Why luxury firms are often family firms? Family identity, symbolic capital and value creation in luxury-related industries

Abstract

Starting from the observation that many luxury players are family business, the article focuses on the different parallels between characteristics of family firms and those of luxury companies, to reach the conclusion that most of the family characteristics are essential to compete in that particular industry, both in terms of competences and values. The unique bundle of resources family firms own implies the potential to provide an advantage over non family firms in luxury-related industries.