In response to the ongoing struggles in the luxury market, a new book features insights from 25 industry leaders on maintaining success. The work highlights perspectives from various sectors, including hospitality and fashion, emphasizing the need for exclusivity, loyalty among clients, and a cautious approach to expansion. Richard Mille, a watch brand co-founder, advocates for limiting production quantities and keeping prices high. This strategy not only enhances brand value but also taps into new markets, suggesting that luxury clientele are willing to pay significantly for exclusive pieces.
Mr. Mille suggests that the key to survival in luxury is to maintain exclusivity and high prices, which ensures loyal clientele and limited production.
He emphasizes a slow expansion across global markets, promoting balanced revenue distribution, which has allowed significant potential growth in underserved regions.
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