Business of Luxury

This article originates from FG Magazine, written by Alessandra Frega

Business of Luxury: a Philanthropic Power?

MILAN, Italy — If you want to be “à la mode”, you have to be “luxury” today. What is luxury? Luxury is not just a multiple (semantic) meaning word, but a real social psychological question. A different and global way to interpret a product, a brand or a business. In this article we will try to clarify the main foundations of luxury.

Today’s Luxury Concept

Luxury has evolved from some radical social and economical changes that have involved, in the second half of the 20th century, the whole of humanity. Three key aspects have contributed to this:

Democratization – Customers of luxury have grown exponentially, making luxury more affordable, without implying an intrinsic vulgarisation and the loss of value.

Globalization – The access to new luxury products from new cultures and markets.

Communication – The global mass media development have made us more aware of the diversity and cultural richness of our planet and the many other ways of living (in our own societies).

Brand Equity

    • Luxury is brand – There is no luxury without a brand. A luxury brand is first a brand and only afterwards luxury. The luxury’s appearance is just relative to the multi-sensory nature of product (sight, touch, smell…) and its story (about materials, finishes and cut).
    • A luxury brand is a person – The creator is first of brand: his rich and complex universe, besides his personality, contributes to keep the brand alive, even after his death.
    • A luxury brand has its roots – It is not invented, but a real story.
    • A luxury brand must be able to perform an ontological function – For this purpose, it is necessary that the brand is known in addition to its actual customers, recreating the social gap, thus the “distance”.

What is Eco-Luxury?

The planet has become the number one priority. In order to fully understand this concern, people need to have the right cultural capital: this is the typical target of luxury products that present many highly eco-friendly aspects. These objects are made to endure forever, so time is the essence of luxury.

Localisation is another of the luxury’s key elements: luxury products are made in their countries of origin, with high quality production processes and distribution.

Thirdly, luxury communicates our success, with true gratification derived from our equals understanding how to distinguish the prejudicial success from the socially responsible one.

In the future, therefore, luxury brands will have to worry about redefining their products’ quality, setting new higher standards, to keep their “reputation”. In other words, luxury, to be leader, must be “sustainable”, having to worry too much about the welfare of those who work for them.

Luxury, Art and Charity

Luxury and art have always maintained a close relationship. Today, following in the footsteps of the pioneer Cartier and its Fondation Cartier Pour L’Art Contemporain, all the major luxury groups are promoting through their foundations (Fondation Louis Vuitton in Paris, Fondazione Ferragamo in Florence…), all kinds of arts. Luxury brands are the new “philanthropists”, those who need to sensitise society to the aesthetic values.

Luxury also has the duty to redistribute part of its “fortune” (charities and foundations): Gucci presented Chime For Change, a charity project designed by women for women, in support of Education, Health and Justice for every girl, and every women, everywhere.

Luxury has become very generous: perhaps because it wants to fulfil the moral function of the rich?

Credit: This article has been reblogged from

Business of Luxury: a Philanthropic Power?

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