How to build a luxury brand

Lyle Maltz

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Luxury brands have traditionally stood for a strict dedication to excellence and quality. As a result, the industry cultivated a very carefully managed relationship between price on one hand, and goods and experiences on the other. For most, "luxury" is synonymous with "expensive" or "exclusive." However, in an increasingly globalised marketplace and with the proliferation of digital technologies, the luxury consumer has a new face and evolving needs, and the competitive set has expanded – as has the industry itself. In today's landscape, providing the customer with a luxury experience or an exclusive moment, both in store and out, plays an increasingly important role, and both new and established brands who want to develop themselves as major players in the industry must find a way to play by new rules.