Luxury brands are trying to reach Gen Alpha and Gen Z by lowering prices. Luxury labels like Valentino, Viktor & Rolf, and Le Labo are also in the swing of summer launches, and they’re lowering prices and introducing new, fun scents to cater to budget-conscious younger customers. Valentino expanded its Born in Roma collection to hair and body mists priced at $49, while Viktor & Rolf introduced a Bonbon fragrance line at $100 including scents like Cola Fizz, Berry Jelly, and Caramel Crunch. Le Labo extended its offerings from candles and perfumes to hand creams, soaps, and incense, all for under $100. (Yes, under $100 is the reduced price!) Experts say that while lowering prices obviously isn’t a new tactic, it is happening at a more rapid rate to keep up with competition and captivate Gen Z and Gen Alpha’s limited attention spans. With 60% of teens reportedly already buying from prestige beauty brands and 70% of parents buying it for their teens, the interest is there—it’s just a matter of which brand outcompetes the rest. (WWD)
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