The Wall Street Journal ran a rather good article on the Buyer’s Market last week. So the business of luxury has taken a nosedive — as if we didn’t see that coming. What’s interesting is how successful Gilt.com has been as a result. For those who don’t know yet, Gilt is an online sale portal where selected items go on sale for 24 hours, and prices are slashed by, well, a lot.
Dana Thomas highlighted luxury’s new form in Deluxe: How Luxury Lost its Lustre, back in 2007. Read this well if you’re trying to understand the business — Thomas uncovers all its little secrets, puts every detail in place, and delivers an extremely clear picture of where we are headed. I think the current economy has only made it all the more relevant.