Luxury Is Changing and So Are The Players

And it's changing right before us. It used to be that luxury was all about opulence, beauty, and affluence. Only the people who were part of the elite could afford the lifestyle and be a part of the club. While today luxury is becoming more about the social responsibility towards the environment, the purpose of the brand, and the story it tells. And while not all can afford it, they can still be a part of the club by joining the movement the brand creates.

It's amazing how one generation can dramatically change the course of a 350 year old industry in such a few short years. Car companies, such as Tesla, are building innovative luxury vehicles and beginning to compete with household names such as BMW and Mercedes. What used to take luxury brands a half of century to build, Tory Burch did it in 10 years. Luxury is changing and so are the players; and the giants are beginning to recognize that any company that has the ability to create art (in it's products and services) and assemble a following also has a chance to become a competitor in the market.