By Fani Kelesidou, for The Motley Fool
"The best things in life are free. The second best things are very, very expensive," the queen of elegance Coco Chanel once stated. And she was right. In the world of "true" luxury, the relentless effort to create something that's in a class by itself was always rewarded with a sky-high price, which only an exclusive group could afford.
During the last half decade, however, an emerging "luxury for less" or "affordable luxury" industry thrives on emulating what once was considered exclusive and making it accessible to the masses. But, "true" luxury was never meant to be accessible. And this massification is causing an identity crisis, one that could have severe implications for high-end luxury brands down the line.