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The Thinking Behind This Stylist's $1,000 Haircut

Julien Farel offers a $1,000 haircut at his flagship salon at the Loews Regency Hotel in New York City. According to Farel, this premium service involves strand-by-strand analysis of the hair with sophisticated cutting techniques that eliminate dead-ends, without losing any length.

In this short video, he explains how how he arrived at this signature offering -- and price tag -- and what others must consider when marketing a high-end product or service to the luxury market.

Related: Why There's a Luxe Pop-Up Salon for Athletes at the US Open