The face of the world’s luxury goods sector has changed enormously over the past twenty years. Constant transformations have encouraged brands to adopt novel strategies, or even to re-invent themselves completely. In this effervescent context, it is not always easy to grasp the real issues facing those operating in the luxury and premium consumer goods sector. We asked Richard Morgan, who advises the management and shareholders of leading luxury brands, to retrace the development of a market he knows so well. He also offers some clues to understanding a sector that never ceases to surprise. Interview.