The cultural capital of luxury brands | Key takeaways

ph: Erik Mclean (Unsplash)

Great session with an engaged audience yesterday at the “Fashion and Luxury Law” course organized by Tailored. The session was specifically designed for legal experts and students of law to appreciate the social and cultural value of luxury brands.

Here below the key takeaways:

1. Brands’ value is socially generated. It stems from the resonance that a brand has with societal mind-sets, values and feelings in specific times and conditions.

2.Companies build their cultural capital through their: offerings; communication and corporate behaviour; heritage or acquired reputation.

3. Cultural capital is not a perennial asset. It needs to be constantly adjusted along shifting social and cultural changes. Luxury brands’ cultural capital has traditionally relied on values such as conservatism and self- enhancement. Nowadays traditional luxury brands as well as emerging ones needs to develop also self-transcendence and self-direction.