Book Review
I was extraordinarily excited to receive an Advance Reader's Copy of "The Management of Luxury: A Practitioner's Guide"
(Kogan Page Limited, Publishing Date: June 2018 ISBN-13: 978-0-74-948182-7 Price: USD 39.95)
There is little doubt that there is a great value, in prestige, in margins, and in net profits within the branded luxury market -- even if that luxury item only is used to create an image for lesser-priced goods and services.
Some, myself included, believe that marketing luxury markets include a degree of mystery, smoke and mirrors.
This is a difficult marketplace and there are many pitfalls should the brand luster be tarnished by scandal, the offering become available and affordable to the masses, a cheap, but accurate, counterfeit appears, or heaven forbid, the brand is ignored or mocked by social media influencers.
From the publisher:
"The Management of Luxury, second edition, presents a unique snapshot of best practice insights into the increasing challenges faced in luxury business, with contributions shared by more than fifty global leaders on luxury management. The highly renowned editors draw these together into one essential handbook, ranging from luxury brand strategy, luxury consumer behavior and market positioning, through to management succession, heritage, counterfeiting and competing effectively as a luxury SME [Subject Matter Expert]."
"Fully updated in its second edition, The Management of Luxury explores the newly evolving direction of Asian market trends and how to integrate digitalization into sales and product strategies. Both are crucial for competitive advantage in the luxury market, featured alongside iconic case studies such as Burberry, Louis Vuitton, and Leica. The book's value is not only in streamlining management processes and return on investment; but equally for those who marvel at an industry unlike any other, striving to trust both in the conventional and innovate new paths towards the extraordinary. Highly influential, applicable and enlightening, it is a vital addition to every luxury business manager's collection."
For most people, Ferrari sets a standard that represents an almost unobtainable luxury as nobody actually needs a Ferrari for ordinary streets on a day-to-day basis. It is expensive to maintain, insure, and is relatively fragile and susceptible to expensive damage from potholes, it is hard to enter some driveways without scraping the front air-dam, it has little room for luggage, and can be most uncomfortable on long trips. But who would not like to have a Ferrari in their garage along with a more sensible Mercedes, BMW, Audi or even a Rolls Royce? It is the epitome of a luxury brand. Status signaling at its finest.
If you plan on entering the luxury market, this is one handbook resource that is a "must have." But make sure you are getting the updated "second edition."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?