International luxury corporations operating in Brazil: navigating in the troubled waters of an emerging market
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2026-02-18
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Bertrand, Olivier
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Purpose – The purpose of this thesis is to analyze how international luxury corporations can align and adapt their business models to operate successfully in Brazil, and the broader context of Latin American emerging markets. The research seeks to identify the main economic, cultural, and institutional factors that shape the luxury landscape in Brazil and Latin America to understand how global luxury brands respond to these conditions. Design/Methodology – This study adopts an exploratory qualitative design. First, an extensive review of academic literature and industry reports on luxury, business models, emerging markets, and Latin America was conducted. In the second phase, primary data were collected through in-depth, semi-structured interviews with nine industry experts, including executives, brand managers, and consultants with experience in Brazil and other Latin American markets. The interviews explored operational strategies, business model adaptation, pricing, and logistics. The data were analyzed through thematic analysis, allowing the identification of recurrent patterns and mechanisms in how luxury corporations operate in Brazil. Findings – The results suggest that successful luxury operations in Brazil require a careful balance between global brand coherence and local adaptation. Key challenges identified include high taxation and complex import regimes, currency volatility, uneven infrastructure, income inequality and security concerns. In response, international luxury corporations tend to adapt their business models through regionalized logistics and inventory policies, differentiated pricing strategies, selective distribution and store network decisions, and locally relevant communication and clienteling practices. Research limitations – The focus on the luxury goods sector in Brazil, within a Latin American context, restricts the generalizability of the findings to other industries, regions, and emerging markets. Brazil’s specific economic, cultural, and regulatory conditions mean that the strategies identified may require adaptation before being applied elsewhere. In addition, the analysis is constrained by the limited availability of scholarly work on luxury in Brazil and Latin America, especially when compared to the far more extensive literature on Asian markets such as China and India. Practical implications – The findings provide guidance for managers and decision-makers in international luxury corporations considering entry or expansion in Brazil and Latin America. The study offers a structured view of the key risks and opportunities in the region and suggests how business model components—such as logistics, operations, and pricing—can be configured to better navigate the constraints of emerging markets while preserving global brand equity. Social implications – By shedding light on how luxury corporations operate in a context marked by inequality, institutional complexity, and safety concerns, the research contributes to discussions on more locally anchored business practices. Understanding the implications of pricing, distribution, and positioning decisions may help companies foster more sustainable relationships with local stakeholders, and contribute more positively to local economies. Originality – To the author’s knowledge, this is one of the few studies that examine international luxury business models in Brazil and situate them within the wider Latin American context. It contributes to the literature by combining a business model perspective with an emergingmarket lens in a region that remains underrepresented compared to Asia and other geographies.