Hennessy, Davidoff, Laurent Ferrier and Bertrand Mak speak out on The New Luxury

There is a curious sense these days that the concept of luxury is becoming ever more intangible, that the idea of the privileged man or woman can no longer be encapsulated in clearly defined terms. Most notably, we are increasingly aware that there is a marked difference between having expensive possessions and leading a life of luxury.

"Today, [we] are much more multifaceted," says Hans-Kristian Hoejsgaard, president and CEO of Davidoff. "It's not just about your career anymore - it's about really filling your time beautifully, in the sense that you have a lot of interests and values." He adds that this idea of "time beautifully filled" - incidentally, the cigar brand's motto - is crucial when it comes to our understanding of what luxury means today.

"There is a ceremony around it. That's what we are trying to provide," he says.

"There is a fine distinction between pleasure and luxury. To me, pleasure is always a luxury, but luxury is not always necessarily a pleasure."

One of the reasons behind this distinction is likely due to the advances in technology and the impact it has had on our lives. The invention of smartphones and the ease of online shopping have nurtured a culture of instant gratification, but the wealth of information available also means that people are more educated and have developed a heightened appreciation for the finer things in life, which aren't always immediately available.

This tension and contradiction, according to Bernard Peillon, president and CEO of Hennessy, is what makes things interesting. "Luxury is in danger of being a commodity," Peillon says. "What's really the level of satisfaction you receive from something you can just get at a click of the mouse? For me, it's the expectancy, the time [that you wait] that elevates the experience to a different dimension."

He points out that while he, like most busy people these days, appreciates the convenience of technology, there's nevertheless something to be said for actually walking into a store and having a more involved experience with the brand and the object that one so desires. This, he says, is key.