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...on which brand will maintain its position in the next 50 years, wouldn't you instinctively bet on Van Cleef & Arpels because it's been around longer?
Instinctively and consciously (the lindy effect) Van Cleef and Arpels. I would define heritage as long history and high recognizability. That said, I still don't think heritage causes success, which is a minor point, because the things that are closely correlated with it do.
This is semantics/chicken-egg, but Mittelstand companies and long history luxury brands are not successful because of their heritage. When you're buying Mittelstand stuff, the heritage is irrelevant. You just want a good quality product at a fair price. When you buy a gift...
you want a high quality item at a price that will be known to the recipient. A long history is correlated with both of these necessary & sufficient factors, but not causal. Ok, a long history is necessary for a recognizable brand, but doesn't ensure that its recognized as luxury.
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