Finding information on luxury market trends is not always easy. While some sources are reliable, such as Italy’s Altagamma Foundation, others may not be as trustworthy. Indeed, some associations claim to luxury industry experts when they are not.
Take, for example, the case of the so called World Luxury Association which claimed it was involved in luxury market regulation when in actual fact the association was a fraud. Yes, in the complex world of luxury where counterfeit goods are a more or less permanent headache, fake organisations exist too.
Understanding whether or not such organisations are legitimate may not be straightforward. As a luxury dealer, you may be surfing the world wide web looking for information and you land on what looks like a valid website. The presentation of the site looks acceptable and your first impression is positive. You even decide to pay for an annual subscription to receive ‘exclusive insider information’.
Once the first newsletter arrives you realise that your subscription was worthless and that the self-proclaimed luxury association was merely a way to subtract money from visitors. Still, you have only lost a sum of money. It could have been worse. Much worse. You may have relied on the information provided by this association and used it to take crucial business decisions only to discover that the recommendations and suggestions did not work at all. As a result, your business lost a lot of money.
How can you avoid the luxury association frauds? Like any patient who’s told he has a serious health condition, you seek a second opinion. Before relying on information you find on the world wide web, check that it is legitimate. Speak to industry experts or even your competitors and attempt to discover whether the amazing sounding claims are accurate or not. You could, for example, contact myself and my team. My business has operated in the global luxury market for many years so we can tell you whether an association and its advice is legitimate or whether it is little more than an attempt to steal your money and endanger your business.
Be wary of the internet – as in real life, appearances can be highly deceptive.