The MBS Group

To be new, or not to be new? - Part 2

It’s been a very busy week at the office but despite this, my thoughts and ideas behind the concept of ‘newism’, and its effects on our society today have continued to be top of mind. There was certainly plenty to get my teeth into, which is why I’m tackling more aspects of the topic this week! As well as all the benefits associated with fast, innovative ideas on tap, though, there does seem to be a risk of a climate of short-termism emerging in certain industry sectors and our lives in general. What does this mean, then, for ‘heritage’ companies that aren’t ideologically aligned with newism?

In Trendwatching.com’s monthly briefing, which tackles newism this July, pains are taken to extol the virtues of heritage brands’ ability to resist the pressure of younger, more fast-paced businesses. But even here there are concerns; just this week, for example, traditional Italian luxury fashion house Valentino was bought by a Qatari consortium after suffering during the recession. We can’t say for sure what this means for Valentino in the long run, but it seems to provide evidence that brands are struggling to resist the recent financial constraints.

Trendwatching does say that “there will be value in well-told, compelling stories. In comfort. In tradition. In the local. In curation of existing products.” How are heritage brands to attract current attention when new, innovative companies are marketing themselves so efficiently around up-to-the-minute events, though? The proliferation of London-based pop-up stores from small businesses in the summer of the Jubilee and the Olympics tells its own story.

Of course, this is only one side of a very complex set of ideas. As Trendwatching says, customers will always look for “constant, trusted quality and provenance” in companies they will buy from again and again. It has to be said, though, that the current emphasis on ‘newism’ could end up undermining some valuable brands in the current marketplace. Do you think the vogue for ‘newism’ could have a long-term impact on heritage companies? Let me know what you think on moira@thembsgroup.co.uk and have a great week-end.