Luxury brands and lifestyles, values ​​and attitudes of modern society and culture «Luxury is a necessity that begins where it ends necessity” Coco Chanel's display of luxury signifies individual power and achievements. The way people dress reflects their economic, political and social position and their self-esteem. Christian Dior quoted “it seems to me that women and men instinctively aspire to show off.” Luxury in the fashion industry is generally defined in elements such as: silk, gold, silver and precious stones. Luxury products are generally identifiable by their exceptional quality, aesthetic appeal and high value, and often fall into the range of products that can be clearly identified either by a logo, brand name or design elements. The central characteristics of a luxury brand are: perceived exclusivity; a well-recognized brand identity; high levels of brand awareness and strong sales and customer base. Many of today's prestige brands were created a century or more ago and are typically operated by a single person. The products sold were handmade by skilled artisans, usually reserved for the aristocratic world of royalty and old coinage. Today, many of these brands are run by companies that have transformed these small businesses into thriving multi-billion dollar retail brands. Their products are easily accessible as they are readily available in retail stores located on main city streets, airports and shopping malls. The luxury market has changed significantly since the days of “old luxury,” where it was once only accessible to the super elite. Louis Vuitton, Cartier and Hermès, founded in the 18th and 19th centuries, created products for the royal court until the fall of the monarchy. At the end of the 19th...... middle of paper ......rnational Journal of Retail & Distribution Management, Vol 32, No 8, pp 412-422, accessed August 15-16, 2008, Emerald Group Publishing LimitedPark, H & Rabolt N 2008, Purchases of global luxury brands among young Korean consumers, Journal of Fashion Marketing and Management, Vol 12, No 2, pp 244-259, accessed 21, 22, 23 and 28 August 2008, Emerald Group Publishing Limited. Stuart, D 2002, The LVMH brand for success, with know-how from above, Strategic Direction, Vol 18, No 5, pp 7-9, accessed 24 August 2008, MCB UP Ltd.Moore, C & Birtwistle, G 2005, The nature of parental advantage in luxury fashion retailing – the case of Gucci group NV, International Journal of Retail & Distribution Management, Vol. 33 No. 4, p. 256-270, Emerald Group Publishing Limited.Chevilier, M & Mazzalovo, G 2008, Luxury Brand Management, A World of Privilege, 1st ed., Wiley & Sons, Asia.