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Luxury Retailing Management – Guest Lecture

 

The Luxury Retailing Management master classes were held between April 01, 2019 and April 05, 2019.

Review

The retail management elective was really commendable. Mrs. Virginie Desse was quite knowledgeable about what she was teaching. She was well-prepared to deliver the best.

As a person, she was really down to earth. She has her own business where she helps other businesses develop their retailing strategies. She was more energetic than the students and was immensely successful in developing our love and passion for the subject.

She focused more on learning and interactive sessions rather than assessments and assignments.

Her presentation included more statistics than text, which we thought was unconventional. However, she later explained the importance of the numbers and percentages.

Her sessions involved role-playing activities where students had to don the role of real professionals and handle the given situation(s) on their own. This gave us real-time experience and allowed us to think beyond our usual capacity. The most positive aspect was that she encouraged every thought of every student.

Her theory and concepts were based totally on real-world experiences. We would have loved if Mrs. Desse could’ve shared her retailing experiences with us a little more.

She focused more on learning and interactive sessions rather than assessments and assignments. She wanted to share as much as possible in the five days she was with us. Apart from the main subject, she showed us the tactics to clear interviews with luxury companies.

The session needs no improvement as it was a whole package of knowledge.

Webinar

Mrs. Desse held a webinar on the Strategic Distribution for the Luxury Retail Market on April 04, 2019. The webinar provided useful insights on Luxury Retailing. It also aimed to show how Retailing fits into the spectrum of Luxury Management and how students can pursue a lucrative career in it.

Key Takeaways

  • Different channels of distribution for luxury goods.
  • How to choose the best retail/wholesale network? Strengths and weakness of each.
  • Kering and Louis Vuitton E-commerce strategy?
  • Why luxury e-commerce brands are opening physical stores?

You can watch the webinar below.

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About Virginie Desse

Mrs. Desse has over 35 years of experience in the luxury industry. Her expertise includes business development, driving wholesale and retail businesses, negotiation, setting-up of international distributors, department store budgeting, P&N, brand awareness, communication, and marketing tools. Currently, Mrs. Desse heads Retail Bespoke Consulting, a business developer in the Luxury industry. She is also one of the visiting faculty for Luxury Retailing Management at MBA ESG, India.

Visit Of Parisian Luxury Hotels

The students of the MBA Hotel Management program in Parishad an appointment on November 22, in the 2nd arrondissement of Paris, for the visit of three unpublished places: “The Hoxton Hotels”, the “Citizen M Gare de Lyon”, and the “Laz’ Hotel Spa Urbain Paris”; newly opened, representing the new trends of the “casual lifestyle” chainof hotels,and independent.

Read the testimonial of LoïcCORDUAN–MBA Hotel Management, class of 2018, to know more about the visit:

“We discovered a real estate consisting of three buildings gathered around two paved courtyards. Our host, Céline Grumetz, Talent Coordinator, tells the story of this “young” group born in 2006 in London’s Shoreditch district. SharanPasricha, CEO and Founder of Ennismore, the company that develops the brand “The Hoxton”, has a real “visionary” approach that we noticed very quickly when we crossed the entrance of his new hotel, the 4th of the group.

First of all, when you enter, it is not the reception that you find but a bar, because the philosophy of its hotels is to be places for locals! Moreover, all the spaces (lobby, restaurant, terraces) were designed to immerse oneself in the best of the neighborhood, to make it a real open house. The Hoxton Hotels has 172 rooms divided into 4 categories; we visited one of them. Everyone was surprised by the size of the room, which had an impressive ceiling height. The neo-vintage style with industrial references (old factory in the 50s) gives the impression of staying in a private apartment. We ended the visit in the Riviébrewery, which offers a cuisine with French culinary traditions with local products at a reasonable price – from 9 to 25 euros.

The entire MBA EGO hotel class thanks the Hoxton Hotels team for their hospitality.”

Know more about our Hospitality Management course

7 Tips On How To Become a Successful Luxury Brand Manager

In a world where consumers make split-second decisions, the manner in which companies are able to portray themselves to the public will hugely impact their decisions. In some cases, a company’s brand and image are equally, if not more, important than the product. Branding is the perception that a consumer has when they hear or think of a company’s name, service, or product. An effective branding creates loyal customers and hence, brand management becomes highly important for a brand to become successful.

Brand management is an element of marketing that uses special techniques to enhance the perceived value of a product. It is the art of crafting and making a brand sustain in the market. Both the noticeable and intangible characteristics are addressed in brand management.

What is luxury brand management?

The luxury landscape in India is on an impressive growth spree holding a share of 1 to 2 percent of the global luxury market. Since luxury is a niche segment, it is very important to build a robust brand which will differentiate it from the competitors and increase sales and business growth. Luxury brand management is the blending of the right marketing campaigns to create and reinforce and retain the brand identity. An effective luxury brand management is one that develops a promise with a consumer, convey the message of the promise, and lives up to it. Luxury brand management requires an understanding of how to market a luxury brand to attract a specific clientele.

What role does a luxury brand manager play?

Luxury brand management is all about analysis and planning of how to increase the perceived value of a luxury product and a luxury brand manager is the one who puts this plan into action.

A luxury brand manager is responsible for conducting market research for luxury products, overseeing and organising marketing campaigns, product and distribution planning, managing brand budgeting and resources, collaborating with luxury designers, and supervising marketing assignments. Apart from an understanding of luxury brands, a luxury brand manager should be creative, possess leadership skills, dedicated, passionate, innovative, and possess a natural flair for networking.  

Luxury brand management is emerging as a lucrative career option and if you’re aspiring to become a luxury brand manager, here are some tips on how you can succeed in this field.

Tips on how to become a successful luxury brand manager

  1. Attain a professional degree

Equip yourself with basic management, marketing, and business skills that will help you to effectively manage a brand. A professional bachelor or master degree in luxury brand management is preferable as it will help you understand how the luxury market works and employ strategies accordingly.

  1. Be passionate about the brand

Unless you are passionate about your brand, you cannot influence your consumer’s buying decision. You also need to have a deep understanding about your product and the target group to attract potential customers. Along with passion for the brand, you also need to be passionate about the work that you do as a luxury brand manager. Your passion and enthusiasm can be infectious and motivate your team to get involved.   

  1. Build on your leadership skills

A successful brand manager is one with strong leadership skills. A leader is someone who leads by example rather than someone who only gives orders. Effective leaders are strong communicators with the ability to speak effectively and persuasively. As luxury brand management is about building a relationship with your consumer, communication plays a very important role. Great leaders have a vision and know how to execute it. In the words of Jack Welch, “Great leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to its completion.”

  1. Mix strategy with creativity

To succeed as a brand manager, you must be creative and analytical at the same time. You should be able to come up with a smart and creative strategy to convince people to choose your brand by making good use of analytical research.

  1. Have a focussed but simple marketing strategy

A focussed approach is necessary in luxury management because the industry can sometimes get overwhelming. The approach should also be kept simple so that sanity is maintained in the complex and competitive world of luxury.

  1. Keep adapting and evolving

In a world where people are always online through smart phones, tablets, laptops and updated with what’s hot and trendy, it’s very essential for brand managers to themselves stay updated. Be informed about the latest happenings around and modify your strategy whenever necessary. Take advantage of digital as a marketing tool for your luxury brand.

  1. Be consistently innovative

Most successful brand managers are innovative and constantly ask themselves “what else can be done?” and “how can we do better than our competition?” They do not just follow what others are doing but come up with their own ideas and plans its execution. Their innovative strategies always sets a trend in the luxury market.

Getting a professional degree in luxury brand management is the first step towards becoming a luxury brand manager. MBA ESG offers an MBA in Luxury Brand Management to elevate your career to new heights and expose you to the world of luxury!

The Boom of Luxury Market in India

This is a generation of millennials where people prefer pleasure and indulgence rather than just possessions. And that defines luxury. Luxury is anything that adds to pleasure or comfort and is more than just a necessity. In modern context, luxury is any expenditure that goes beyond the necessary.

With time however, the term ‘luxury’ has evolved. Luxury can also be an experience that simply makes one feel good or special. Luxury to different people can mean different things. To some, hiring a full-time domestic servant may be a luxury and for others, a comfortable stay at a branded hotel may be a luxury.

In this article, however, we will talk about the luxury goods from an economic point of view. We will also talk about luxury brands, luxury market scene in India, global luxury brands in India, luxury management and the career prospects in the luxury segment.

What are luxury goods and luxury brands?

Luxury goods are often synonymous with superior goods and they are generally considered to be goods at the highest end of the market in terms of quality and price. Haute culture clothing, accessories, and luggage are some examples of classic luxury goods. Luxury goods often indicate status and hence, sometimes are also called ‘positional goods’ as they indicate the owner’s position in society.

Some luxury goods may perform a function similar to ordinary goods but may possess high levels of craftsmanship, advanced design, superior quality components, or other improvements. Luxury car brands like Porsche function the same way as other cars but boasts of greater performance and comfort.

If for any brand, a majority of its products are luxury goods, it is labelled as a luxury brand. They are known to deliver superior experience at two levels- product and experiential. At the product level, they satisfy the functional aspects like craftsmanship, precision, materials, unique design, extraordinary product capabilities, technology and innovation. Appealing to the emotions of the consumers is its offering at the experiential level. For example, Rolex symbolises heroic achievement while Tiffany symbolises love and beauty. Surprisingly, most luxury brands have a rich pedigree and extraordinary history.

With more than 50 brands under its hat, LVMH (Louis Vuitton Moet Hennessy) is the world’s largest luxury good producer.

What is the luxury market scene in India?

The luxury segment in India is flourishing due to the growing ‘brand consciousness’ among people, rise in the number of internet users, and a growing young working population. According to ASSOCHAM, the Indian luxury market is valued at $18.5 Billion and is expected to reach more than $100 Billion in the next 7-8 years.

India’s number of Ultra High Networth Individuals (UHNWI) are also growing impressively and by 2025, is anticipated to account for 6% of global billionaire population. Among the metropolitan cities in India, Mumbai and Delhi have the maximum number of UHNWI but it is interesting to note that the Tier I and Tier II cities represents 45% of the total luxury market.

When it comes to luxury spends, India is ahead of Turkey, Thailand, and Argentina and is progressing faster than Singapore and Australia. Being the second-fastest growing economy in the world, India is believed to be one of the most sought-after market by the luxury brands. Currently, India contributes around 1-2 % to the global luxury market and in the last few years, the sale of luxury goods in India grew faster in comparison to other countries.

Which are the global brands investing in India?

India, with its rich fashion history of bright colours, exotic saris, elegant embroidery, and stunning jewellery has been an inspiration for designers around the world. Hence, many international luxury brands are queuing up to woo Indian consumers because they recognize the potential of the market owing to the growing number of billionaires and the rise of the urban elite class.

The Indian luxury consumer base is advancing and with the 100% FDI approval in single-brand retailing and 50% in multi-brand retailing, a lot of international luxury brand companies are strategizing their business operations in the Indian market. Brands like Louis Vuitton, BMW, Audi, Mercedes, etc. who already have a presence in the Indian luxury segment are looking at further expanding their business and increasing their investments.

In the Indian luxury apparel section, the current global players are Hermes, Louis Vuitton, Gucci, Chanel, Jimmy Choo, Burberry, Dior, Bvlgari, Christian Louboutin, Fendi, Giorgio Armani, Versace, DKNY, Diesel, TOD’s, Tom Ford, Roberto Cavalli, Forever 21, Mango, and many more.

Career prospects in the luxury segment

Due to its exponential growth, the luxury segment offers diverse and exciting set of employment opportunities for anyone who is well-versed with the luxury industry.  With the demand for luxury products increasing by day, not just businesses but even educational institutions are eager to serve the luxury industry by providing them with skilled workforce.

Some of the roles that the luxury industry can offer are – Luxury Brand Manager, Luxury Sales Advisor, Luxury Retail marketing Executives, Visual Merchandisers, Customer Relationship Manager, Store Manager, Store Director, Area Manager, Retail Head, Brand Head, and Fashion Marketer.

Why do an MBA in Luxury Management?

Luxury Management is all about conducting market research for target products, overseeing and organising advertising campaigns, managing brand budgeting and resources, collaborating with luxury designers, and supervising marketing assignments.

India is the emerging hub of luxury which would demand professionals to manage the luxury business to provide the highest level of service to clients who want to own the best based on personal preference while maximizing the social currency. And who knows better about luxury but the French? Paris, being the luxury capital of the world is the birthplace of luxury brands like Christian Dior, Coco Chanel, Louis Vuitton and Ives Saint Laurent etc.

MBA ESG that hails from Paris, offers an MBA in Luxury Management that will equip future managers with superior insights and hands-on exposure in the luxury domain.

Join now to live and breathe luxury!

5 Elite Careers Options with Luxury Brand Management in India

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.

  1. 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.

  1. Merchandising 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.

  1. Visual Merchandiser

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.

  1. Product Manager

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.

  1. PR Specialist

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.

 

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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