Digitalisation, increasing global competition, new relational approaches to communication and advertising by new generations of consumers (for example, the New Millennials) together with social issues such as sustainability and authenticity in branding definition, pose important challenges for companies operating in the luxury fashion industry. In facing them, these companies seem to re-elaborate meanings attributed to luxury rethinking their strategies and their interactive approaches to market. The specialized literature, from its part, shows that luxury is no longer only ostentation but it has evolved in something else; on the one hand luxury as a state of mind and mood, and on the other still a sort of heritage and authenticity. These two extremes tend increasingly to contaminate each other and to co-exist one in the other, albeit with different reciprocal influence. The aim of this paper is determine how this co-existence can occur. It involves two opposing aspects of luxury, that of owning and that of being. There are other facets of luxury that may occur between these extremes. Research has shown, in fact, that luxury is also experience, co-creation, sharing and even self-achievement. Rendering luxury status, but at the same time making it an instrument for individual evolution may determine an integration of its various faces paving the way for a re-conceptualization of fashion luxury in communication.