Hatton Garden jeweller De Vere Diamonds has asked the question, “How do you define luxury?” in its latest ‘Luxury in Conversation’ blog post.
With the help of De Vere and other contributors, Dr Christian Kurtzke believes he has provided the answer in a blog post released today on the company’s website.
Kurtzke is founding president of MEISTERKREIS, the German Luxury Association, and now CEO of The Together Group, as well as former CEO of the Porsche Design Group, Meissen.
He believes that a complicated answer is needed to the question, and says that the answer differs depending on the market.
Factors such as a market’s digitisation and product cycle time affect the answer.
“In fact, luxury watch businesses have probably more in common with luxury automotive than with fashion or jewellery,” he wrote.
However, he does note some commonalities across all industries, including “the use of high-quality and relatively precious materials, a special, carefully-refining human touch for the soul-making of luxury at the product and service level, as well as the valuable consumer consciousness to interact with an exceptional brand”.
Kurtzke also notes that customer service and a luxury space – or store – to accommodate a luxury product is necessary to the sale. This, he reasons, is why luxury markets may be struggling during the pandemic.
All of Kurtzke’s tips on building the luxury brand – both physical and online – of the future can be found in De Vere’s blog post.
.Don't miss @CKLuxury Dr Christian Kurtzke, today, in Luxury in Conversation.https://t.co/twirchVIbH#MondayMotivation #mondaythoughts #luxury #Sustainability #future #postpandemic #future pic.twitter.com/UciuFhvSgD
— De Vere Diamonds (@DiamondsVere) August 24, 2020