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Foreword By Francois-Henri Pinault, Chairman and CEO of Kering It is widely acknowledged that China is one of the leading drivers of the sustained growth in the luxury sector. Six years ago, in his previous book, The Bling Dynasty, Erwan Rambourg had the foresight to announce that this was more than just a trend, but was a structural and therefore lasting phenomenon. Even today, the Chinese market represents a substantial reservoir of growth. While this has not altered the ties between the major houses and their home countries, it has led to a shift in the center of gravity for our sector. Taking his argument further, the author rightly underlines that this move toward Asia is not the only structural force to be changing the key balances within the luxury industry. To varying degrees, the sector as a whole has benefited considerably from changes in consumer behavior among the new generations, irrespective of geography. Initially viewed as something ephemeral, the appetite of millennials around the world for luxury products is showing no signs of waning. Proof, if it were needed, that this inclination is the result of a fundamental shift in society, driven by changes in the way of life of young adults, the growth in their discretionary spending, and the new social identities embraced by consumers. Among the factors contributing to this new generation of clientele for luxury brands is the rise of social networks, within the broader context of the digital revolution. The author’s comments on the “selfie generation” reflect what is for me a deeply-held belief: that modern luxury, enriched by genuine, interactive creativity, enables individuals to assert themselves and to express their unique personalities. Today’s successful houses are able to provide a response to this fundamental need. Acquiring a luxury product is about far more than mere consumption; it's also about choosing a style, an aesthetic, an attitude. It means becoming part of a tradition that is being reinterpreted and renewed by a creative vision. It means sharing the values that are associated with a particular brand. This is why luxury brands need to live up to the expectations, along with the sense of attachment, which they create. Modern luxury is a luxury that accepts its responsibilities to the environment, that does not hesitate to take part in debates within society, and that promotes diversity and inclusion. All these characteristics reflect the expectations of the new generation of customers and, together, they represent the major challenge facing our sector—but also an opportunity to claim its sense of purpose.
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