Cracking the luxury code. The Gucci Renaissance.

Abstract

Luxury has always been contradistinguished by the conceptual and symbolic dimension - the aura - attached to the "products" (products and services) created by luxury brands. The multisensorial sphere, lying on the increasing need of experience from consumers, characterizes the management of these creations. Luxury brands are the result of culture and business practices. They go beyond the object and they are built on reputation. Communication is the key and people, "products", passion, pleasure, purpose and price are the levers. By tradition, luxury market has been a select market run by exclusive brands and enjoyed by wealthiest individuals. Nowadays, this space shaped its boundaries due to the fast pace of change which characterizes the digital era which we are immerse in. Instability is not that uncommon and luxury brands are challenged to demonstrate their strength. For this reason, there is a new set of "survival rules" to be adopted for cracking the luxury codes and stretching brands without losing exclusivity. The most crucial one - innovating this world of meanings - is constantly knocking at the precious doors of the elected players. A successful way of how to open will be discussed illustrating the case of Gucci, which is benefitting of a renaissance after a tough period of turbulence.