This thesis seeks to understand how the crisis has impacted the definition of luxury goods in the mind of consumers and the implications this has for luxury goods companies. It also aims to present Mass Customization as one solution to this shift in ideals and as means for companies to form deeper connections with consumers thereby creating a more sustainable competitive advantage. The thesis begins by analyzing the impact of the current crisis on luxury consumers, products, marketing and branding, and distribution channels. It then presents Mass Customization as a solution by giving concrete examples of its application at each stage in the value chain with a focus on the apparel and leather goods segments.