The dominant startup script is simple: raise fast, scale faster, exit fastest. For luxury brands, this often produces hype instead of lasting value.

Lafco, the luxury home fragrance company, took the opposite approach. After 33 years without outside capital, their candles sit alongside premium competitors at Neiman Marcus, core sizes retail around $50 to $115, and the brand has expanded from candles into body care while maintaining its positioning.

Here is what its journey reveals about building brands that actually matter. READ MORE