... of the product to the customer. 50. The “image” of a brand is therefore an integral part of the product, and determines the willingness to pay of consumers. Manufacturers of luxury goods invest ... product and luxury goods manufacturers decided not to use the internet channel at all. But in such a case the elimination of the internet channel would be efficiency enhancing, and not anti-competitive. ... Deneckere and James Peck, “Demand Uncertainty, Inventories, and Resale Price Maintenance,” Quarterly Journal of Economics, Vol. 111, No. 3 (1996): 885-913; and “Demand Uncertainty and Price Maintenance:...