Rolls-Royce’s winning formula for attracting UHNWIs

Luxury brands love to talk about heritage, craftsmanship, and exclusivity. But on the latest episode of my Future of Luxury Podcast with Torsten Müller-Ötvös, the founder of TMÖ I CP Luxury Minds Consulting and former CEO of Rolls-Royce Motor Cars, it became clear that those elements alone are no longer enough. The world of ultra-high-net-worth individuals (UHNWIs) has fundamentally changed, and luxury brands that fail to keep pace risk irrelevance. The key takeaway? If brands want to create extreme value, they must invest in extreme training. The evolution of luxury clients Torsten shared the fascinating journey of how Rolls-Royce evolved during his tenure, from a brand perceived as traditional and chauffeur-driven to one that resonates deeply with young, self-made, experience-driven UHNWIs. He highlighted a major shift: today, luxury isn’t just about status symbols but about creating deep, meaningful engagement. He described how, early in his tenure, he conducted extensive research with private banks and identified a radical transformation in UHNWIs. They were becoming younger, entrepreneurial, digitally savvy, and more diverse, with a significant increase in female clientele. These individuals no longer wanted to simply own the most expensive things; they sought unique experiences, authenticity, and a personal connection with brands. This shift drove Rolls-Royce to rethink everything — from brand storytelling to customer engagement, culminating in one of the most successful transformations in luxury automotive history. The strategy was clear: redefine luxury around the client’s lifestyle, aspirations, and personal storytelling rather than just the product itself. Bespoke, scarcity, and the power of storytelling The rise of personalization, particularly through bespoke offerings, became a game-changer. As Torsten put it, “Luxury today is not off-the-shelf.” Every ultra-luxury client expects to co-create their masterpiece, whether it’s a tailor-made Rolls-Royce or a handcrafted timepiece. The introduction of the Coachbuild program at Rolls-Royce stands as testament to this, pushing the boundaries of personalization to previously unimaginable levels. However, personalization must be backed by storytelling. Torsten explained how Rolls-Royce crafted compelling narratives around the Cullinan and Spectre, weaving in historical references like Lawrence of Arabia and the brand’s connection to extreme luxury adventures. The result? Products that weren’t just admired but deeply desired. Luxury’s Achilles’ heel Despite its strength in bespoke offerings, the luxury industry faces a major pitfall: inconsistent customer experiences. Many brands still rely on outdated retail models, where the in-store or dealership experience often falls short of the brand’s aspirational promise. The issue, Torsten noted, isn’t a lack of investment in physical spaces. Many brands spend millions on flagship stores, yet neglect the single most critical element of luxury: human interaction. “Training, training, training,” he emphasized on the podcast. Without properly trained professionals who understand how to read a client’s unspoken desires, anticipate needs, and create an atmosphere of effortless excellence, even the most stunning boutiques fall flat. In our joint global luxury masterclasses, Torsten and I tackle these issues head-on to help brands prepare for the future. Training is critical across industries, and often those who over-rely on hardware pay a steep price when the client experience is not properly managed. Torsten pioneered the concept of “Private Offices” at Rolls-Royce to cater directly to clients in key luxury hubs. These aren’t typical dealerships but exclusive spaces designed to nurture deep relationships, where highly trained experts guide clients through an experience rather than a transaction. This model, he argues, should be a blueprint for the entire luxury industry, emphasizing that investing in training yields significant returns. In fact, most of the employees in the Rolls-Royce Private Offices still work there. When employees see that companies invest in them, they stay loyal. The future of luxury training The conversation underscored a critical shift that luxury brands must embrace: training needs to go beyond sales. It’s about shaping experiences, fostering emotional connections, and learning how to understand the unspoken desires. Today’s UHNWIs are not swayed by logos alone; they expect an ecosystem of value creation — a combination of service, personalization, and cultural resonance. Torsten highlighted the need for brands to invest in storytelling and cultural literacy, adapting to local nuances while maintaining global prestige. In markets like China, the Middle East, and Southeast Asia, where expectations are sky-high, understanding generational shifts and local sensibilities is non-negotiable. If there was one resounding message from my conversation with Torsten, it’s that the future of luxury belongs to those who invest in mastering the art of human connection. In this industry, every touchpoint matters, and every interaction is an opportunity to inspire greatness. Brands that ignore this will struggle, while those that master it will define the next era of luxury. This is an opinion piece by Daniel Langer, CEO of Équité, recognized as one of the “Global Top Five Luxury Key Opinion Leaders,” and advisor to some of the most iconic luxury brands in the world. He serves as an executive professor of luxury strategy and pricing at Pepperdine University in Malibu and as a professor of luxury at NYU, New York. Daniel has authored best-selling books on luxury management in English and Chinese, and is a respected global keynote speaker. Daniel conducts in-person masterclasses on various luxury topics across the world. As a luxury expert featured on Bloomberg TV, Forbes, The Economist, and others; Daniel holds an MBA and a Ph.D. in luxury management, and has received education from Harvard Business School. Sign up for his online luxury masterclasses at the Jing Academy. Follow him: LinkedIn and Instagram. Listen to his Future of Luxury podcast.

Rolls-Royce’s winning formula for attracting UHNWIs

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Published February 10, 2025

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Rolls-Royce’s winning formula for attracting UHNWIs