The luxury industry is accustomed to treating the consumer as an apprentice who needed to be educated. It has established the process of turning the new rich into mature buyers, increasing the number of products carrying logos on one hand while using limited runs on the other. It mounted its expansion through geographic dominance and showed its relevance by striking at conventions of consumption. However, its survival going forward will depend on a "complete and drastic reformulation" of this model, says Bain & Company partner Claudia D'Arpizio.

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