One significant challenge is the competition for high-value customers. There is vast competition in this niche, so you need to find a way to differentiate yourself from similar competing brands by detailing unique selling points, etc. Another issue is building trust. You’re expecting customers to make a significant financial commitment, so consumers need to know they can trust you with their money. You’ll also need to focus on cyber risk management. Although this is important in any niche, luxury brands collect vast amounts of personal details to create more tailored shopping. This makes them more vulnerable to data breaches.