Thursday, August 16, 2007
Greece - A 2nd Golden Age?
What's the first thing that comes to mind when you think of Greece? Most people have basically two images pop to mind, 1. beautiful beaches and white houses or 2. The Acropolis (or really anything related to the golden age of Greece). Both certainly valid identities of Greece, but clearly not the most progressive impressions.The introduction of the Euro to Greece a few years back was definitely a difficult transition for a country with a small population, struggling economy and lack of any significant industry in a waning tourist market. Fortunately, the 2004 Summer Olympics, while almost bankrupting, actually seemed to have the result that Greece was hoping for - growth. Over the course of those 2 weeks the entire external national identity of Greece swung to that of a vibrant, progressive, creative and well organized nation. A country well rooted in their significant historical contributions to the world as we know it today, but also embracing of the new, with amazing architecture by Calatrava, with a well appointed international airport (rated #1 in Europe) and a first class subway system to connect the venues and attractions.
This momentum of what I'll call the 2nd Golden Age of Greek influence is starting to pop its head up in more global settings. First off, a new generation of Onassis-like business moguls have been buying up huge chunks of property in the UK to the tune of $7.5 billion, outpacing any foreign investors. As a product designer, what I think is even more significant is the globalization that's occuring with 2 prominent Greek brands, Korres Natural Products and Fage.
Korres has been known in small circles as a sort of beauti-ceutical brand that has a faithful European following, which has since crossed the shores to the US via retailers like Sephora, Nordstrom and Neiman Marcus. Founded in 1996 as a homeopathic beauty care line sold in a pharmacy setting, Korres has managed to grow through both innovative and effective products as well as a strong brand identity and message. This has allowed them to expand with a more firm presence in the US market with their new flagship store in New York.
Fage yogurt has also been a fascinating brand to watch grow domestically. I'm not a huge yogurt fan, but my wife is and I remember seeing it at a Trader Joe's a couple of years ago and marvelling at the fact that they carried an obscure and highly regional style and brand of yogurt in the US at all. Fage saw an opportunity to introduce American consumers to a more wholsesome style of yogurt which by nature of obscurity also placed it into a premium pricepoint. 7 years into US sales at grocers like Trader Joe's, Whole Foods and Wild Oats, Fage is doing so well, that they will be opening a plant to manufacture the yogurt stateside. In addition, they are continuing to leverage their premium placement by partnering with luxury big-dogs like Tourneau watches and Honora pearls in their most recent print campaign done by WPP's Olgilvy New York. Nice work!
Through the eyes of this Greek, I see a bright future of continued growth for Greek products leveraging a storied past and natural beauty for a true second golden age fueled by authenticity and keen market insight.
Labels: Globalization, product development
posted by Demetrius Romanos at 10:17 AM
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