Luxury Marketing

This course is an introduction to the marketing of luxury goods and services. The luxury industry is unlike any other; it is an inspiring and fascinating world that involves a diverse group of competitors. On the supply side, it encompasses a broad range of sectors—from hotels to real estate, yachts to private jets, fashion to jewelry, and pits small independent businesses against established multinational conglomerates. On the market side, luxury consumers are extremely demanding and sophisticated; luxury goods and services must not only be of exceptional quality but also provide a complex set of functional, social, and emotional benefits to consumers. The course explores the origin, history, and evolution of luxury and gives an overview of the global luxury industry including markets, major players, and trends. Then it highlights the specificities of marketing in the luxury sector. Luxury brands are an entirely different proposition and require a very specific approach to brand management and marketing. They notably have to manage a number of inherent paradoxes and tensions. We discuss differences in mass versus luxury marketing approaches. The course also focuses on examining the main challenges with which luxury brands are currently confronted.