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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
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