How the luxury and prestige industries create immersive experiences to attract and deeply connect with their clients
On 19 January 2024, André Terrail, owner and CEO of the legendary restaurant La Tour d’Argent in Paris, was a happy man. The sale of part of the tableware and elements of the historic décor of his establishment raised over €720,000 in just a few hours. What motivated people to obtain parts of a restaurant? Buyers aimed to acquire a piece of the magic the brand built over time through etiquette.
Defined as ways of doing things that allow for the expression and exercise of power, wealth, confidence and taste, etiquette is an old concept that brands have recently revived as a strategic tool to build new business value. What can managers learn from this rebirth?
[This article is republished courtesy of INSEAD Knowledge, the portal to the latest business insights and views of The Business School of the World. Copyright INSEAD 2024]