Global Franchise 10.3

Living in luxury What does it actually mean for a franchise to be “premium”? Definitions vary, but there are some solid points of agreement among franchisors – and they tend to focus on how concepts of luxury have changed over time. “Traditionally, premiumhas been synonymous with luxury aimed at strengthening one’s personal brand, often associated with high price tags, gold, and ‘bling,’” says SvenWallén. “However, for the modern urban consumer, premium is defined by design, quality, and sustainability.” But what really seems to define premium franchise brands that thrive is impactful personal interaction. “One key difference [from traditional franchising models] is that people play a huge role in success,” explains Lars Hovang. “In our world, process is important, but people are key to success. The “About 90% of our franchisees come directly from our customer base... When customers love the brand so much that they want to own it, that’s a very healthy system” 73 GLOBAL-FRANCHISE.COM Ins ight