The business model of luxury is heavily dependent on a relatively small number of high-end spenders, and to reach them brands like Gucci and Tiffany & Co. are relying on exclusive access to their designers or one-of-a-kind offerings that money alone can't buy.
Gucci opened its first appointment-only location last year in Los Angeles and runs similar appointment-only floors at its London and Tokyo flagships. Tiffany & Co. offers its high-end clients the chance to commission bespoke jewelry from its chief artistic officer at its New York flagship, while Mytheresa, a German-based luxury apparel and accessories brand, is running what amounts to an events business for its top clients.
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