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According to the lunar calendar, the new year will start on February 12, 2021, and will last until January 31, 2022. And, per the Chinese zodiac, it will be the Year of the Ox. Since the ox is hard working and methodological, 2021 is supposed to be a year where hard work will be rewarded. A great promise after the difficulties that we faced in 2020. The ox seems to be the perfect symbol for a strong start to the year for luxury brands across all categories.

Many luxury watch brands have launched special edition pieces featuring the ox, such as Vacheron Constantin with two models. Montblanc offers a limited edition fountain pen with a sterling silver cap depicting the ox and related symbols of luck.

Givenchy developed a collection for men and women inspired by talent, confidence and openness – attributes the brand claims to be associated with the ox. The ox is symbolised more discreetly on zips of some items, while boldly embroidered on other pieces of the collection.

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Another brand that embraces the theme of a fresh start is Burberry with the film A New Awakening, dedicated to the Lunar New Year and featuring their ambassadors Zhou Dongyu and Song Weilong. The film captures the spirit of Lunar New Year and celebrates the arrival of spring, evoking optimism and new beginnings. It is accompanied by a capsule collection that features the ox as part of the brand’s modified monogram.

Similarly, Shanghai Tang celebrates the fact that never has a start felt so fresh, where every change makes a difference. The collection includes limited edition chopsticks featuring the ox.

All these collections are exceptionally beautiful. They have meaning and tap into the symbolism of the year to come. In regards to these aspects, they deliver.

However, there is a catch. These examples also show the dilemma that many luxury brands are confronted with. The Lunar New Year is undoubtedly an important event with celebrations, gift-giving and time off (for shopping). For brands, the occasion is not to be missed.

But as practically all brands seem to do use the same tactics and executions, and even practically identical themes, there is little differentiation between their products. And lack of differentiation is always dangerous for branding, especially if combined with aggressive price promotions – which are always a bad idea in the luxury world.

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I would encourage luxury brands to think much more boldly and disruptively, and celebrate events like Lunar New Year in a way that differentiates what they do from others. The holiday is critical when it comes to reaching commercial targets and exciting customers in an emotional moment. Such a moment should be used in a much stronger way to build brand equity and surprise customers, rather than executing what everyone already expects and what these brands’ competitors do, too. This would allow brands to do two things: sell more at higher price points and create extreme value through maximum differentiation.

The Year of the Tiger in 2022 will provide the next opportunity. Until then, happy Lunar New Year! May the Year of the Ox bring to all of us the luck that this zodiac sign promises.

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