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Definitive and holistic roadmap of luxury

China Daily | Updated: 2015-03-23 07:59

Emerging markets are being officially touted as "the next big thing" in the luxury industry with a "luxury nibbler" India and "+stage of money" China slated to lead the way in terms of sheer size of market growth over the next two decades. In a new book by Professor Ashok Som and a leading expert in the luxury industry Christian Blanckaert, who is also the former executive vice-president of Hermes, The Road to Luxury shows how luxury is no longer reserved for the elite and how it has evolved over time from family businesses to conglomerates, old luxury to new luxury and "uber" luxury to affordable luxury.

According to the authors, luxury brands have been carefully crafted through meticulous strategies in marketing and brand building, making their mark in the consumers' subconscious. These brands are defined by: brand strength, differentiation, exclusivity, innovation, product craftsmanship and precision, premium pricing, and high quality. The Road to Luxury examines the key strategies and success factors that are employed by the leading organizations in the luxury market. The authors also reveal the winning and losing tactics of many well-known players in the luxury industry adopted during and post recession.

Filled with examples from household brands such as Louis Vuitton, Hermes, and Bottega Veneta to name a few, the new book considers the skills and craftsmanship required to produce exquisite goods both in terms of economies of scale and economies of scope. To meet the needs of the ever expanding luxury marketplace it is necessary to find the special skill-sets required in craftsmen, who also possess an implicit understanding of the brand DNA. The book is a practical resource that provides an in-depth look into the luxury phenomenon. It explains the evolution of the burgeoning luxury marketplace, to offer a clear understanding of the dynamics of the luxury world.

Definitive and holistic roadmap of luxury

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