Recently, we have been hearing more and more being said and written about “luxury”. It must be a sign. This word, a sort of a magical “open sesame” for the Western world, needs to be redefined.
In Europe, and more specifically in Italy, a new trend seems to be developing. The “old” concept of luxury as the “consummation of non-essential goods” is still around to a degree in the emerging markets of Russia and China, but it is undergoing radical change on the Old Continent.
Luxury used to essentially be an affirmation of social status. People showed off their wealth by owning costly items and exhibiting them for all to see. In this game of visible splendour, watches have occupied a place of choice. But today’s “new luxury” no longer limits itself, as it did in the past, to objects that were only accessible to a small number of people wealthy enough to afford them.
The new contemporary luxury is no longer based on the idea of absolute exclusivity and great rarity. It has become much more accessible to a much greater number of consumers. Even the most expensive items are readily available nearly everywhere in the world, on condition, of course, that one has the wherewithal to acquire them.
The “real” new luxury has moved towards more symbolic and non-material values such as the notion of free time, space, silence, the environment, security, liberty, and beauty. All these values are quite far removed from the single idea relating to a fetish possession of a luxury object. What this means is that “luxury”, as we have understood it up to now, is becoming a thing of the past.
This is exactly what Franco Cologni confirms, in a manner of speaking. As the head of the Haute Horlogerie division of the Richemont group, he is known for his strategic vision and successful approach to the marketplace, and is largely considered to be one of the grand gurus of luxury. Cologni draws a parallel between fashion and luxury whose paths cross today much more often than before, both at the product level and in terms of image. Many “luxury” brands have become “fashion” brands, while many brands from the world of fashion are trying to become “luxury” brands. Today, we are seeing “luxury” brands abandoning a part of their “timeless” nature that they have always been known for, in favour of a sort of “instantaneousness” that they did not have before. And, it also works the other way, as well. Many “fashion” brands are looking to gain “timelessness”, in addition to their ephemeral nature. The result of all this, especially for real luxury brands, is that they are losing a significant part of their identity.
Franco Cologni also brings up another interesting point. What are the consequences of this exodus from the “old luxury,” reserved for the elite few, to the “contemporary luxury”, available to the masses. In its passage from actual exclusivity to apparent exclusivity, luxury is today reaching its limits to become its own paradox. “Mass luxury” is an obvious contradiction in terms, yet it does not seem to be a contradiction when it comes to “business” or its own raison d'être in the volume of sales it generates. This is precisely the reason why the notion of luxury is moving towards new, non-material frontiers bound by less and less tangible dimensions.
Taking this logic to the extreme, we can easily imagine that luxury will no longer be represented by the possession of objects – including watches – but rather by the expression of a certain lifestyle. Ah, but this won’t happen, says Cologni, if the brands, or at least certain production units within these brands, will succeed in returning to the true origins of luxury, to the time when it was tied to the most rigorous practices and values of craftsmanship or “artisanal skills”. In fact, Cologni is so convinced of the importance of this that he has created a foundation devoted to the study and preservation of these skills which are, unfortunately, on the verge of extinction.
“Quality” itself, exalted by many as the only standard for luxury, does not however seem sufficient to ensure its longevity. The future of luxury will entail its redefinition, which means a move back towards superb craftsmanship involving artisanal skills. In this context, it is up to the “real” luxury brands to take over the role that once belonged to the “patrons of the arts”. The ball is in their court. It is not only their responsibility to do so, their future prosperity depends on it.


Source: October - November 2005 Issue

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