(Newsletter #20) Responsibility, authenticity, circularity... is the luxury sector navigating in the right direction?

The luxury sector – which encompasses activities as varied as fashion, jewellery, tableware, watchmaking and hotels – is subject to conflicting pressures and expectations.

With an economic weight of €350 billion, or the equivalent of 12% of French GDP, the stakes are far from negligible. From international giants to artisans around the world, the same fundamental questions arise: what is the right balance between tradition and innovation? What role should responsibility in all its forms play, particularly in environmental matters? What should be promoted – unique know-how, second-hand products, innovative sourcing? – and how will consumers react?

In this new issue, our Professors draw on an impressive body of their latest research to revisit key concepts, tackle head-on the main challenges facing the sector and open up new avenues for reflection.

Don't forget that all these EDHEC Vox articles are also available in French on our website.

Happy reading!

“In this turbulent period, brands are compelled to reconsider what 'luxury' truly means”

An interview with Marie-Cécile Cervellon (EDHEC)

M-C Cervellon presents a monumental collaboration with 76 global experts in luxury marketing. Together with her four co-editors*, she tackles the pressing issues facing the sector, including how luxury can reconcile heritage and digital disruption, exclusivity and inclusivity, sustainability and desirability. At a time when the luxury industry is grappling with economic slowdowns and rapidly evolving consumer expectations, the interviewee draws on her years of research & teaching to question the very essence of luxury… Read this interview

* Klaus Heine (EM Lyon), Michel Phan (EM Lyon), Ian Phau (Curtin Univ.) and Eunju Ko (Yonsei Univ.)

Understanding why consumers could choose circular luxury

By Arne De Keyser (EDHEC) - see his portrait below

They may seem opposed, but luxury and sustainability – particularly circularity, i.e. resale, upcycling and sustainable materials – are reshaping the industry. Arne De Keyser's research reveals that circular luxury is not just about sustainability, but also about engaging consumers in a whole new way. He shows that success depends on the ability to spark initial interest and foster lasting change by understanding what really motivates people: affordability, uniqueness or the pride of being eco-friendly... Read this article

Art and organised crime: from awareness to action

By Guergana Guintcheva and Bertrand Monnet (EDHEC)

The art market’s opacity and soaring valuations make it a prime target for money laundering, with criminals exploiting subjective pricing, anonymity, and digital loopholes. In their latest research, Guergana Guintcheva and Bertrand Monnet expose how art becomes a tool for illicit finance and argue that tighter regulations, tech-driven transparency, and industry-wide vigilance are the only way to turn awareness into real action… Read this article

Who are ethical luxury consumers?

By Joëlle Vanhamme (EDHEC)

Today, nearly half of luxury goods consumers prioritise ethics in their purchases, but their motivations and behaviours could not be more different. This is revealed by J. Vanhamme in a research piece focusing on the motivations and aspirations of five personas: some, like Tom, young and ambitious, seek both prestige and meaning, while others, like Caroline, pragmatic, consider luxury and sustainability to be an oxymoron. The key for brands? Adapting not only the message, but also the model: rental, reuse or radical transparency... Read this article

Jewellery: can synthetic diamonds and CSR appeal to millennials?

By Sabine Ruaud (EDHEC), Catherine Lejealle (ISC Paris) and Thierry Delecolle (EMLV)

As younger generations redefine the codes of luxury, brands such as Courbet are turning to synthetic diamonds, recycled gold and radical transparency to prove that ethics and elegance can coexist. But in a market still dominated by heritage, prestige and desire, will responsibility ever be able to compete with rarity? Focusing on Chinese millennials, Sabine Ruaud and her co-authors offer an in-depth analysis of a highly competitive market while attempting to provide valuable insights for other regions and types of consumers... Read this article

"Because it is driven by value rather than volume, the luxury sector can lead the way in circular innovation"

An interview with Thibaut Joltreau (EDHEC)

In a world where fashion is being forced to rethink its excesses, could luxury, often considered the very embodiment of exclusivity, become the unexpected model for circular innovation? In his latest research*, Thibaut Joltreau explores how a sector based on value rather than volume could hold the key to more sustainable business models and production networks. From new European regulations to changing consumer expectations, the balance between prestige and responsibility is being redefined... Read this interview

* Louise Curran and Christian Gnekpe (TBS Education)

Luxury consumption in China: a story of dynamic transformation

By Michael Antioco (EDHEC)

What if China’s luxury boom isn’t just about volume, but about a tectonic shift in how status, identity, and desire are expressed? In this article, Michael Antioco explores how and why, in the past decade, the Chinese market has quintupled. Yet beneath headlines of growth lie surprising currents: lower-tier city buyers, rising cultural pride, and a new generation that values authenticity over logos. For luxury brands, it’s less about expanding everywhere and more about mastering nuance, regional diversity, and digital intimacy. The question is no longer “Can you sell in China?”, it’s “Can you speak to China’s evolving soul"... Read this article

Meet Arne De Keyser, a Professor of marketing and a framework-builder for better customer experiences

“[…] He cites “research freedom” as a key criterion, and found the match he wanted at EDHEC: room to explore coupled with a clear ambition for research. ‘Having the time and freedom to investigate consumer phenomena is an immense privilege,’ he notes, ‘and one I don’t take for granted.’ To him, academia is a space where discovery remains central: a place to deepen our understanding of complex phenomena, to communicate those insights clearly, work together as a team to move a research field forward, and to mentor the new generations who join it…” Read this portrait

Header (drawing) - Anne Moreau, 2025