Luxury brand management in India has seen a sharp rise owing to the influx of numerous luxury brands in the market over the past few years. India, one of the fastest growing market for luxury goods, is projected to overtake China as the world’s leading luxury market. The numbers also speak in India’s favor. According to a report from Euro Monitor International, India’s luxury market is expected to grow 86 percent in constant value terms between 2016 and 2019.
This trend has created a need for professionals who are well-versed in the intricacies of the luxury industry. Luxury brand management is an exciting and lucrative career path if you are interested in working with world-class luxury brands. Take a look at 5 elite luxury management career paths you can pursue.
Luxury Brand Manager
A luxury brand manager is a highly important position in the organization. You will be responsible for developing an interesting and exciting marketing strategy for the luxury brand. You will be conducting market research, overseeing marketing campaigns, collaborating with designers, consulting with corporate executives, managing budgets and resources, and mapping out strategies to attract your target audience. It’s an exciting career path for aspirants as, along with a lot of hard work, it involves opportunities to travel and meet key players from the luxury industry. If you have the drive and passion to work with popular luxury brands, then you’re set to become a luxury brand manager.
A merchandising manager is responsible for selecting the products sold at a retail store. Along with this, they also oversee staff, conduct recruitments, prepare budgets, and plan marketing strategies for the store. Luxury being a niche industry has to attract the right customers. Therefore, the merchandising manager has to ensure he/she secures the best quality goods and products for the store at the lowest possible cost. Brands usually look for candidates with a degree in luxury brand management, merchandizing, economics, or similar.
If you want a career path on the retail side of luxury brand management but not be involved in sales, then you can become a visual merchandiser. As a visual merchandiser, you will develop floor plans and improve the aesthetics of a store with the sole purpose of attracting, engaging, and converting visitors into customers. Even trivial things such as music, scent, displays, and light, have an impact on customers’ buying choices. And it is a visual merchandiser who ensures these entities stand out in customers’ minds and make them pick their brand’s store over their competitor’s.
Luxury goods are as much about the product as they are about the brand. As a product manager, you will be responsible for the planning and delivery of the company’s product. You will be working closely with all teams involved – product design, quality, sales, marketing, and management. Your primary responsibility is to oversee the product’s transition from idea to market and ensure it meets customer needs and desires. While it may sound like a managerial position, which it mostly is, you will have to conduct market research and analyze what your customers are looking for from your brand. This position is quite critical in luxury brand management as the brand’s identity is directly linked to the product. And delivering a good product is a product manager’s responsibility.
Luxury brands don’t usually advertise the traditional way. You don’t see numerous billboards or ads for their products. It’s because their customer base isn’t looking at billboards and ads. So how do they get the word out about their brand? Through PR. Public relations is an exciting and fast-paced field that requires you to always be up-to-date about the industry. The biggest perk of working as a luxury PR specialist is you get to rub shoulders with big names in the luxury industry. Your responsibilities will include networking with industry bigwigs, ensuring your company’s brand name is always appealing, and keeping media and clients happy.
Luxury is an 18.5 billion-dollar industry in India. Hence, the scope of luxury brand management is quite expansive. Luxury encompasses diverse fields such as cars, watches, wines, chocolates, fashion, jewelry, and even services. Luxury brand management careers in India, therefore, are aplenty. While you have to be passionate about a luxury management career path, a Bachelor’s or Master’s degree in luxury brand management will hasten your success in the field.
MBA ESG, Bangalore offers a superlative 2-year MBA Luxury Management program, with employment opportunities with leading names in the luxury industry. You will get a chance to work with top-class names in the sector and kick-start your career in a field you’re passionate about.