The luxury and fashion market sector has held a proven track record of resistance and persistence over the decades. Its fundamental characteristics of strong brand heritage, exclusive experiences, and exceptional superior quality offer it resilience in uncertain periods. The critical impact factors post-pandemic for the vastly growing luxury and fashion sector have been:
i. Conscious consumerism movement, giving rise to eco-friendly and sustainable luxury.
ii. Rise of ‘true luxury’ consumer.
iii. Increase in luxury experiences across sectors, especially in travel, tourism, and hospitality.
iv. Rising wealth of Asian countries and the growing middle-class sector globally.
v. Rising importance of technology-embedded luxury and fashion experience, digital transformation, and more.
The growing market segment
Let’s understand the growing market segment in the luxury sector with some leading statistical figures.
a. Here are some statistics from Statista.com that shed light on the sprawling luxury market sector:
i. The report states that in the current year 2024, the Luxury Goods market is projected to generate a revenue of US$368.90 billion. With an annual CAGR of 3.22% (CAGR 2024-2028).
ii. Luxury Fashion is the largest segment within this market. Reaching an expected market volume of US$115.90bn in 2024.
b. Bain & Company report that India’s luxury market is ideally expected to reach $200 billion by 2030, which is approximately 3.5 times its current size.
Such expansion and growth require experts and professionals to lead various segments of luxury and fashion businesses.
What is Luxury and Fashion Management?
Luxury and Fashion management is a unique study of the ever-evolving and fast-paced luxury and fashion sector that empowers students with an exciting learning space to make a difference in the global luxury marketplace. Offering a creative learning experience that brings students the ability to create, promote, and sell high-quality products. The program is designed to deal with fashion and lifestyle products with a curious focus on the luxury sector. Luxury products and services like 7-star experiences, first-class exclusive travel, and more. It’s the ideal amalgamation of business acumen, creativity, and innovation.
Why choose the Luxury and Fashion Management program in 2024?
The brands within the luxury and fashion sector have set values, deeply etched in their curated nuances of heritage, historical, and cultural contexts. Evolving with the contemporary needs and issues such as consumer demands, digital transformation, changing trends, etc. When you choose a niche program like MBA Luxury and Fashion Management it will hone your mindset to learn the cultural codes of the luxury and fashion sector. Offer you insights into a brand’s DNA, heritage, craftsmanship, clientele, and more. In 2024, here are the top reasons to pursue an MBA in Luxury and Fashion Management:
1. Innovative strategies
Learn the right tools and knowledge to build Innovative strategies in luxury and/ or fashion marketing/ sales/ retail/ partnership etc.
The MBA program is designed to build knowledge of the evolving luxury retail market, new-age experiential marketing, sales tactics, and social commerce via partnerships. The learning outcomes of the program connect the dots between various growing trends. Which empowers students to build transformative and innovative strategies in luxury businesses.
For instance: MBA Luxury and Fashion Management at MBA ESG, India, offers an immersive learning experience leveraging tech-enabled solutions, simulation lab, case-study learning models, and more. Aimed to enhance strategic and solution-based thinking approach, where students can develop an entrepreneurial mindset. They can hone their leadership skills in team projects like developing disruptive marketing campaigns or luxury retail solutions.
2. Adapt, agile, and resilient mindset
Learn the necessary soft skills and creative application in the industry with an MBA program in 2024.
A key advantage of pursuing an MBA in Luxury and Fashion Management is the program’s ability to enhance graduates’ interpersonal skills. With group projects, networking events, leadership coaching, industry mentors, and outdoor group activities. It teaches graduates to stay flexible under unprecedented circumstances. Adapting to situations using emotional intelligence and building an agile attitude.
At MBA ESG, the program in Luxury and Fashion Management is designed with an experiential and hands-on learning approach. It enhances students’ creative thinking and interpersonal skills to adapt to various challenges in the luxury marketplace.
3. Tech-driven learning
An MBA in Luxury and Fashion Management in 2024 will equip you with the apt tech tool to take data-driven decisions and lead digital transformation efforts.
The luxury sector needs professionals who come equipped with digital transformation solutions today. An MBA program in Luxury management offers students learning and adaption of emerging tools like AR/VR, AI, Data Analytics, Big Data, and Blockchain across luxury business operations. An NFT, for instance, is a leading tech-driven luxury product adopted by leading luxury and fashion brands like Prada, Balmain, Gucci, Adidas, Nike, etc.
Join the MBA ESG, India’s global MBA program in Luxury and Fashion management to upskill with digital tools to lead with innovative strategic data-driven decisions. The schools bring in live-industry projects that offer hands-on learning in current technology practices.
4. Ethical practices and sustainability
In 2024, an MBA in Luxury and Fashion Management will hone your business acumen with ethical trade practices of the modern luxury sector.
One of the key areas of intervention in luxury and fashion is the rising demand for sustainability, CSR, and ethical practices. This means learning circular economy models, the importance of transparency in supply chain operations, and addressing environmental and climate challenges facing the fashion sector.
With an MBA in Luxury and Fashion Management at MBA ESG, India, you’ll learn about regulatory requirements in the sector, policy framework, and international trends. Along with case studies on luxury brands’ commitment towards sustainability, social impact, and CSR initiatives.
5. Digital and offline international market expansion
Learn how you can lead luxury brands into new markets globally with a crafted MBA program in 2024.
We are part of a highly adaptable and globalized economy where supply chain operations, marketing strategies, production facilities, and trends span across oceans. An MBA program in Luxury and Fashion Management offers students global exposure to alumni, industry leaders, networking events, and guest lecturers along with a multicultural peer group. Enabling them to learn about global cultures, and nuances of international trade.
At MBA ESG, India, we develop your learning in the international market with our 14-day educational visit to Paris. Immerse in the Parisian luxury factory, ateliers, showrooms, and retail outlets. Along with industry visits, guest lectures, and cultural immersion in the heart and mecca of luxury experiences and the fashion industry.
With an MBA in Luxury and Fashion Management in 2024, you will gain a competitive advantage in the market. The program is designed to impart knowledge to lead high-end luxury brands across domains in fashion, lifestyle, hospitality, and tourism.
MBA in Luxury and Fashion Management at MBA ESG, India, aims to build strategic managers and leaders in the luxury and fashion sector. One’s who lead with tech-driven solutions, are ethically aware, socially progressive, and environmentally conscious.
Is your aim to join an MBA program with strong employability opportunities and leading modern tools? Learn more about the MBA in Luxury and Fashion Management at MBA ESG, India, here.
