Are you looking to start your own business? Do you have an expertise or a specialty that almost no one else can replicate? Do you just really like fancy things? If any or all of these apply to you, you might want to know that right now is apparently the best time to create a luxury startup, according to numerous sources from both America and throughout Europe.
The main reasoning behind this encouragement for individuals to create their own luxury startup businesses is the fact that so many luxury brands out there today are beloved one second before being forgotten in the next. The industry is constant battle of being new, appealing, and unique.
“If you look at Condé Nast, 10 years ago they were at the center of many conversations among the elite. Many people read The New Yorker, Vanity Fair, Vogue, Gourmet and more,” well-known marketing expert Seth Godin said to Tech Crunch writer Romain Dillet in a recent interview. “Today they could disappear and nobody would miss them. It only took a decade.”
What Godin is getting at here is that people will always be searching for the “next big thing.” Luxury items are only luxury items until people decide that they aren’t anymore and that they want to move on to the newest, most attractive new product that they can find. It’s all about the brand of the product and its rarity.
“There is no question that, in a blind test, luxury goods are overpriced. That’s the definition of luxury goods. They are not better in terms of measurable engineering specs. They are better because they are scarce,” Godin said.
“We can agree that by any measure of good, an Hermès bag is not good,” Godin continued. “What is it then? It’s a badge, a way to say I’m in this group, I’m not in that group.”
And isn’t that all luxury items are? Simply ways of distinguishing yourself from the common and the general. It’s a concept that will likely never cease to exist, which means that people attempting to launch a new luxury startup may be in luck if their products are good, rare, and can provide that symbol of status and wealth that so many other items out there on the market do.
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