The traditional pillars of luxury – rarity, exclusivity, and artisanal craft are giving way to a new currency. For decades, the industry was defined by the tangible: the precise stitch, the rare skin, the silent atelier. That is no longer enough. As houses such as Louis Vuitton and Dior demonstrate, the industry has shifted from selling objects to brokering cultural capital, and for the modern consumer, luxury is less defined by what one possesses than by the cultural space one inhabits.