奢侈品集團併購策略對消費者品牌認知與購買行為的驅動效應

Abstract

本研究聚焦於奢侈品集團併購策略對消費者品牌認知與購買行為之影響，旨在補足傳統併購研究對消費者端反應探討的不足。本文以LVMH集團收購Tiffany為研究個案，透過質性研究方法，深入剖析併購後品牌管理策略如何改變消費者對品牌的感知、信任與購買傾向。

研究首先回顧併購理論、品牌權益模型（Aaker, 1991）與資源基礎理論（RBV），並進一步以精細化品牌管理慨念作為分析框架。資料蒐集方面，本研究採用深度訪談法，訪談對象涵蓋時尚業從業者、品牌高度涉入者及具奢侈品消費經驗之年輕消費者，共計五位，並輔以量化評分進行交叉驗證。

研究結果顯示，LVMH在併購後透過差異化品牌治理策略，使Tiffany得以在維持經典形象的基礎上，推動品牌年輕化與現代化轉型。受訪者普遍認為，數位行銷、名人代言與跨界聯名等行動，成功提升品牌在新世代族群中的吸引力與話題度，並強化其高端形象與消費信任。同時，集團背書所帶來的隱性光環效應，亦促進了品牌價值的再認定與購買意願的提升。然而，訪談也顯示，多數消費者對LVMH旗下品牌整合的實質感知仍有限，部分受訪者對於品牌差異模糊與過度聯名的風險表達疑慮，顯示集團於實施多品牌協同策略時，仍須平衡品牌獨特性與文化一致性，以避免認同感弱化與品牌資產稀釋。

本研究除擴展品牌管理與併購整合之理論視角，亦為奢侈品集團在進行跨品牌整合與市場溝通時，提供具體之實務參考與策略建議。

This study investigates the impact of luxury group merger and acquisition (M&A) strategies on consumer brand perception and purchase behavior, aiming to address the gap in traditional M&A research, which often overlooks consumer-side responses. Using the acquisition of Tiffany by LVMH as a case study, this research employs qualitative methods to examine how post-acquisition brand management strategies influence consumer perceptions, trust, and purchase intentions.

The study begins with a review of M&A theories, Aaker’s brand equity model (1991), and the resource-based view (RBV), and adopts the concept of fine-grained brand management as the analytical framework. Data were collected through in-depth interviews with five respondents, including fashion industry professionals, highly involved consumers, and young luxury shoppers. Quantitative rating items were also incorporated to support triangulation.

Findings reveal that LVMH’s differentiated brand governance post-acquisition enabled Tiffany to modernize and appeal to younger consumers while preserving its classic image. Respondents affirmed that digital marketing, celebrity endorsements, and cross-brand collaborations enhanced brand relevance and trust, with LVMH’s endorsement generating a subtle halo effect that elevated perceived value and purchase intention. However, some interviewees noted limited awareness of inter-brand integration and raised concerns about potential brand dilution and identity blurring, underscoring the need to balance synergy with brand distinctiveness and cultural coherence.

By expanding the theoretical lens on brand management and post-M&A integration, this study offers valuable practical implications and strategic insights for luxury groups undertaking cross-brand integration and market communication initiatives.