The perfect strategy for millennials, I think, is focused on the brand reputation. The higher the brand reputation is kept, the better it is for millennials and also for existing customers. Hermès is one of most interesting examples in this sense. The Birkin bag is the most sought after bag, both from generations of women in their 50s and 60s, as well as the youngest generations of millennials. This is because Hermès managed to have a proper growth to keep the exclusivity and the rarity and the authenticity of its own message.
In the greatest luxury groups, leadership is a key factor. Of course, the best performing groups are the ones that can have clear organization, proper distribution of roles and brand positioning of each single company inside the group, in order to avoid any internal competition. A strong leadership is definitely required, but it has to be a leadership that can drive all the other leaders. It’s a leadership that has to create and enable other leaders to grow the brand they are driving.
