Luxury is an Advantage in Tech

To emphasize why luxury is a compelling advantage for a tech company, Galloway points to the wealth that has been created in both luxury and retail.

Few industries have created more wealth by tapping into our consuming selves than retail. Of the four hundred wealthiest people in the world (excluding those who inherited wealth or are in finance) more names on the list are in retail than even technology. Armanico Ortega, the scion of Zara, is the wealthiest man in Europe. Number three, Bernard Arnault of [LVMH], who may be thought of as the father of modern luxury, owns and operates 3,300-plus stores - more than Home Depot.

The emphasis is then places specifically on luxury on page 72.

When luxury works, the act of spending itself is part of the experience. Buying a diamond necklace out of the back of a truck, even if the stones are real, isn't as satisfying as the purchase at Tiffany, from a well-dressed sales assistant who presents the necklace under brilliant lights and speaks in hushed tones. Luxury is the market equivalent of feathers on a bird.

Source: Scott Galloway | The Four | 10/3/2017 | p. 17 | Visit

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