“A veritable bible for both professionals and students”, this is how Yaffa Assouline, CEO of Luxury Culture, described the new book written by Misha Pinkhasov & Rachna Joshi Nair.
Real Luxury : How Luxury Brands Can Create Value for the Long Term is a dive in the essence of luxury. It defines and reveals new solutions for an industry undertaking great changes.
According to the authors, real luxury is about leadership rather than the self-indulgence and bling we usually associate with it. Barbara Coignet, founder of 1.618 Paris was even quoted on the subject of the definition of this New Luxury :
“Luxury and sustainable development are not only compatible by nature but also co-dependent.”
New actors emerge like Norlha, brand selected and validated on several editions of the 1.618 Event & also present on the 1.618 Sustainable Luxury Guide. Working with the rare and unique Yak Wool to create outstanding luxury fabrics, they developed a very strict social guideline for their workshops in Nepal.
Luxury groups also embrace this definition of a new luxury. The Kering group, owners of Gucci and Saint Laurent among others, has made sustainability a pillar of its business strategy, with a new Environmental Profit & Loss accounting and ambitious targets announced for 2016. LVMH, meanwhile, has been moving its brands to more high-end grounds, putting forward their heritage and knowhow.
But the most interesting point made by the authors is the role model played by luxury customers. According to Misha and Rachna:
“The luxury customer is a decision maker and an example setter: celebrities, heads of state, corporate executives […] Are luxury brands using that relationship to make a positive impact on the world, or are they just pandering to the long tail of aspirants behind these leaders? Also, because what starts as luxury percolates down to the mass market, we are seeing how all sorts of mass brands are successfully imitating the luxury aesthetic. So it becomes harder for luxury brands to set themselves apart.”
If you wish to discover this encyclopedia of the 21st Luxury and its authors who took part in the program of conferences of the 2014 Edition of the 1.618 Event, one address…
Save the date: During your visit to the next edition of the 1.618 Event from 3rd to 5th of April 2015 at the Carreau du Temple, you might have the chance to meet them in person…Real Luxury: How Luxury Brands Can Create Value for the Long Term Editor : Palgrave Macmillan Published in August 2014