Concept
Luxury goods
Related concepts (17)
Sumptuary law
Sumptuary laws (from Latin sūmptuāriae lēgēs) are laws that try to regulate consumption. Black's Law Dictionary defines them as "Laws made for the purpose of restraining luxury or extravagance, particularly against inordinate expenditures for apparel, food, furniture, or shoes, etc." Historically, they were intended to regulate and reinforce social hierarchies and morals through restrictions on clothing, food, and luxury expenditures, often depending on a person's social rank.
Veblen good
A Veblen good is a type of luxury good for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. The higher prices of Veblen goods may make them desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own. Veblen goods are named after American economist Thorstein Veblen, who first identified conspicuous consumption as a mode of status-seeking (i.
Status symbol
A status symbol is a visible, external symbol of one's social position, an indicator of economic or social status. Many luxury goods are often considered status symbols. Status symbol is also a sociological term – as part of social and sociological symbolic interactionism – relating to how individuals and groups interact and interpret various cultural symbols. The term "status symbol" was first written in English in 1955, but from 1959 with the publication of the bestseller "The Status Seekers" greater distribution.
Louis Vuitton
Louis Vuitton Malletier, commonly known as Louis Vuitton (luːˈiː_vɪˈtɒn, lwi vɥitɔ̃), is a French luxury fashion house and company founded in 1854 by Louis Vuitton. The label's LV monogram appears on most of its products, ranging from luxury bags and leather goods to ready-to-wear, shoes, perfumes, watches, jewellery, accessories, sunglasses and books. Louis Vuitton is one of the world's leading international fashion houses. It sells its products through standalone boutiques, lease departments in high-end departmental stores, and through the e-commerce section of its website.
Armani
Giorgio Armani S.p.A. (ˈdʒordʒo arˈmaːni), commonly known as Armani, is an Italian luxury fashion house founded in Milan by Giorgio Armani which designs, manufactures, distributes and retails haute couture, ready-to-wear, leather goods, shoes, accessories, and home interiors. Armani licenses its name and branding to Luxottica for eyewear; L'Oréal for fragrances and cosmetics; and Fossil for watches and jewelry. It is considered Italy's third-biggest fashion group behind Gucci and Prada.
Fashion design
Fashion design is the creative process of assembling clothing and accessories by cutting, sewing, and adorning materials like textiles and leather with aesthetic elements like patterns, motifs, shapes, cuts, and colors from various cultures. Fashion design is the craft of fashion designers who create clothing, accessory, and jewelry for consumers, according to cultural and aesthetic influences, fashion styles, market trends, locations, seasons, and consumer segments.
Conspicuous consumption
In sociology and in economics, the term conspicuous consumption describes and explains the consumer practice of buying and using goods of a higher quality, price, or in greater quantity than practical. In 1899, the sociologist Thorstein Veblen coined the term conspicuous consumption to explain the spending of money on and the acquiring of luxury commodities (goods and services) specifically as a public display of economic power—the income and the accumulated wealth—of the buyer.
Chanel
Chanel (ʃəˈnɛl , ʃanɛl) is a French luxury fashion house founded in 1910 by Coco Chanel in Paris. It is privately owned by the Wertheimer family and has been headquartered in London since 2018. Chanel specializes in women's ready-to-wear, luxury goods, and accessories and licenses its name and branding to Luxottica for eyewear. Chanel is well known for its No. 5 perfume and "Chanel Suit". Chanel is credited for revolutionizing haute couture and ready-to-wear by replacing structured, corseted silhouettes with more functional garments that women still found flattering.
Gucci
Gucci (ˈguːtʃi, ; ˈɡuttʃi) is an Italian luxury fashion house based in Florence, Italy. Its product lines include handbags, ready-to-wear, footwear, accessories, and home decoration; and it licenses its name and branding to Coty for fragrance and cosmetics under the name Gucci Beauty. Gucci was founded in 1921 by Guccio Gucci (1881–1953) in Florence, Tuscany. Under the direction of Aldo Gucci (son of Guccio), Gucci became a worldwide-known brand, an icon of the Italian dolce vita period.
LVMH
LVMH Moët Hennessy Louis Vuitton (mɔɛt‿ɛnɛsi lwi vɥitɔ̃), commonly known as LVMH, is a French multinational holding and conglomerate specializing in luxury goods, headquartered in Paris. The company was formed in 1987 through the merger of fashion house Louis Vuitton (founded in 1854) with Moët Hennessy, which was established following the 1971 merger between the champagne producer Moët & Chandon (founded in 1743) and the cognac producer Hennessy (founded in 1765).