Introduction

Abstract

The world of luxury is harboring an endangered species: that of the independent companies!¹ In an increasingly challenging and globalized luxury environment, companies are fighting to escape from the ever-growing clout of luxury “conglomerates” – Swatch Group, LVMH, Kering and Richemont. As of 2015, these “big four” own more than 100 brands and are maintaining a constant pace of acquisitions,² relying on vertical integration to secure supplies (and deprive competitors of them), which has particularly damaging consequences for independents. Most independents are struggling to survive and end up being acquired or going out of business.