LUXURY AND THE RECENT ECONOMIC CRISIS

In comparison with other economic activities, the luxury domain is characterized by a series of paradoxes concerning price, distribution, production and its various relationships to time. With the crisis, certain brands have respected these paradoxes and been able to strengthen their positions while profiting from the Chinese market. The crisis has also enabled the world's largest luxury group, the French LVMH, to purchase brands that were suffering from the crisis. But beyond these purely economic considerations, it might well be the case that following the crisis the values represented by luxury are being modified and may become more "ethical". [PUBLICATION ABSTRACT]