1.618: “According to you, what is the future of luxury?”
Misha & Rachna : The future of luxury is leadership. Real luxury, like leadership, comes from being best in category – because luxury represents the height of achievement – and being out of the ordinary – because luxury is most vividly felt in contrast to the familiar. The rising generation of luxury customers wants to be perceived as leaders and they want makers of luxury to open their eyes to new possibilities. Beyond a simple display of wealth, exclusivity for leaders is marked by the expertise to discover rare products, discern the depth of design and workmanship, and appreciate long-term benefits and impacts.
So creators of luxury will have to be leaders in their own right, putting their mastery of historic traditions to work building a vision of the future. They will have to lead by example and by inspiration, neither pretentious nor pandering, but as self-confident peers with both style and substance to offer.
Misha Pinkhasov and Rachna Joshi Nair are the authors of Real Luxury: How Luxury Brands Can Create Value for the Long Term (Palgrave Macmillan 2014). They are also the founders of NAIR-SAFIR, strategy consultants that help luxury brands create value shared among business, the community and the individuals that comprise both.[sharethis]