To avoid it, luxury companies have to maintain and grow their distinction as they scale.

Craftsmanship in luxury is a must-have, not a nice to have. It is the product truth, not a marketing activation. Luxury brands grew out of the exceptional product design, and the enduringly profitable luxury brands pursue product-led branding.

Aspirational markets are not a zero-sum game. Buyer value protects pricing power, as consumers are willing to pay premium for value they think they cannot get anywhere else.

Producing less, and making items less available, is a way to increase their value and justify high prices. But, as Diane Rovel, a fictional character at the top of the world’s biggest luxury conglomerate in La Maison TV show, said, “please don’t talk to me about de-growth.”