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<p>Acknowledgments  xi</p> <p>About the Authors xv</p> <p>Prologue xvii</p> <p><b>Part I: Understanding the Luxury Business 1</b></p> <p><b>Chapter 1: Introduction— Definition and Crisis of Luxury 2</b></p> <p>Issues of Defining Luxury 3</p> <p>Crisis 5</p> <p>The Luxury Industry 7</p> <p>Reaction to the Crisis of Global Markets 9</p> <p>The Effect of a Crisis on the Luxury Industry 17</p> <p>Strategic Response to Crisis 19</p> <p>Conclusion 25</p> <p><b>Chapter 2: Evolution of the Global Luxury Market 27</b></p> <p>Evolution 30</p> <p>How Has It Changed? 36</p> <p>Luxury Industry Trends 39</p> <p>Conclusion 48</p> <p><b>Chapter 3: Who’s Who of Luxury 49</b></p> <p>The Consumers 50</p> <p>The Actors 52</p> <p>Conclusion 94</p> <p><b>Chapter 4: Branding 97</b></p> <p>Market Saturation 98</p> <p>Luxury Marketing: Highly Creative and Selective 101</p> <p>The Nine Ps of Luxury Brand Marketing for the Nomad of Tomorrow 111</p> <p>Discussion 134</p> <p>Conclusion 134</p> <p><b>Chapter 5: Brand Identity, Ethos, Clients 137</b></p> <p>Brand Identity 138</p> <p>Ethos 144</p> <p>Clients 149</p> <p>Discussion 154</p> <p>Pricing of Luxury Goods 155</p> <p>Conclusion 160</p> <p><b>Part II: Luxury Management and Markets 161</b></p> <p><b>Chapter 6: Family- Run Houses, Corporatization, and New Entrants 162</b></p> <p>What Is a Family- Run Business? 165</p> <p>Family- Run Business During a Crisis 183</p> <p>Family- Run Businesses of the Future: Corporatization 184</p> <p>Changes During the Transition from a Family- Run Business Model to That of a Corporation 190</p> <p>Entrepreneurs and New Entrants into Existing Markets 194</p> <p>Trends and Discussion 198</p> <p>Conclusion 202</p> <p><b>Chapter 7: Management Styles in the Luxury Industry 203</b></p> <p>Path Dependency and Its Influence on Management Styles 205</p> <p>Managing Paradoxes 210</p> <p>Examples of Styles 218</p> <p>Analysis 237</p> <p>Conclusion 240</p> <p><b>Chapter 8: Skills 244</b></p> <p>Craftsmanship Through History 248</p> <p>Entrepreneurial Designers 253</p> <p>The Sales Team 253</p> <p>Professional Managers 257</p> <p>Perspective of the Conglomerates 259</p> <p>Managing Talent 262</p> <p>Conclusion 275</p> <p><b>Chapter 9: Managing Operations and Supply Chain in the Luxury Business 279</b></p> <p>The Challenge 282</p> <p>The Global and the Local Supply Chain 285</p> <p>Customer Relationship Management and Customer Experience 295</p> <p>Conclusion 300</p> <p><b>Chapter 10: Services: The Point of Sale 304</b></p> <p>Issues at Point of Sale 307</p> <p>The Customer Experience Dimension 311</p> <p>The Service Dimension 316</p> <p>The Phygital Dimension 319</p> <p>Conclusion 327</p> <p><b>Part III: Contemporary Issues and the New Frontiers 331</b></p> <p><b>Chapter 11: Digitalization of Retail— E- commerce, Platforms, and Omnichannel 332</b></p> <p>Introduction 332</p> <p>Evolution of Distribution and Retailing 335</p> <p>Conclusion 381</p> <p><b>Chapter 12: Sustainability, Circularity, and the New Era of Luxury 384</b></p> <p>Introduction 384</p> <p>Definitional Issue and “the Right Strategy” 385</p> <p>Social, Environmental, and Economic Challenges 387</p> <p>The Social Challenge 388</p> <p>The Environmental Challenge 389</p> <p>The Economic Challenge 394</p> <p>The Three Challenges 395</p> <p>Forces Shaping the Sustainability Model for Luxury Business 396</p> <p>Sustainable Business Model Best Practice for the Luxury Business 410</p> <p>Conclusion 416</p> <p><b>Chapter 13: New Markets and the Future 419</b></p> <p>A Consolidated Industry 420</p> <p>The Frontier Markets 421</p> <p>The Pandemic Aftermath 433</p> <p>The Future 440</p> <p>The New Frontier 443</p> <p><b>Chapter 14: Epilogue: How to Create a Luxury Brand 449</b></p> <p>Case Studies on Luxury Entrepreneurship 451</p> <p>Revisiting the 9Ps as the Essentials of Building a Luxury Brand 465</p> <p>Expanding into International Markets as a Way of Growth for Emerging Brands in Frontier Markets 471</p> <p>Research Design, Methodology, and Data Collection 475</p> <p>Index 481</p>

<P><B>ASHOK SOM</B> is Professor of the Management Department at ESSEC Business School. He is one of the pioneering thought leaders in designing organizations and an expert in global strategy. He is author of more than 110 cases, articles and books. He mentors start-ups and holds a PhD in Business Administration from the Indian Institute of Management in Ahmedabad, India.</P> <P><B>CHRISTIAN BLANCKAERT</B> is Senior Advisor of EPI group, Eurazeo, Vilebrequin and Furla. He is a board member of the Yves Rocher Group. He has previously served as Chairman and CEO of Hermès Sellier and Executive Vice President of Hermès International.

<p><b>PRAISE FOR <i>THE ROAD TO LUXURY</i></b></p> <p>"<i>The Road to Luxury</i> is a very complete view on the luxury industry. It’s a must-read book for those who would like to understand and learn this universe and the steps to be followed to be part of it. Students, participants and/or professionals will find very accurate, useful and insightful information helping those executives in the industry to challenge and enrich themselves in their approach to build and manage luxury brands."<br /><b>—MARGARETH HENRIQUEZ,</b> CEO, Krug</p> <p>"I enjoyed reading this 360-degree overview of the luxury world and I think it could become a sort of a ‘Bible’ for everyone belonging to or studying to enter this challenging world. Besides providing a deep analysis on the evolution of this sector, such as the who’s who, branding, retail, operations and emerging markets, I think everyone involved in this world will be able to find answers to every question which may arise or needs clarification. The reading is easily comprehensible and dotted with amusing stories like ‘The pink bag’ or the description of the perfect store manager. . . . all this makes a wonderful ‘package’ full of passion without which anyone would not be able to enter or survive in the luxury world."<br /><b>—GIOVANNA FURLANETTO,</b> President, Furla</p> <p>"<i>The Road to Luxury</i> is a must-read for luxury brand owners aiming to grow internationally. The book offers a deep understanding of the concept of ‘luxury’ and lays a comprehensive analysis of how luxury brands behave during different international crisis. The analysis is rich in real examples with an update on recent practices and a forecast for some good few years to come. As an owner manager of a family-run hospitality brand strongly affected by the international market, I found the book very instructive, inspiring and motivating to continue the journey."<br /><b>—KAZUSHIGE KANAI,</b> 16th generation owner of Ryokan Tocen Goshoboh (since 1191),Arima Onsen, Japan</p> <p>"A thorough and enlightening guide to luxury brand management, exploring emerging trends as well aswell-established market dynamics. The Road to Luxury is a reference book for anyone working in Luxury or interested in learning about it."<br /><b>—MARC CHAYA,</b> CEO & Co-founder, Maison Francis Kurkdjian - Group LVMH</p> <p><i>“ The Road to Luxury</i> is a brilliantly insightful map of global luxury. The book walks you through the evolution of luxury maisons, the key markets and the talents that drive it. It also provides a view on the impact of COVID pandemic, future shifts in the business model and innovations to come. This book is a must-read for all luxury executives and students."<br /><b>—GRACE NIDA,</b> Managing Director, Global Luxury Sector, Korn Ferry</p> <p>"This book gives a global view on the luxury industry. It has a comprehensive approach which makes it relevant to all audiences. The mix between academic research and real-world examples makes it a comprehensive tool and gives the reader a great amount of knowledge about the vibrant world of luxury. I encourage everyone to read it whether you are a student, a professional or just curious to learn about the exciting world of luxury."<br /><b>—PATRICK CHALHOUB,</b> Co-CEO, Chalhoub Group</p>

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