DOI: 10.5176/2010-4804_3.1.289
Authors: Bernardo Bertoldi, Chiara Giachino, Virginia and Mia Zalica
Abstract:
In the current literature, several authors have explored the peculiarities of family businesses (Aronoff & Ward, 1995; Astrachan & Shanker, 2003; La Porta et al., 1999). On the other hand, attention has been devoted on the characteristics of luxury firms (among others Mosca, 2008; Brioschi, 2005; Aiello & Donvito, 2006). However, to the best knowledge of the authors, no attempts have been made so far to investigate the “familiness” and the entrepreneurial orientation in family firms operating in the luxury market. This article starts from the available literature on the subject, and aims to show how the strengths arising from the fact of having an entrepreneurial family and being a luxury brand, are interwoven. The synergy that is thus created, leads to a fundamental competitive advantage, creating loyalty and making the products highly desirable. The paper further investigates the relationship that exists between successful brands in the luxury market and the family component of the company. It also shows how “familiness”1 can contribute actively to the success of a brand in the market of high-end goods, and how it can ensure the longevity of family businesses operating on the luxury market.
Keywords: luxury, family firms, product, new product development, entrepreneurial approach
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