19 Nov How to understand Luxury? (1/2)
Welcome to LSL’s two parts article on “How to understand luxury?”. This will we will analyse the general idea of what is luxury and its industry. Next week, in the second part, we will go through the luxury trainings and how does it work?
The luxury industry has been more powerful than ever. But to understand it, it requires to understand the codes and the rules that surround this industry. We do not create or work in the luxury industry as we can work in other areas.
Most people working in this industry will tell you the same thing “Luxury is learned”
We all remember these great fashion houses, these starred restaurants and luxurious palaces. But is luxury just a product? How to really understand it?
What is luxury?
We can give a multitude of definitions to “Luxury”. It can be a material good or an activity but generally it goes well beyond a material aspect. Luxury is a state of mind and a way of life. When luxury is chosen, we use a service, a unique experience that will make the customer feel privileged. This requires quality, know-how and total exclusivity. It would be like being part of a club.The luxury industry has evolved over the years: for many brands, from a classic and traditional image to a trendy and modern image.Companies do not hesitate to call on famous ambassadors for younger generations, to have a strong presence on social networks and to launch collaborations with atypical brands.
Why the luxury industry fascinates?
Luxury is a form of “ideal” for a product or service. It is also a difficult world to access so all that is rare is valued.Today launching one’s own luxury business is a risky choice: how to deal with companies and groups that have been on the market for generations? So besides fascinating, luxury scares too. Some groups keep growing by acquiring more brands and companies. If luxury was once dominated by European groups now we are witnessing the birth of Asian and Chinese conglomerates more precisely.Today the targets of luxury companies have changed. Formerly these main customers were Europeans and Americans over 40 years old. Now, this clientele is gradually overshadowed by young Asian consumers (India, China and Southeast Asia mainly) who expect different products and services.
How to appropriate the codes of luxury?
Never has the luxury industry been so powerful. Many people want to work in or in connection with this environment. Whether in sales, hospitality, fashion, automotive industry … the codes and methods vary a lot from other industries. It is not uncommon to attend courses dedicated to learning luxury, whether in service or creation. Many schools, masters, MBAs are dedicated to learning luxury.You can then choose to work with a coach who will train you in trades: whether it is a more general or more specialized learning, many people wishing to convert or redirect to this sector work with a specialized coach. If you want to know more about how a luxury training takes place, see you next week for the rest of the article.
That is LSL Management Tip, thanks for reading and be sure to check the other management tips on our blog for LEARN. SUCCEED. LEAD.