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A Peek Into a New Age Career: Luxury Brands
- 2nd Apr 2021
As a luxury insider, a question I’m often asked and addressed many times is,
‘Why go for a masters in luxury brand management?’
It’s been almost a decade I have countered this with, An MBA seems so yesterday and Luxury is so today! Mentoring luxury enthusiasts who are a part of the Instagram and youtube generation, is often centred around conversations about influencers and their lavish lifestyles. Speaking of which, luxury brands like Hermès, Cartier, Chanel, Louis Vuitton, and Prada are unceasingly attempting to create this image of exclusivity to create memorable experiences for aficionados. This has eventually led to the emergence of Luxury Brand Management that has significantly grown in popularity in the last few decades, and has opened the doors to lucrative luxury management roles and career prospects.
Be it fashion, beauty, travel, wellness, lifestyle; luxury today has a millennial vibe to it. The awareness and demand for a luxury management degree is indeed experiencing an evident spike in India as well.
The Indian Luxury market is much smaller than mature markets like the US and China. However, according to Statista, India’s luxury goods market is projected to grow annually by 10.6% CAGR between 2020-23, with cosmetics and fragrances forming the largest segment. So, if you love the finer things of life, and looking to pursue a unique masters’ programme, then this could be the business degree that will fuel your enthusiasm. This sudden spurt in the industry has also stimulated esteemed B schools across the globe to include this as one of the courses offered.
Are you wondering about the how-to of pursuing a career in Luxury Brands? Where can you pursue such courses? And, what does it take to be a Luxury Brand Manager? Through this blog, let’s address the brass tacks.
Considered as the “industry of excellence”, it’s easy to see why luxury brand management is an attractive field for millennials who like the finer things. If you want to be one of the graduates living a life of luxury, studying a degree in luxury management and marketing can be the gateway to exciting opportunities and perhaps a highly lucrative career.
Interestingly, this programme is often based on similar content flow as an MBA or MSc in management but with a specific focus on luxury brands. Since luxury brands occupy a unique place within markets, this degree equips luxury students with industry insights and first-hand experience in the luxury sector. In addition to business management skills, you can expect to learn marketing strategies and creative models of business acumen as well as take on placed internships during the semesters.
Despite the glitz and glam of the luxury industry, you’re still going to learn how a business operates, as well as master brand strategy and how to project industry forecasts and trends.
Luxury marketing is a challenging business culture with extremely high standards, so having a good blend of concepts and experiential learning should help ace your overall understanding of the international industry.
Fittingly for an industry that dominates all four corners of the globe, you can go international and gain a multi-culture learning experience during your luxury management and marketing journey.
Home to high-end labels like Chanel and Louis Vuitton, France’s Essec Business school is a primary destination for those interested in luxury. Or is it Milan’s Bocconi school that has partnered with GUCCI, LVMH and Valentino to offer an MBA concentration in Luxury Brand Management. Otherside, London and New York are two of the most creative and innovative cities in the world, so you’re sure to deepen your knowledge in the top B schools in one of these inspiring cities. This international dimension allows students to navigate their way around international luxury business markets. If you wish to pursue studies in luxury brand management in India, SP Jain, IIM and Marangoni are the prominent Indian institutes you can target.
So, do you see yourself working for high-end fashion brands in the luxury industry such as Gucci, Prada, Dior, or iconic car labels such as BMW or Audi, to name a few? Then, the luxury industry is the right career choice for you. From designer bags and luxury cars to perfumes, wines and spirits - all sorts of brands and luxury goods are expanding in India. This has led to an increase in the demand for well-trained luxury professionals who have the right skillset and knowledge to handle and manage the HNIs. Especially if you are a quick thinker who has good research and communication skills, has a keen eye for detail, and the passion to thrive in a career path that you love…
A Masters in Luxury Brand Management can lead to a variety of roles in this sector, including marketing managers, business development consultants, and brand managers. Some schools offer specialized MBA programmes in Luxury, as well as related fields like Fashion or Retail.
As the world is gradually embracing the importance and economic contribution of the luxury fashion industry, more and more millennials are gravitating towards this line of study. If you want to tap into your passion for fashion and luxury and make a career out of it, then this is the perfect option for you. Don’t wait too long and sign up for the course now!