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“Who would pay $300,000 for a handbag?” asks Au (2016) after a Himalayan Hermès Birkin bag was recently sold for this price at an auction in Hong Kong. Luxury seems to puzzle us and fascinate us at the same time. The myths surrounding luxury objects further contribute to their somewhat magical aura, which seems to lie beyond rational comprehension. What is it that creates this lure and desire for some consumers? And what do we know as marketers and managers about the fundamental principles that create luxury?
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