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Introduction
Vigneron and Johnson (1999) define luxury brand as an extreme level of prestige brand that is conspicuously consumed with a motive to display social status. The consumers' desire for luxury brands in emerging economies such as China, India, Brazil and Russia have increased significantly over the past few decades (Shukla, 2010; Tynan et al. , 2010). This is largely because consumers' brand choice decisions in these countries are getting increasingly influenced by non-utilitarian or symbolic brand attributes such as symbolic ownership and showcasing of social distinctions (Batra et al. , 2000; Akram et al. , 2011). In addition, rapid economic expansion in these emerging markets is continuously fueling consumers' craving for luxury brand consumption that is leading to substantial growth in the overall luxury consumption (Sukla and Purani, 2012). Recent reports states that about 85 per cent of the new luxury outlets opened globally are located in the emerging markets (Krauss, 2009). Such an importance assigned to luxury consumption in emerging economies is prompted by increasing aspirational orientations of the consumers, as consumers' perceptions of luxury brand values significantly influence their buying behavior (Tynan et al. , 2010; Wiedmann et al. , 2007).
Okonkwo (2009) states:
[...] in the last two decades, luxury brand management has generated much interest and discussions in both academic and business circles. Among business leaders, the debates have been related to the associated challenges and paradoxes that have emerged as a result of the evolution of luxury since it became a consolidated economic sector in the late 1990s, led by the vision of conglomerates, such as LVMH, Gucci Group and Richemont (p. 287).
Thus, in spite of the growth, a big challenge for luxury brands is to enhance and maintain the aspirational quotient of a luxury brand in the minds of target customers so that the consumers remain committed and motivated to pay a price premium.
Past research suggests that marketing of luxury brands requires a distinctive approach (Chadha and Husband, 2006; Thomas, 2007). This is primarily because of the showcasing of social distinctions that is a prime motive of luxury brand purchase (Douglas and Isherwood, 1979; Batra et al. , 2000; Akram et al. , 2011). In addition, the luxury consumption literature shows that consumers buy luxury...