Luxury Brand Management
Luxury Brand Management is becoming an increasingly popular career choice among the younger generation due to its association with the world of fashion. The global textiles and apparel industry includes fabrics, clothing, footwear, and other manufactured goods and valued at over $3 trillion with about 80 billion pieces of clothing being bought every year. Due to the sheer volume of work, and for striking a perfect balance between the innovative, creative and business side of things in a luxury label, the industry is looking for more and more skilled and experienced brand managers who can effectively communicate with the big clients and the small merchants alike. Luxury brand management is not just limited to fashion but also spreads across various other domains of business, be it hospitality, travel or food.
As we all know, there is no better destination for luxury lovers than the European countries, especially the ones in the western parts of the continent. The reasons behind this are historical. There was a time when the western European countries dominated the entire world. Their fair skins and historical lineages and proven track records for artistic excellence and impeccable craftsmanship speak for them even now. Also since most of these countries are historically rich, their people are more equipped to buy and use luxury products compared to third-world countries in other continents.
Just like Europe houses some of the most popular luxury brands in the world, it also is home to the best colleges and universities to learn about luxury management and take it up as a course/degree. Let us learn more about this career.
Education Aspect of Luxury Brand Management
A student who wishes to be associated with a luxury brand cannot just limit his/her knowledge to the creative side of things. He must secure a degree and learn how to build a bridge between the artists and the clients.
This is why the course structure of luxury brand management includes the following:
- Consumer behaviour
- Luxury hospitality
- Supply chain management
- Luxury retail
- International Brand management
- Regulatory issues
- Business laws
- Best business practices
- Morals and ethics
- Effective business communication
It is important to be highly skilled in all the above-mentioned cores in order to land your dream job in this field.
Luxury Brand Management is an unparalleled new domain in the world of business and management. One can pursue either a Masters in Science degree, a Masters in Management degree or a Masters in Business Administration degree with a specialisation in luxury brand management.
Listed below are a few of the best colleges who offer this course at the university level.
- Emlyon Business School, Paris, France: This school offers a Masters of Science degree in Luxury Management and Marketing which is about 18 months long in duration. You also get to live in Paris which is mostly considered the fashion hub of the world. You can get a chance to experience the best and worst of fashion in this city.
- British School of Fashion, London, United Kingdom: The British School of Fashion offers a full-time, on-campus Masters of Science degree in Luxury Brand Marketing. You are also exposed to luxury fashion in the world’s biggest cosmopolitan city.
- International University of Monaco, Monaco-Ville, Monaco: This school offers a Masters of Science degree in the Marketing of Luxury Goods and Services which is 16 months long and is taught in English entirely. This degree will help you gain a global perspective in the world of luxury branding with respect to France.
Masters of Business Administration degrees in Luxury Brand Management are offered in the following colleges:
- ESLSCA Business School, Paris, France: Their course in Luxury Brand management is more focussed on the business side of things instead of the technicalities of the course.
- Swiss School of Higher Education, Montreux, Switzerland: Another one of Europe’s leading business schools when it comes to an MBA in Luxury Brand Management this school provides students with comprehensive knowledge about the managerial aspects of the course.
- Institut Supérieur de Marketing du Luxe – SUP de LUXE, Paris, France: This school offers an interesting MBA specialization in Food and Wine Management within its MBA in Luxury course structure. You thereby have the opportunity to immerse yourself in the gourmet cuisine side of luxury.
Jobs and Salaries after this course.
Before we delve into the monetary benefits of studying this course, it is important to understand what skills one needs to acquire in order to get there. A few of them are listed below:
- Effective customer relationship: The customer plays the major role in every type of business. In the luxury industry, this is true more so than ever.
- Attention to intricate details: The whole point of luxury is to make sure that the final consumer is extremely comfortable and more than satisfied. This can only be ensured when you pay attention to the smallest of details and perfect every flaw.
- Leadership qualities: This job will require one to deal with all types of people regardless of their backgrounds. Hence it is important to ensure that you have excellent communication skills and are completely aware of the tone you should use to talk to people to assert your point.
Luxury Brand Management graduates get opportunities to work for fashion labels and houses, luxury hotel franchises, restaurants, modeling agencies, airlines, etc. While the scope is largest in the global fashion industry, it is not limited to it.
While average salaries range between $80,000 and $90,000, for senior managers in global organizations, paychecks often run into several millions.
The scope of luxury brand management is still very new to the world. It will definitely take time before sets sail as a definite career option altogether. But, due to the changing dynamics of the fashion world and constant paradigm shifts to the definition of luxury, this career has immense scope for future growth. With newer and more innovative ideas coming up, and smaller entrepreneurs working their way through global markets, it is only a matter of time before this becomes a roaring career choice.
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