Exclusivity is not measured by price. And the biggest problem is “confusing the term exclusivity with desirability,” because the much-coveted super-rich are not falling for it. This is the focus of Brunello Cucinelli’s reflection during his recent trip to Shanghai (Oct. 22-23, 2024). “In 30 years, everyone has indulged in giving it adjectives: accessible, aspirational, and so on”, reports Corriere della Sera. Luxury does not mean “desirable” according to the Umbrian entrepreneur: “Pizza is good and desirable, but not exclusive”. The policy of raising prices, which we often talk about even in the pages of La Conceria, is probably a symptom of this misperception of luxury. “This is also why many rich people are falling out of love with fashion”, Cucinelli continues. “Because of this and because of the prices”.
What exclusivity means
Criticism of luxury goods pricing strategy comes from different directions (as we reported here). And even Cucinelli (photo Imagoeconomica) finds the policy of constant price lists’ adjustments exaggerated. “There are brands that have raised prices by as much as 37% in four years and with a pandemic behind them. An exaggeration”, the Courier reports again. The issue of perceived luxury should shift to “unaffordable”. “It’s not at all true that customers have lost the love for luxury”, declares Cucinelli, as reported by La Repubblica. ”But if you find it everywhere, what kind of luxury is it? What has been lost is exclusivity. As far as I am concerned, I don’t buy anything that is too widely distributed”. The super-rich, evidently, behave as he does.
Confidence in China
Brunello Cucinelli, in Shanghai for a series of meetings, explains his relationship with China and his confidence in the country’s economic present and future. What many call a crisis, he calls a “normalization” or “rebalancing phase”. “On the contrary, it seems to me that China is living a moment of healthy balance, that it is consolidating”, reports La Repubblica. ”China will be the great welfare of humanity for the next 50 years”.
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