The concept and process of innovation are the basis for improving the modern economy. These concepts are the base line for successful and long-term sustainable businesses. Companies need to incorporate the latest trends in digitalization, technology, informatization and automation into business policies and processes. In order for a company's operation to be successful in a modern economy, continuous innovation is a required. Innovation is the term most often associated with the creation of a new product or service, but innovation does not only mean the novelty of output, but also the introduction of new and different in various business segments. A change in business policy that will result in improved human resources management, a change in entire business models, or even a change in production processes that will result in financial savings can all be considered as innovation. Additionally, companies can innovate more than just their product, they can make changes in their business processes and business models. Luxury product and services represent goods that are not available to a wider range of consumer, associated to a certain status symbol with less emphasis on utility and functionality for the consumer. Buyers often aspire to own luxury products precisely due to the status that is attached to owning this type of products and goods. Innovation in the luxury goods are frequent through redesigning as a form of innovation, given that buyers of luxury products wish for personification as an additional proof of the status they seek