Why it’s a mistake to define luxury by price

Almost all high-priced products get called “luxury” these days, but prices don’t define which brands get considered luxury brands — only extreme value can do that. Photo: Shutterstock Alexandre Arnault, CEO of the luggage brand Rimowa and the son of LVMH founder Bernard Arnault, stated in a series of recent interviews that he prefers not to use the term “luxury” as it’s too connected to price. I believe this is true, and the word is often used far too loosely. Today, companies slap a high price tag on almost any type of product as a way to label it “luxury.” Yet this strategy almost always fails. Read more…