Over the last holiday season, I vacationed on a private island. Most people on the island, except for yours truly, were billionaires. Amid super-yachts and private jets, one stereotypical signifier of extravagant wealth was notably absent: designer logos.
I was shocked that I did not see one luxury brand donned by any of the uber-rich people. While chatting up a fellow vacationer, the CEO of a high-end luxury brand, I asked if he was upset that his billionaire friends didn’t represent his brand. He said, “We don’t market to billionaires. They have nothing to prove and don’t buy our products. We market to millionaires and under, who feel special when wearing designer labels.”
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