6 Elite Careers in the Luxury Industry
- 8th Jun 2020
Luxury is now not only a status symbol but a symbol of success. If brands like Chanel, Dior, and Ford attract you then Luxury Brand Management is the course for you. With it, you can comprehend the business in general in an improved way whether you are a beginner or an experienced manager. Likewise, you can achieve the business and innovative aptitudes expected to prevail in the luxury business which is viewed as one of the developing fields in the business world. You get to learn from fashion and automobiles to fragrance and yachts.
Apart from understanding the whole idea of luxury, you will also learn the precise characteristics concerned within the luxury trade. This also means that you will learn the worth of the brand within the luxury business. Moreover, you will get the idea of product and valuation within the trade. The luxury industry is growing at 20% per annum in India. The luxury industry is expanding its wings rapidly in India. Indian luxury market is set to touch $180 billion meaning the requirement for 5.6 luxury professionals by 2020. This means the need for professionals in the industry is increasing. The career path you can opt for in the luxury industry are:
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1. Luxury Brand Manager
It is a highly reputed position in an organization. The main roles of the manager are:
- Creating Engaging Strategies via Market Research
- Overseeing Marketing Campaigns
- Working Closely With Designers and Executives
- Allocating Budgets And Resources To Projects
- Framing Strategies To Attract Your Target Customers
Apart from an understanding of luxury brands, a luxury brand manager should be inventive, have authority aptitudes, devoted, energetic, creative, and possess a natural flair for networking.
It is one of the vital roles in influencing retail sales for any luxury brand. The role involves:
- Suggesting the Right Merchandise Mix
- Building Marketing Strategies Through Market Research
- Brand Preference Strategies Through Market Research
- Brand Preferences Strategies Over Competitor Brands
- Converting New Visitors Into Customers
He/ She makes sure about the best quality merchandise and items for the store at the most minimal conceivable expense.
3. Visual Merchandiser
If retail attracts you but you don’t want to be a part of sales then this is the role you are looking for. The main responsibilities of the role are:
- Develop Floor Plans
- Improve the Aesthetics of a Store
- Converting Visitors into Customers
They also use AutoCAD, Mockshop or Adobe artistic Suite, etc. to form their set up. It’s a visual merchandiser who makes the store and brand look more appealing than the competitors.
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4. PR Specialist
Luxury brands follow unique promotion techniques. Public relations specialists are in charge of growing, shaping, and maintaining a company's name and brand. A PR specialist must be efficient in the following:
- Communication and Presentation skills
- Relationship Building Capabilities
- Ready to Meet with Biggest Names in the Luxury Industry
- Evaluate Advertising and Promotion Programs
A PR Specialist plays a crucial role in building the brand image of the company. He/ she makes sure that the media and customers are happy with the brand.
5. Product Manager
Luxury goods are those goods that are usually associated with the affluent section of society. A brand is known for its goods and services. If the goods aren’t up to the mark then it hinders the image of the brand. The role of a product manager is:
- Responsible for the Planning and Delivery of the Company’s Product
- Working on Product Design, Quality, Sales, Marketing, and Management
- Oversee a Product and Its Execution Through Numerous Stages
Since a product is considered to be equivalent to brand, therefore its delivery becomes a crucial responsibility and this all has to be looked by the product manager.
6. Client Relationship Manager
Customer Relationship Managers are liable for building and keeping up great associations with customers by considering objections or concerns and settling them. The key qualities of the role are :
- Great Communication Skills
- Adaptability to Requirements of the Brand
- To become the Brand’s Face Value at the Front-End
- Connect With The Clients Experientially
For a Client Relationship Manager, the foremost duty should be to put the need of the client first so that they continue to use the goods.