Economist Podcasts
Money Talks: Europe’s luxury crown
Jan 18, 2024
Thomai Serdari, a marketing professor at NYU Stern, provides a historical perspective on Europe's luxury industry, emphasizing its dominance and heritage. Ermenegildo Zegna, CEO of the Zegna Group, shares insights on strategic acquisitions and the challenges faced by luxury brands today. They discuss the resilience of European firms amidst global competition and the delicate balance between exclusivity and accessibility in luxury fashion. The conversation highlights how luxury goods can outperform traditional investments, revealing their evolving status in today's market.
39:09
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Quick takeaways
- European firms dominate the luxury industry due to their rich history, heritage, and emphasis on quality.
- Luxury brands maintain their position through vertical integration, brand consolidation, and balancing accessibility with exclusivity.
Deep dives
The Transformation of the Luxury Industry
The podcast discusses the transformation of the luxury industry over the past few decades. It highlights how the industry has grown from serving a small niche market to becoming a global powerhouse. The expansion of the luxury market can be attributed to the rise of wealthy individuals in countries like China and the Middle East. The episode emphasizes the democratization of luxury, with brands offering more accessible products like sunglasses and wallets. However, the episode also highlights the challenges faced by the industry, such as the recent slowdown in sales.
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