There has always been a dynamic relationship between luxury and technology, and now it is getting romantically attractive. Prior to technology, the French sociologist Jacques Ellul said: "There are no political solutions, only technological ones; the rest is propaganda."

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Compared to the present 'electro-dollar' economy, we can very well see that maybe we are just observing from the opposite perspective at the intersection of luxury and technology. It can then produce a set of false assumptions about the place of luxury in the digital sphere. Regarding luxury brand management, what are the strategic methods for approaching technology?

1. Keeping it Slow

Experts say that it is still slow for the global luxury industry to respond to new technologies or invest enough in digitalization. It is perhaps true of Burberry and a few others: luxury brands have definitely been and are not the ones taking the lead once it comes to online growth.

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Their approach has a very practical reason behind it. Since tech transformations are quick, it is not beneficial to just jump in. Every next "update" technology brings, the last one begins to fade no matter its lifespan. What is best currently will not be the best tomorrow (it's around the corner with Sony's PS5, and so is iOS14).

The new paradigm is temporality. However, luxury is the exact reverse of that. What is the best now, adding a dimension of timeless appeal, will almost always be the best in the future.

2. Discovering New Approaches

When coping with the technical and digital dynamic changes of the 4th Industrial Revolution, premium brands have to discover new techniques.

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Luxury brand marketers must first seek to thoroughly understand what Sir Arthur C. Clarke had suggested about advanced technology, unlike traditional marketers. He said any Advanced technology equals magic for some global luxury clientele (especially China, but also in the US).

There is a strong trend and involvement in more expensive high-end technology today. For example, consider high-end audio brands like Bang & Olufsen or higher computational brands like Blackmagic. In the category of luxury cars, for example, the Rolls Royce 103X shows the way.

The model shows us how a future aircraft, a spacecraft, or a Batmobile are different. The luxury brand, at the very same time, does not dwell on its history. The alchemist's secret comes from preserving the delicate balance between history and the far future (heritage, identity, legacy, etc.)

3. Aligning Technology From Within

It's an excellent strategy to use an overarching reason-why (purpose) as an active filter to determine how technology benefits (or undermines) your brand value.

Thierry Hermès, for instance, formed his enterprise in Paris as a harness workshop in 1837. For him, engineering was only a means of doing what he did.

As cars began replacing horses (that's technology, too), it would have been impossible that "making the best harnesses" would have led to today's creative and ambitious Hermès business. Instead, Thierry created a corporate culture founded on core beliefs centered on the "pursuit of excellence," always aiming for a little more.

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Rather than falling victim to the enticing possibilities that technology might have delivered to his rising luxury brand, it added attention and continuity. Using technology also pays off handsomely, ingraining timelessness as a forward-motion engine for your business and brand image.