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Luxury Brand Management in Digital and Sustainable Times
FOURTH EDITION
Michel Chevalier
Gérald Mazzalovo
This edition first published 2021
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ibrary of Congress Cataloging-in-Publication
DataNames: Chevalier, Michel, 1943- author. | Mazzalovo, Gerald, author.
Title: Luxury brand management in digital and sustainable times : a new world of privilege / Michel Chevalier, Gerald Mazzalovo.
Description: Fourth Edition. | Hoboken : Wiley, 2021. | Revised edition.
Identifiers: LCCN 2020029296 (print) | LCCN 2020029297 (ebook) | ISBN 9781119706281 (hardcover) | ISBN 9781119706298 (adobe pdf) | ISBN 9781119706304 (epub)
Subjects: LCSH: Brand name products--Management. | Luxury goods industry. | Luxuries--Marketing. | Branding (Marketing)
Classification: LCC HD69.B7 C476 2021 (print) | LCC HD69.B7 (ebook) | DDC 658.8/27--dc23
LC record available at https://lccn.loc.gov/2020029296
LC ebook record available at https://lccn.loc.gov/2020029297
Cover Design: Wiley
Cover Image: ©Akintevs/Getty Images
Introduction
Why write a fourth edition of a book that was initially published in 2008?
Five reasons justify the effort:
1 Luxury is changing. First of all, luxury consumption and the industries related to it continue to play an increasingly important role in today's economy, societies, and ways of living, and are an important engine of innovation and fulfillment of basic human desires toward beauty and excellence. The dynamism of the luxury industries' evolution deserves constant observation just to keep up with its nature, mechanisms, and meanings and to be able to share those with our readers. In just the first months of 2020, as we were busy writing the new text, LVMH bought Tiffany's; Neimann Marcus, J.Crew, JC Penney, Brooks Brothers, Muji USA, and Barney's filed for Chapter 11; Sonya Rykiel went into liquidation and the brand was bought by two young new investors; Fenty, the new brand managed by Rihanna and co-owned with LVMH, occupied all the windows of Bergdorf Goodman in New York in February. The advent of COVID-19 has also shown numerous solidary initiatives from small and big brands. In this catastrophic pandemic, luxury brands have also shown their resilience, not only on e-commerce but in traditional physical retail, when the conditions allow for reopening.
2 We know more. Since the third edition in 2015, both authors have been involved in managing and advising luxury products and services brands in personal goods, perfumery, distribution, and education. The experience garnered by being actively engaged in brand management realities in Asia, the Middle East, and Europe led us to evolve in our understanding of current and future brand management issues. The academic literature has been prolific on luxury subjects and more knowledge has emerged as a result. A lot of the lessons learned are integrated in this book.
3 We live in digital times. This is one of the most important factors affecting all businesses in general and luxury brands in particular. The changes brought about by digital technology are affecting the industries, the brand strategies and operations, the consumers' ways of thinking and buying, and more.
4 Sustainability is becoming our way of living. This is the second major factor influencing luxury brand management and consumption. Luxury brands have been somewhat late in addressing it, but are now fully on board and very often innovative leaders in the field.
5 COVID-19 has been a major disruptor. It will eventually be controlled, but it serves as both a revealer and an accelerator of existing trends. It will have profound effects on geopolitics as well as on everything related to mobility and, therefore, on industrial and commercial processes.
All these conditions have generated the new content that is included in this edition.
