The Road to Luxury

Chapter 1: Introduction--Definition and Crisis of Luxury 1 Issues of Defining Luxury 2 Crisis 4 The Luxury Industry 6 Reaction to the Crisis of Global Markets 8 The Effect of a Crisis on the Luxury Industry 16 Strategic Response to Crisis 18 Conclusion 24 Chapter 2: Evolution of the Global Luxury Market 27 Evolution 30 How Has It Changed? 37 Luxury Industry Trends 39 Conclusion 48 Chapter 3: Who's Who of Luxury 51 The Consumers 52 The Actors 54 Chapter 4: Branding 99 Market Saturation 100 Luxury Marketing: Highly Creative and Selective 103 The Nine Ps of Luxury Brand Marketing for the Nomad of Tomorrow 113 Discussion 136 Conclusion 136 Chapter 5: Brand Identity, Ethos, Clients 139 Brand Identity 140 Ethos 146 Clients 151 Discussion 156 Pricing of Luxury Goods 157 Conclusion 162 Chapter 6: Family-Run Houses, Corporatization, and New Entrants 165 What Is a Family-Run Business? 168 Family-Run Business During a Crisis 186 Family-Run Businesses of the Future: Corporatization 187 Changes During the Transition from a Family-Run Business Model to That of a Corporation 193 Entrepreneurs and New Entrants into Existing Markets 197 Trends and Discussion 201 Conclusion 205 Chapter 7: Management Styles in the Luxury Industry 207 Path Dependency and Its Influence on Management Styles 209 Managing Paradoxes 214 Examples of Styles 222 Analysis 241 Conclusion 245 Chapter 8: Skills 249 Craftsmanship Through History 253 Entrepreneurial Designers 258 The Sales Team 258 Professional Managers 262 Perspective of the Conglomerates 264 Managing Talent 267 Conclusion 280 Chapter 9: Managing Operations and Supply Chain in the Luxury Business 285 The Challenge 288 The Global and the Local Supply Chain 291 Customer Relationship Management and Customer Experience 301 Conclusion 306 Chapter 10: Services: The Point of Sale 311 Issues at Point of Sale 314 The Customer Experience Dimension 318 The Service Dimension 323 The Phygital Dimension 326 Conclusion 334 Chapter 11: Digitalization of Retail--E-commerce, Platforms and Omni-Chanel 339 Introduction 339 Evolution of Distribution and Retailing 342 Conclusion 387 Chapter 12: Intellectual Property Rights and Counterfeiting 391 Counterfeiting: Issues for Luxury Brands 394 The Issue of Legality 398 Is this a Phenomenon of an Emerging Market? 401 How This Affects a Brand 402 Responses to Counterfeiting 405 Measures to Prevent Counterfeiting 407 Counterfeiting in the Digital Era 414 Leveraging Technology 420 The Gray Market 421 Conclusion 423 Chapter 13: Sustainability, Circularity and the New Era of Luxury 427 Introduction 427 Definitional Issue and "the Right Strategy" 428 Social, Environmental and Economic Challenges 430 The Social Challenge 431 The Environmental Challenge 432 The Economic Challenge 437 The Three Challenges 438 Forces Shaping the Sustainability Model for Luxury Business 439 Sustainable Business Model Best Practice for the Luxury Business 453 Conclusion 459 Chapter 14: New Markets and the Future 463 A Consolidated Industry 464 The Frontier Markets 465 The Pandemic Aftermath 477 The future 484 The New Frontier 487 Chapter 15: Epilogue: How to Create A Luxury Brand 493 Case Studies on Luxury Entrepreneurship 495 Revisiting the 9Ps as the Essentials of Building A Luxury Brand 509 Expanding Into International Markets as a Way of Growth for Emerging Brands in Frontier Markets 515 Index 519