Luxury is an elusive concept. When most people think of luxury, they think “expensive.” And, yes, the price point of luxury is typically in the top 1 percent of all products in a category. However, a product in this extreme pricing tier will only be successful if the value it creates matches the price. As such, the price is a result of value creationnot the value itself. Therefore, to create luxury, brands need to create value. But...
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