What function do luxury events serve according to the text?

Luxury events primarily serve to legitimize the brand's status within the market. These occasions create an exclusive and immersive experience that reinforces the prestige and identity of the luxury brand. By showcasing high-end products in an elegant setting, brands can enhance their image and cultivate an aura of exclusivity, which is essential in the luxury market.

Luxury events often attract media coverage and high-profile attendees, further elevating the brand's status and association with sophistication and quality. This process not only solidifies their position within the luxury market but also communicates to consumers that the brand is at the top of its category, which is crucial for maintaining a competitive edge.