The document discusses luxury brands and how the definition of luxury is changing. It provides brief histories of several iconic luxury brands including Armani, Christian Dior, Gucci, Versace, and Chanel. These brands helped define and redefine aspirations through their trendsetting designs in areas like clothing, accessories, and fragrances. The document notes that luxury brands will need to broaden their reach beyond a select few to more customers while still maintaining an exclusive image. It will be a challenging transformation as luxury brands channel themselves through new models to permeate the masses.