"The Luxury Strategy" has established itself as the definitive work on the essence of a luxury strategy, providing a thorough understanding of the unique (and often paradoxical) rules for successful luxury brand management. Completely revised and updated, the second edition of this classic text explores the diversity of meanings of "luxury" across different markets as well as the impact of social networks and digital developments on the luxury strategy. Written by two world experts on the subject, it provides a rigorous blueprint for the effective management of luxury brands and companies at the highest level, including human resources and financial management. It rationalizes those business models that have achieved profitability and unveils the original methods that were used to transform small family businesses such as Ferrari, Louis Vuitton, Cartier, Chanel, Armani, Gucci, and Ralph Lauren into profitable global brands.