What they did
Could have sold expensive access to anyone who could afford it. Instead it gate-kept on identity — you join as a creative, vetted by a committee of members, not by your bank balance. The "no suits" rule was a positioning statement. The result is a global community people belong to.
Why it works
Identity-based selection creates a moat money can't buy — acceptance signals something about who you are, so it's worth more than something you simply purchase, and it self-reinforces as the membership itself becomes the asset. It also detached the brand from its real estate, letting it grow without the capital cost of growth.
Transferable move for Pelorus
Define the Pelorus client by who they are — a temperament, a relationship to the world — and let that become the thing people want to qualify for. A Pelorus "house" needn't be a building; it could be a standing relationship with a deliberately limited circle of clients who return year after year.