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Systemic Luxury Strategy

The current world of luxury business is globalised, networked, uncertain, and turbulent. This chapter integrates insights from the socioecological approach to strategy, service-dominant logic, and institutional theory to conceptualise a systemic luxury strategy approach. By highlighting the link between forces in the contextual environment and their consequences in the luxury ecosystem, this approach presents how luxury actors (1) design and institutionalise systems for value cocreation (micro-level), (2) reshape the luxury ecosystem (meso-level), and (3) dynamically assess and influence developments in the contextual environment (macro-level). Systemic luxury strategy is understood as a learning journey to iteratively reconfigure the landscape and reframe mental maps. The chapter concludes by exploring how engaged scholars and practitioners can enact systemic luxury strategy.