The creative flair blossoms when it is given an appropriate podium to fine-tune the skills. Some of the finest luxury brands in the world are the product of such pools of talents. The luxury industry of goods and services has emerged as a lucrative market and its omnipresence can be felt in every part of the world. The industry has seen many smaller brands vying to keep their heads above water since the fatal blow of the global recession. However, one market segment continued to thrive nonchalantly and that is ‘luxury’. The awareness and demand for luxury management degree to build a career in luxury brand management are experiencing an evident spike in India as well.
With the rapidly growing HNI (High Net Worth Individual) and UHNI (Ultra High Net Worth Individual) population in India, the wealth of India’s HNIs is estimated to witness a rise of 94 percent by the year 2020. This will lead to luxury retailers getting more opportunities in India followed by a rise in job opportunities in the country.
As per Dr. Radhika Narayanan, Associate Professor of Marketing and the Director of Master in Global Luxury Goods & Services at SP Jain School of Global Management, “India is an extremely vast and diverse country where consumer motivation and behavior is different in different states. Cultural aspects also greatly influence luxury sales. India cannot be treated as one big market, when it comes to marketing strategies, as these will vary in different parts of India.”
Popularity of Luxury Brand Management
Over recent years, the popularity of luxury management has spread alongside the landscape of the industry. Unlike saturated markets, including the US and the UK, India is comparatively new, because it fosters a large luxury market, which tests the stature of established names through innovative marketing and launch promotional campaigns. Meanwhile, known brands are also exploring and innovating new arenas defying their traditional domains. More and more people are concurrently becoming fascinated by branded luxury goods and services. This has given birth to a bigger demand for luxury products and services. As a result, B-schools are providing motivated and interested professionals the opportunities to become a part of this industry.
Benefits of Luxury Management Degree
The market has observed the voracious appetite amongst people for luxury products, which includes electronic gadgets, fragrances, automobiles, cosmetics, and jewelry to luxury services, which includes exquisite travel destinations, spas, hotels, real estates, and the big fat weddings. Therefore, the path to a lucrative career depends on the interest of an aspirant in the luxury realm.
- Scope: From working for a luxury brand to being a luxury blogger or having your own luxury label, the scope of career expands immensely. One can also engage in PR, design, warehousing, logistics, finance, CRM, back end, and marketing.
- Interdisciplinary & Time-Tested: Luxury management can also be labeled as an interdisciplinary subject. It incorporates time-tested management practices to luxury businesses, which layout premium services. Therefore, a career in luxury brand management needs a candidate to keep in-depth knowledge of heritage brands and the skills to network with relevant market segments.
- Experience & Global Exposure: Whether you have prior experience in the sector or you are about to take the first step, a degree in luxury management opens unique perspectives in your mind, especially about aspects relevant to luxury brands and services. For instance, the Master in Global Luxury Management (MGLuxM) program offered by SP Jain School of Global Management, which lets you study in Mumbai & Milan. (Download a brochure)
a) The program cannot be compared to the traditional MBA or any other Master’s program in Management. It focuses on the niche luxury industry and is specially designed to train luxury managers for global careers.
b) In addition, students get to study in Mumbai & Milan – the two luxury capitals of the world. One of the most notable facet of the program, these diverse locations help students perceive and understand the luxury brands and products in initial and final state in the market and hone the skills required to deal with challenges from a global perspective, thereby simultaneously determining regional and cultural paradigm.
c) While pursuing the 12-month full-time course in one of the best b-schools in the world, you will get the chance to spend time amongst top luxury and fashion capitals. Not only you will learn about the global trends, cultural dynamics, and their resulting impact on luxury businesses, but you will also get the opportunity to interact with some of the top names in luxury management.
In fact, India’s Luxury Industry is expecting an estimated growth of up to $50 billion by the year 2020 and $180 billion by 2025 from the current mark of $18.5 billion. Considering the upward trend the market is constantly displaying, the number of job opportunities in this sector will be increasing by leaps and bounds every passing day.