Luxury is going through another transformational phase. Unfortunately, in times of change, there is so much noise in the system that it is very difficult to hone in on the true signal. Myths abound with respect to the definition of luxury and luxury consumers. Today, anyone who feels empowered by the chaos, declares themselves a luxury expert and proceeds to declare what they know to be the ultimate luxury truth. From this, a great deal of mythology is making the rounds in the luxury media, and luxury events. The Luxury Institute recently conducted a crowdsourcing project with its Global Luxury Expert Network (GLEN) members to identify the current greatest myths in the luxury and premium goods and services industry that represent the biggest obstacles to high-performance. GLEN is a network of hundreds of luxury goods and servicesexperts and executives who form the core of Luxury Institute’s research, training, and business solutions staff. Through the Global Luxury Expert Network, Luxury Institute has the ability to provide its clients with high-performance, leading-edge business solutions developed by the best, most successful minds in the industry. Allhave a minimum of 12-years of operating experience and are current and/or former C-level, VP or Director executives at top-tier luxury brands with proven track records of high-performance. Their expertise spans over dozens of luxury and premium goods and services categories and their leading-edge expertise is key to the success of all clients.In this podcast, Milton Pedraza, Luxury Institute CEO, outlined the 12 myths, and the corresponding realities, that GLEN members voted as the greatest obstacles to high-performance in the luxury industry in 2019.

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