The Luxury industry is built on a paradox: “the more desirable the brand becomes, the more it sells but the more it sells, the less desirable it becomes”. This paradox entirely encapsulates why Luxury lost its Luster.
As Ms. Thomas egregiously detailed in “Deluxe: How Luxury Lost Its Luster”, our generation has gone through a dramatic change in the concept of Luxury. It all started in the late 80s, when the small family businesses of beautifully handcrafted goods transitioned in global corporations. This transition shaped a shift from exclusivity to logos that are highly recognizable, from an emphasis on tradition and quality to an emphasis on growth and branding and profits.
Before, it was all different. High-profile luxury brands like Louis Vuitton or Gucci were founded in the 18th or 19th centuries by artisans committed to create beautiful, finely made crafts. At the time, the relationship between the artisan and the client was at the core of the product. The experience of being in the Bottega with the artisan and the privilege of having an object made just for you, gave the product a special value.