Luxury Institute: Seven Rules For Reinventing Your Luxury Business
Citizens of the world have endured months of living through the COVID-19 (coronavirus) pandemic experience. When we are past the worst of the crisis, Luxury Institute says we will not be the same, but we know from history that there will be many major opportunities for economic prosperity.
Rule 1: From Disruption to Agility
According to the disruption experts, brands have to be in a relatively constant state of disruption or perish. Luxury Institute notes the failures of Kodak and Blockbuster. The former invented the first digital camera in 1975 but it didn't develop its digital business for fear of hurting its lucrative film business; the latter had video streaming technology, but not the courage and agility to execute. There was nothing to tear down in either case, but there was something to build, in parallel.