Welcome to this exclusive conversation with Elizabeth Solaru, luxury entrepreneur, keynote speaker, and author of The Luxpreneur. As the founder of Diversity in Luxury, Elizabeth has been at the forefront of shaping how high-end brands evolve in an era of inclusivity, digital transformation, and shifting consumer psychology.
Leading this conversation is Alexander Chetchikov, President of the World Luxury Chamber of Commerce, who will be delving into the insights from The Luxpreneur, exploring how luxury brands can truly connect with affluent clients and uncovering the key trends shaping the future of the industry.
Alexander Chetchikov: In The Luxpreneur, you explore the psychology of luxury clients and the different archetypes of luxury entrepreneurs. What are some of the biggest misconceptions people have about selling to affluent clients?
Elizabeth Solaru: One of the biggest misconceptions about selling to affluent clients is that they’re just paying for expensive products. As I stated in my book, The Luxpreneur, luxury isn’t about price, it’s about perception, exclusivity, and emotional connection.
Wealthy clients don’t buy handbags, cars, or experiences; they buy status, ease, and a reflection of their identity. Another mistake? Thinking they’re irrational spenders. In reality, affluent buyers are some of the most discerning, strategic customers out there. They expect seamless service, deep expertise, and a brand that aligns with their lifestyle and values.
Just like there are different types of luxury entrepreneurs, there are also eight distinct luxury client archetypes, each with their own psychology. A great example of how psychographics matter more than demographics is the famous King Charles and Ozzy Osbourne meme—both were born in the same year, have been married twice, and live in castles. On paper, they look identical. In reality, they are worlds apart.
That’s the key to mastering luxury—understanding who your client really is beyond their wealth, and tailoring the experience to match their mindset, values, and desires.
AC: As the CEO of Diversity in Luxury, you work towards making the luxury industry more inclusive. What are the biggest challenges luxury brands face in embracing diversity, and how can they overcome them?
ES: One of the biggest challenges luxury brands face in embracing diversity is the fear of change. Many heritage brands worry that inclusivity will dilute their exclusivity, but in reality, true luxury evolves with culture, and today’s affluent clientele is more diverse than ever.
Another issue is surface-level representation. Too often, brands treat diversity as a marketing trend such as casting diverse models in campaigns but failing to reflect that inclusivity in leadership, hiring, or product development. Luxury clients are discerning; they see through tokenism.
But here’s the irony: heritage brands were once the disruptors of their time. The fashion houses, watchmakers, and maisons we now call “timeless” became legendary because they challenged conventions, introduced bold ideas, and set new standards of craftsmanship and exclusivity. Innovation built luxury, so why should it stop now?
The key to overcoming these challenges? Authenticity and long-term commitment. Luxury brands need to invest in diverse talent at every level, from the boardroom to the atelier. They must engage with affluent clients across different cultures—not just by adapting their messaging, but by deeply understanding their values, aesthetics, and purchasing behaviours.
Luxury isn’t just about legacy though, it’s also about aspiration. A truly inclusive luxury brand doesn’t just open its doors, it ensures that those who enter feel like they belong.
AC: Your journey from entrepreneur to keynote speaker and business coach is inspiring. What key lessons have you learned about building a successful luxury brand that many aspiring entrepreneurs overlook?
ES: One of the biggest lessons I’ve learned is that luxury isn’t just about the product, it’s about the feeling and craving for your product that you create. Too many entrepreneurs I coach are always focused on price tags and prestige, but true luxury is built on experience, storytelling, and deep emotional connection, so building those relationships is absolutely paramount.
Another overlooked factor for me is around exclusivity. Exclusivity isn’t about keeping people out, it’s about making the right clients feel like they truly belong. If you try to appeal to everyone, you end up diluting the very essence of luxury. Just like some of the most successful brands out there, I know exactly who my brand is for and, just as importantly, who my brand is not for. That’s one of the reasons I’ve been able to articulate and break down the different types of luxury clients in my book because I built my client list from the ground up.
And finally, for me luxury is built on consistency, trust, and long-term vision. Instant success isn’t real in this space. The heritage brands we admire today spent decades mastering their craft, curating their audience, and evolving while staying true to their DNA.
I suppose the big takeaway is that luxury isn’t just sold, it’s cultivated, nurtured, and protected. If you want to build a truly successful luxury brand, don’t just chase trends, just create a world your clients never want to leave.
AC: With luxury constantly evolving, from digital innovation to sustainability, what trends do you see shaping the future of luxury businesses, and how should brands adapt to stay relevant?
ES: Funnily enough, the most fascinating shift I’m seeing in luxury has nothing to do with technology or even sustainability; it’s much, much deeper. It’s psychological.
We’re watching luxury move from being about showing off to being about showing up. What do I mean? Today’s wealthy clients aren’t as interested in “look what I can afford” as they are in “look what I stand for.”
This is playing out in three really interesting ways right now.
First, provenance is everything now. Luxury clients aren’t just asking where something was made, they want to know who made it, were they paid fairly, and what’s the environmental footprint etc. I’m seeing heritage brands scrambling to retrofit this transparency while newer brands are building it into their foundation from day one.
Second, there’s this shift from transaction to transformation. Luxury clients are increasingly asking, “How will this change me?” not “How will this impress my friends?” This completely changes how brands need to talk about benefits and design experiences.
Third, and this is what really excites me, with creation tools being democratised, true differentiation comes from having a distinctive voice and vision, not just perfect craftsmanship. The brands cutting through have a perspective on the world, not just products.
For brands trying to stay relevant, it’s time to stop thinking about exclusivity through scarcity and start creating it through meaning. The question isn’t “How do we keep people out?” but “How do we invite the right people in?”
The luxury brands that will thrive understand they’re not selling things, they’re selling ways of seeing the world.
AC: You have worked with some of the most influential luxury brands. Can you share a success story where your strategies led to a significant transformation in a brand’s positioning or growth?
ES: Absolutely! One success story that stands out is when I worked with a well-established luxury brand that was struggling to connect with a younger, more diverse audience. The brand had a solid heritage, but it had become somewhat stagnant and was perceived as old fashioned by a new generation of luxury clients, many who had never even heard of them.
I guided them through a comprehensive brand repositioning that focused on cultural relevance, inclusivity, and storytelling. We didn’t just tweak their visuals; we reimagined their narrative, highlighting the brand’s rich history while also embracing modernity and diversity. The key was blending tradition with innovation in a way that felt authentic.
We also worked on making the brand more digitally engaging, launching exclusive online experiences, virtual showrooms, and behind-the-scenes content that gave a fresh, transparent look into the brand’s craftsmanship and values. We integrated sustainability into their messaging too, ensuring that the brand’s future aligned with the ethical standards today’s younger clients expect.
The result was a 40% increase in engagement among younger, high-net-worth individuals and a stronger presence in international markets. The brand opened its doors to a whole new demographic while keeping their loyal, traditional customer base happy.
Elizabeth, this has been an eye-opening discussion on the psychology of luxury, the evolution of exclusivity, and the need for brands to go beyond surface-level storytelling. Your expertise in helping brands navigate both heritage and innovation is invaluable in today’s fast-changing luxury landscape.
Thank you for sharing these exclusive insights with us. It’s clear that the future of luxury isn’t just about prestige—it’s about purpose, perception, and deep emotional connection.
We look forward to seeing how your work continues to shape the industry!
Follow Elizabeth’s journey here: https://www.linkedin.com/in/elizabeth-solaru-1ba901/
Stay connected for more exclusive conversations with industry leaders driving the future of luxury: https://worldluxurychamber.com/insights-news/
