Industry Update
External Article11 May 2020

Luxury Institute: Seven Rules For Reinventing Your Luxury Business

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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.

So, it has to be asked: How can luxury business leaders take creative, effective steps right now to shift the growth curve to a higher plane, with a steeper growth trajectory? Here are seven rules, according to Luxury Institute, for reinventing the luxury business model for post-pandemic success:

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.

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