Bowled over by brands?
Luxury brands are getting increasingly popular in India. They range from designer clothes and handmade jewelry to watches and accessories, from custom-made cars and exclusive private clubs to first-class vacation resorts and lifestyle properties. A variety of premium merchandise and services are available for those who are willing to pay the price.
Luxury management, also called as luxury brand management or luxury retail management, is an interdisciplinary subject, which teaches good old management techniques to businesses that offer premium products and services. Luxury management is not the next big thing. It is the biggest thing right now.
A career in luxury management requires an understanding of niche brands and the ability to network with specified market segments. A sector that was non-existent till a few years ago, is now offering some truly exciting prospects.
Educational Qualifications :
Luxury management specializations help develop a global outlook towards business and impart leadership and managerial lessons to manage a luxury brand. The courses include theory as well as practical training. Such programs also help develop strategic management skills, communication, organizational skills and increase competence in project management. Luxury management is generally an area covered as a specialization under an MBA or a Masters degree. Undergraduate courses in this subject are very rare.
Admission Requirements :
All applicants will need an undergraduate degree, preferably in business administration to be eligible to apply. Scores for GMAT/GRE may also be needed while applying. While a university may not make it mandatory for applicants to submit GMAT/GRE scores, they will certainly be encouraged.
Some of the courses are conducted in English, even in the European countries that are traditionally non-English speaking. Therefore, proof of English proficiency will also be required. TOEFL and IELTS scores will be accepted by most institutions. Additional documents may also be required by the universities, namely a resume, letters of recommendation, personal statement/statement of purpose, letter of motivation, etc. Universities will prefer candidates with a reasonable amount of work experience, especially for MBA programs.
Fees and Funding:
The fees for MBA specializations will be approximately £25,000 in UK and between 20,000 and48,000 in the rest of Europe. Masters programs with luxury management specialization are around 18,000 and 30,000 in Europe and approximately £10,000 in the UK.
Universities do offer scholarship and funding opportunities to students, but they are competitive and based on academic distinction. Students who receive financial backing are expected to maintain an excellent academic record throughout the period of study.
The specialization is available in London School of Business and Finance and London Business School in the UK; Emlyon Business School, Paris International Fashion Academy, ESSEC Business School, Skema Business School and Paris School of Business in France; and in the International University of Monaco, SDA Bocconi School of Management , MIP Politecnico di Milano in Italy.
One can find jobs in areas like retail management, luxury distribution, merchandising, retail buying and international marketing. Opportunities for employment can be found in positions such as Account Manager, Marketing Manager, Business Development Manager, Customer Service Manager, etc.
Luxury goods and services have been an aspiration for many and help in shaping a society and its economy. Despite economic crises, sales of luxury goods are rising all over the world indicating success and realization of dreams.