The Family Business Model in the Luxury Fashion Context

Abstract

We established the context for the luxury fashion business, distinguishing in relation to the affordability of the products. Taking our cue from the Miller and Le Breton-Miller model (2005), we have attempted to create a new model, identifying a series of specific features of family businesses which represent a competitive advantage in the luxury fashion context, as they typify attitudes and values typical of family businesses. These particular features are the following: corporate heritage; long-term vision in investment strategy; specialization; internal and external relationships; tendency to innovate. These particular features affect the propensity to innovate, which is the core topic of the book.