There is a clear definition of what is luxury and what is not. Consumers do not define what is a luxury and what is not. However, the word is not owned by academics. So everyone can use it freely. Business professionals must know what are the differences between fast fashion, premium and luxury because otherwise, they can make major strategic mistakes. Professor Jean-Noel Kapferer and Professor Vincent Bastien have been able to write the luxury strategy in a nutshell. Here it goes.
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Published in Luxury Sales Academy.