Compared to many other industries, the luxury industry relies more heavily on strong brands to achieve long-term competitive advantage. Accordingly, this article develops a comprehensive strategic marketing framework for building and managing luxury brands. The framework highlights the importance of developing a clear brand code and brand value, the integrated marketing strategic pillars that reinforce the brand code and value with a long-term orientation, and the need to selectively adapt to the evolving external environment while managing the delicate balance between heritage and modernity. The analysis is grounded in the luxury watch industry, combining the authors’ observations and experiences with case studies, in-depth executive interviews, and consumer surveys. This article provides actionable implications for senior executives in the luxury industry.