The definition of value creation is defined by www.refrenceforbusiness.com (1) as adding commercial value to a product. This is especially important in the creative business as the price of a product is often justified by the uniqueness and craftsmanship of it. As an Example I am referring to the famous green Versace dress worn by Jennifer Lopez. (image), This dress was first introduced in 2000 on the Grammy Awards.
The conventional dress received so much attention from the media it was the inspiration for Google Images as people continuously search it up on Google. For the 20th anniversary of the dress, Jennifer Lopez closed the SS 2020 show of Versace in Milan this september, wearing a modern version of the dress. this dress went on sale after for an astonishing price of $9.325(2) which is about $6000- 7300 more than an average off the runway dress(3).
This proves that the hype and association from the dress created an increase in value of the garment. This method of increasing business for a brand is highly lucrative because it justifies and increase the price of their products and gives them free PR as multiple news-outlets and bloggers report about it.
Clothing companies like Versace, Supreme, Gucci and Nike is a few brands that follows a marketing trend called Hypebeast, where brands drive up the price of a product right before launch by market it heavily on social media. Versace joined the hypebeast trend just before the rap group Migos wrote a song named after the popular clothing brand in 2013(4), which increased its popularity among Generation Z. This generation was born between 1995-2010, they are seen as a more entitled and spoiled than generations before.
The iconic Medusa head is recognised all over the clothes and personal belongings of this generation of young adults. The hype around the brand have even made it so far that Netflix based season two of their true crime series American Crime Story on the murder of Gianni Versace (the founder of the clothing brand). His sister that now owns the brand is looked at as one of the worlds biggest influencers within the fashion world, and a lot of high end people look up to her and her opinions.
Donatella Versace was able to take the fame of the clothing brand and convert it into a fashion house that isn’t as expensive as Louis Vuitton, Gucci and Chanel but still have the same value within the fashion industry if not even more.
Jennifer Lopez`s dress is being sold for $9,325 by Versace. This means that through the 19 years that this dress has been known to the public eye it have like a stock been slowly increased in value because of the outrage and controversy it created back in 2000.
Donatella has showed the world since the 1980 that controversy and bad press can always be used in your favour.
Making sense of art and design industries 