An exploratory investigation on new product development in family luxury businesses Online publication date: Mon, 06-Apr-2015
by Stefano Bresciani; Bernardo Bertoldi; Chiara Giachino; Alberto Ferraris
World Review of Entrepreneurship, Management and Sustainable Development (WREMSD), Vol. 11, No. 2/3, 2015
Abstract: In the actual scenario characterised by new and ever-changing dynamics of the global market, firms need to quickly and timely anticipate competitors' next moves, monitor market tastes, adapt their products and properly communicate their positioning. The history of many luxury brands is linked to a family, though they may have changed ownership over time. The products often remain faithful to the style impressed by the family and when it does not happen, the risk is to lose enamel. Since this phenomenon has not been thoroughly investigated, this research aims at investigating the relationship between family and products in the luxury sector, in order to understand if and how, the family affects the success of the company. We have interviewed 19 family businesses operating in the luxury sector discovering that the involvement of the family and its essence are deeply anchored in the core business of the company.
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