Luxury is in fashion and is now to be found in almost every retail, manufacturing and service sector. New terms like "mass-luxury," "new luxury" and "hyper luxury" attempt to qualify luxury, causing confusion today about what really makes a luxury product, a luxury brand or a luxury company. Luxury experts Jean-Noel Kapferer and Vincent Bastien provide the first rigorous blueprint for effectively managing luxury brands and companies at the highest level. The new edition of The Luxury Strategy includes more information about digital strategy, globalization, sustainable development and why luxury brands are resilient to recessions. It analyzes in depth the essence of luxury, highlights its managerial implications and rationalizes the highly original methods – often very far from the usual marketing strategies – used to transform small family businesses such as Ferrari, BMW, Louis Vuitton, Cartier, Chanel, Armani or Ralph Lauren into worldwide successes. The Luxury Strategy rationalizes those business models which have achieved profitability, while sustaining the luxury status of their brands, and sets out the counter-intuitive rules for successfully marketing luxury goods and services.