My Astounding Journey Into The World of Luxury Management
While growing up, I had always been curious about the world of luxury brands. I was explicitly drawn towards jewellery and apparel. Since I came from a commerce background, I wanted to understand four fundamental aspects of the luxury business –
- How is a luxury brand different from other generic brands?
- How are luxury products created and marketed so wonderfully?
- Who buys these products?
- How can one run a luxury brand successfully?
Why I chose the MGLuxM Program
My initial approach was to go for a generic two-year MBA course and then work for a luxury brand present in India. However, I came across SP Jain’s Master in Global Luxury Goods & Services Management (MGLuxM) program a few months after I had started preparing for my Master’s degree. I studied the course pedagogy and found the two-city program extremely appealing and industry-centric. This course is highly specialised and helps students understand the niche luxury industry in emerging markets like India and mature markets like Europe.
The first term of this course is conducted at SP Jain’s Mumbai campus, while the second term takes place in MIP Politecnico di Milano, Milan. Hence, I applied for the course, and after clearing the entrance test and two rounds of interviews, I was thrilled when I got a call to join this competitive program.
How this course is shaping my learning curve
Once I joined the course, I started learning from highly qualified faculties who are an active part of the luxury industry. They helped me gain a holistic understanding of how the luxury industry has evolved over centuries and the pioneering practices adopted by some of the most successful brands like Cartier, Gucci, Chanel, Patek Philippe, and Burberry since their inception.
As the program progressed, I also learned about the different types of luxury markets and how a brand establishes or re-establishes itself in these different markets. Along with that, I also learned about the tools for business analysis, modern business communication, negotiation and retail concepts like buying and merchandising.
Moreover, the industry power talks and workshops helped me understand how to gain and utilise the skills required to work in the luxury industry. They gave us an understanding of the current market scenario and all the activities that are undertaken to help a brand thrive in these changing times.
How the COVID-19 pandemic transformed my learning experience
Four months into this rigorous course, everything I have learned has expanded my learning horizon. From understanding the core concepts to developing my interpersonal skills, it has been a challenging journey. There is still so much more to come when this term ends and the second term begins in Milan.
However, the mode of learning changed in the fourth month (January’22) due to an increase in the COVID-19 cases in Mumbai. I had a lot of questions in my mind regarding how productive the online class would be and whether I’ll be comfortable studying online. But when the classes resumed, I was glad to observe how engaging the faculty made our lectures. Though it was slightly difficult at first, it slowly became easy to focus in the online class with the help of my classmates and faculty. In addition, we ended up saving time by studying from home. And, because of that, when presented with an opportunity to work with Reliance Brands Limited as a part-time intern, I was excited to take up the opportunity. I found this to be the most significant advantage of studying from home!
In a nutshell, my experience at SP Jain Global has been astounding! My passion and dedication to the global luxury industry have only grown after joining the course. As far as the mode of learning is concerned, I would like to say that we are living in a fast-paced world, one should not resist change but try to make the best out of the available resources.
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About the Author: Pratyaksha Joshi (MGLuxM Intake of 2021)
Pratyaksha Joshi (MGLuxM Intake of 2021) is a luxury enthusiast with 2+ years of experience working with luxury jewellery and furniture. She is currently working as an intern with Reliance Brands Limited and aspires to build a luxury fine jewellery brand.
