Since 2015, Charles Skuba, professor emeritus at Georgetown University’s McDonough School of Business, has taught an elective course on luxury marketing. And to each class, he gives the same assignment. A wealthy relative, he tells his pupils, plans to give each of them a gift of $50,000 on graduation day—with the proviso that the money be spent on dressing for success.
“So you need to spend $50,000 on 10 items in the luxury apparel and accessories category,” Skuba related, emphasizing that this is a theoretical exercise and no real money is being spent.
The assignment not only requires his fresh-faced scholars to visit luxury stores to examine the merchandise and its presentation, it also serves to make them aware of the power and influence that upscale brands have on them as consumers.