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Insisting on luxury to survive

2014 , Reinhold, Michael , Annen, Emil , Berghaus, Benjamin , Müller-Stewens, Günter , Reinecke, Sven

Mastering fundamental crises on the market, like technological upheaval or competition from discounters, poses a major challenge for every company. On the basis of a practical example, we show that perseverance in the luxury segment may be a successful strategy for a medium-sized company to deal with crises. Important success factors include a long-term strategy oriented towards the luxury segment, consistent brand management and a contemporary communication strategy tailored to the target groups.