier is built on the principles of luxury: exclusivity, artistic design, and quality workmanship. As Sonny pairs his fresh outlook and familial experience with his passion and resolves to build a luxury brand of his own, we expect a big year for Etier. The timing is ideal as 2023 bodes well for the luxury sector globally. We plan to follow the young entrepreneur and his budding brand closely as the year progresses.
— Deepak Jain is an independent blockchain publicist.
The footwear range includes Skechers Uno and Skechers D’Lites fashion sneakers, Skechers Max Cushioning Elite running footwear, as well as a Hyper Slide recovery sandal.