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Discover the meaning of the latest trends in the luxury industry with this resource from leading voices in the field
The thoroughly revised Second Edition of The Road to Luxury: The New Frontiers in Luxury Brand Management delivers a comprehensive overview of the foundations of, and new developments in, luxury brands. The book discusses a new wave of mergers and acquisitions, the rise of Gucci, the growth of Balenciaga, a variety of new collaborations between different companies, a growing support for sustainability, and the COVID-19 pandemic.
Readers will also benefit from the inclusion of:
Perfect for students in MBA programs or taking degrees or courses in Luxury Brand Management, The Road to Luxury will also earn a place in the libraries of executives and managers in the luxury business, marketing, branding, and advertising professionals and companies, and entrepreneurs interested in the workings of the luxury industry.
ASHOK SOM is Professor of the Management Department at ESSEC Business School. He is one of the pioneering thought leaders in designing organizations and an expert in global strategy. He is author of more than 110 cases, articles and books. He mentors start-ups and holds a PhD in Business Administration from the Indian Institute of Management in Ahmedabad, India.
CHRISTIAN BLANCKAERT is Senior Advisor of EPI group, Eurazeo, Vilebrequin and Furla. He is a board member of the Yves Rocher Group. He has previously served as Chairman and CEO of Hermès Sellier and Executive Vice President of Hermès International.
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
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The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.
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