Abstract
Once upon a time, luxury was defined by rare and expensive materials, exceptional craftsmanship and iconic design. It was about acquiring something that only a select few could afford and displaying it as a symbol of wealth and status. However, as the world changed, so too did the definition of luxury. Today, the luxury market is experiencing a transformation that is rewriting the rules of what it means to be luxurious. In order to succeed in this rapidly changing landscape, luxury brands must embrace a new paradigm of leadership. They must be proactive in their approach, seeking out new opportunities for growth and innovation. And they must be willing to take bold risks and embrace new technologies and business models. So what does all of this mean for the future of luxury beyond 2023? It means that in order to survive and thrive, luxury brands must be able to adapt to their changing environment, to balance the tension between opposing forces and to create their own unique interpretation of what luxury means. They must also be able to innovate and create new and relevant experiences for consumers, and to do so, they must be able to think creatively and to think beyond the constraints of traditional models and conventions. This article details the rationale behind how luxury brands have an opportunity to lead the way in shaping a more responsible, sustainable and equitable future. It offers actions and strategies to understand how to embrace their mantle of greater expectation and responsibility, in order to use their comparative advantage to drive positive change in society.
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