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What is luxury management/luxury brand management?
Luxury brand management is the study of management practices involved in making luxury goods and brands that represent them, a success. It involves studying all the management tools and practices including having knowledge of luxury consumer behavior, luxury economics, and finance, luxury perception management, identifying the market for luxury goods, strategic aspects, legal and ethical aspects, and a lot more for all the luxury segments in industries like Leisure, beauty, automobiles, jewelry, fashion, gastronomy, real estate, wine, and spirits, travel and a lot more.
What has been the growth in the luxury industry 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 markets 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.
According to Statista’s report
” Revenue in the Luxury Goods market amounts to US$7.74bn in 2023. The market is expected to grow annually by 1.32% (CAGR 2023-2027).
The market’s largest segment is the segment Luxury Watches & Jewelry with a market volume of US$2.24bn in 2023.
In global comparison, most revenue is generated in the United States (US$75,690.00m in 2023).
In relation to total population figures, per-person revenues of US$5.45 are generated in 2023.
In the Luxury Goods market, 8.0% of total revenue will be generated through online sales by 2023. ”
This trend has created a need for professionals who are well-versed in the intricacies of the luxury industry.
Why go for an MBA in luxury brand management?
Luxury brand management is an exciting and lucrative career path if you are interested in working with world-class luxury brands like Gucci, Prada, Valentino, Loewe, Louis Vuitton, Christian Dior, Versace, Chanel, Bvlgari, Burberry, Cartier, Calvin Klein, Armani, Dolce and Gabbana, Hermes, Rolex and more…
What are the top careers in luxury management?
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 for working with popular luxury brands, you’re set to become a luxury brand manager.
- Merchandising Manager
A merchandising manager selects 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, merchandising, economics, or similar.
- 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 impact 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.
- 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 work closely with all teams – 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, it mostly is, you will have to conduct market research and analyze what your customers are looking for from your brand. This position is 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.
- 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 career success.
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.
MBA ESG is committed to bringing excellence in the employable scenario of luxury and fashion sectors by producing management professionals who can lead these sectors and provide massive growth to luxury brands in the country and abroad. Join our MBA in Luxury Brand Management.
6. Luxury Retail Buyer
With a luxury brand management degree, you gain the expertise to be a luxury retail buyer. The work involves identifying the luxury needs of the market, buying luxury products, stocking them, and providing them to luxury showrooms and stores.
Other career paths include being a
- Luxury Sales Head
- Luxury Goods stockist and distributor
- Luxury Consultant
- Luxury Operations Manager
- Luxury E-Commerce Manager and a lot more…
Which industries can you work in with a luxury management degree?
Apart from these, there are multiple other high-end jobs for luxury management professionals. The best part is that they can work in any elite segment of the following sectors.
- Wine and Spirits
- Real Estate
- Ships and Yatches
- Hospitality and Tourism
- Gems and practically every industry in their high-end segment meant for millionaires and billionaires
What is the average salary of a luxury brand management professional in India?
The average salary of luxury brand management professionals is around 11-15 lakhs/per year