Every year, global jewellery brands such as Tiffany & Co., Van Cleef & Arpels, and Cartier spend significant marketing budgets on adorning A-list celebrities with their special jewellery pieces for publicity at red carpet events such as the Met Gala and various award ceremonies like the Oscars, BAFTA, and Grammys. So, what makes red carpet events one of the most important publicity platforms for jewellery and luxury brands? Shilpa Dhamija explores.
Chopard has been a partner of the Cannes International Film Festival for more than a quarter of a century and every year it takes its brand activations to a new level with higher spends. While the Swiss jewellery brand adorns high-profile attendees with its jewels, in recent years, it has also used the 10-day long, red carpet event as a launch pad for its jewellery as well as couture novelties.
So, what makes red carpet events one of the most important publicity platforms for jewellery and luxury brands? Do they truly provide a good return on investment?
Visibility on social media has become indispensable for luxury brands, as it increasingly shapes the buying habits of wealthy digital natives. Iconic jewellery brands thrive on exclusivity. They need to navigate the bustling social media landscape prudently, without mixing their identity with the mass market brands to attract the appropriate consumer base. Brand activations and associations with influential tastemakers at exclusive red-carpet events and award ceremonies helps them do just that.
At this year’s Cannes Film Festival, jewellery garnered the largest share of Earned Media Value (EMV) on social media across all fashion verticals, according to Lefty, a Paris-based social media marketing agency. EMV is the equivalent advertising spend of the impressions gained on social media. Chopard topped the ranking with $37.5 million in EMV on Instagram alone, a significant increase from last year’s $28.5 million.
On number 2 spot was Bulgari with a respectable but much lower $13.3 million in EMV, followed by Boucheron with $9.3 million in EMV.
This year, Chopard’s popularity on social media was driven by American model Bella Hadid who has 61.2 million followers on Instagram. Interestingly, last year, nearly 40% of Chopard’s EMV was generated by two influencers: footballer Cristiano Ronaldo’s girlfriend Georgina and Indian actress Anushka Sharma.
Indians Move Up In Global KOL Ranking
As India becomes an emerging market for the luxury industry, Indian Key Opinion Leaders (KOLs) are gaining huge traction on global red-carpet events and catching the interest of iconic jewellery brands.
Last year, Anushka Sharma ranked as the second most influential celebrity to walk the red carpet at Cannes Film Festival. She wore Chopard jewels. On top spot was South Korean pop star Jennie Kim of popular K-pop band Blackpink.
This year at the Met Gala, Alia Bhatt trumped Hollywood’s popular celebrities such as reality show star – Kim Kardashian, and even Jennifer Lopez, co-host of the event to become the fourth most influential celebrity at the Met Gala generating $7.7 Million in EMV. Alia Bhatt wore jewellery by Sabyasachi Mukherjee. Her high visibility on Instagram benefited Mukherjee’s brand, too, as it became the 12th most influential luxury fashion brand at the Met Gala this year, right behind Cartier.
It’s Not All Paid Media
Yael Fraynd, Los Angeles-based founder of YaYa Publicity, who has scored prime placements for independent jewellery brands at various red-carpet events such as Oscars, Emmys, and Golden Globes, says that while the market has shifted tremendously from organic to paid contracts, there is still room for smaller brands to shine.
“Often, it comes down to the perfect diamond, the right look, and a great working relationship with celebrity stylists,” notes Fraynd. “Sometimes stylists who already have paid-brand deals in place may choose non-paying brands, who offer the right jewellery piece to complete the celebrity’s red-carpet look.” Fraynd adds that for smaller jewellery brands to compete successfully with popular jewellery brands, it’s important to have a strong brand identity with unique designs that reflect the designer’s true vision.
Using Red Carpet Events as Exclusive Experiences for Top Clients
Red carpet events are high-octane affairs, featuring popular celebrities, top luxury brands bringing their best offerings of the season, and an aura that creates the ultimate experience for luxury connoisseurs. Various luxury brands ranging from automotives to jewellery, invite some of their top global customers to revel in the glamorous red-carpet events and rub shoulders with the who’s who, as a reward for their loyalty to the brand.