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Is Luxury Brand Management The Right Career For You?

A luxurious lifestyle is evolving every day as consumers are becoming more aware of brands that offer a delightful experience. Luxury is all about the recognition or social status an individual gets while describing an experience of a particular brand. Luxury brands are employing innovative campaigns that lift their brand to the next higher level. This has created enormous career opportunities in luxury brand management with top international luxury brands.

Market Growth

According to Confederation of Indian Industry, between 2015 and 2016, the luxury market in India grew from 14.7 billion dollars to 18.6 billion dollars at a growth rate of 25% year-on-year. The industry is witnessing a promising growth. Therefore, it is worth choosing luxury management as a career option in the coming days.

Luxury brands have been exploring new markets beyond their traditional boundaries. It has created a huge demand for such products and services such as jewelry, gadgets, exquisite holiday destinations, big fat weddings, events, hotels etc.

Career and Lifestyle

Undergraduate/Post-graduate programs specializing in luxury management can lead to highly rewarding careers in this domain. Professionals are required to possess good communication skills, an eye for detail and ability to make informed decisions. Students from this industry sector can land in positions such as a brand manager in fashion brand, marketing, PR in textiles or accessories industries and other profiles.

Luxury brand management professionals avail lucrative opportunities in the countries such as France, Italy, the UK and the U.S. They are offered extremely competitive family healthcare packages, retirement plans, work-life balance, temporary foreign assignments, leisure activities, generous maternity leave, sick leave, vacation pay policies and a lot more.

Luxury Management – An Exclusive Avenue for Exclusive Careers

The luxury goods and services industry in India has seen phenomenal growth in recent times, even as some of the big names in this industry, such as Saks Fifth Avenue, witnessed a slowdown in growth in the US and Canada. Hence, the focus has shifted towards India and China because of the high potential of these markets. Amitabh Kant, CEO, NITI Aayog, said, the luxury industry in India can witness tenfold growth between 2016 and 2025. The market was worth about $18.5 billion in the year 2016 and it may reach $180 billion by the year 2025. The luxury market is expanding and there is need for skilled and highly qualified professionals in this sector to lead the growth.

Luxury Industry – Current Trends and Future Prospects

Numerous analytical studies have reported the changing trend in the consumer base in the Indian luxury market. There has been growth in sales of luxury products across Tier I, Tier II and Tier III cities. Unlike the past, the consumer base for luxury products now comprises of growing number of youngsters and the trend is likely to continue in future. Online retailers also have played a significant role in enabling the growth of the industry.

Though India has a vibrant and growing market for luxury, the industry finds it a challenge to hire qualified and skilled manpower. There is need for qualified managers, who are trained in close proximity of the luxury industry and have hands-on experience of the operational side of the business. Thanks to interests of foreign institutions, some business schools, through partnerships, have started offering programs in luxury management in India. The career prospects for luxury management graduates are bright since the industry is currently in its growth stage.

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