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Accelerate your Career with Luxury Brand Management
|By : Akshay Gupta , Haryana, India 30.6.2017 Phone:- Mail Now|
India is the fastest-growing emerging market for luxury goods and is projected to contest China's position as the world's leading luxury consumer. According to a report from Euro monitor International, the country's luxury market is expected to grow 86% in constant value terms between 2016 and 2019. India's impressive growth in luxury goods' sales is the result of several factors. The traditional Indian custom of personal adornment has led to a strong demand for luxury accessories, opulent jewellery, timeless timepieces, designer clothing and footwear. This has created a need for specific professional training, skill development and education about the luxury industry says Akshay Gupta, Deputy Director Operations, LCBS.
A non-existent sector till just a few years ago, luxury management now offers exciting career opportunities. It requires an understanding of heritage brands and the ability to network with niche market segments. Luxury management can best be described as an interdisciplinary subject that applies time-tested management practices to businesses that offer premium services.
Luxury Management has become popular as the landscape of the luxury industry itself has changed over recent years. New brands are employing innovative marketing and promotional campaigns that challenge the position of established names. Big brands are also innovating and exploring new markets beyond their traditional domains. At the same time, more and more people around the world are becoming interested in branded luxury goods. This has also created greater demand for luxury products, and B-schools around the world are offering interested professionals the chance to be a part of this exciting industry like LCBS.
As in Depth study by research firm McKinsey shows that the overall luxury industry is showing increasing signs of growth from emerging countries with India giving China tough competition, thanks to a slowing economy in the latter. India’s HNI and UHNI population too is growing at a rapid pace– it is estimated that by 2020, the wealth of HNIs in India will see a 94% rise as opposed to China’s 74%. This means more opportunities for luxury retailers in India leading to an increase in job opportunities as well. Bigger luxury brands want managers to employ customized approaches that include product mix and exclusive deals to attract their customer base. Meanwhile, smaller brands seek managers who can help them break into new categories for consumption and increase their distribution footprint. Luxury manager conduct market research for target products, Oversee and organizing multimedia advertising campaigns, Contribute to product and distribution plans, Address and manage brand budgeting and resources, Consult with outside agencies, promotional representatives and corporate executives, Collaborate with luxury designers and creators and Supervise marketing staff and assignments. Luxury managers lead exciting careers filled with opportunities for travel and advancement within the fashion and luxury sectors. For those with the drive to succeed in the fast-paced world of international marketing, becoming a luxury manager may be the right ticket to ride.
A study by Luxury Connect Business School (LCBS) shows that approximately 54% of luxury brands/companies are somewhat satisfied with their employees. A big chunk i.e. close to 40% is still struggling to hire trained professionals who understand the business for professionals a strong business management background coupled with functional experience in management practices is essential to the success of a luxury manager. Since luxury management involves a high level of customer interaction, those with a natural flair for networking, especially with the corporate clients and customers and with the ability to build a rapport with key decision makers, will do well for themselves in this industry.
Akshay Gupta Deputy Director Operations of Luxury Connect Business School say once you get into the course it will open doors in national and international industries. After completing the PG diploma in Luxury Management students can work with retail chains, design houses, export houses, independent designers, and media houses or start their own venture with roles such as: Luxury Sales Advisor, Luxury Retail marketing Executives, Luxury Senior Sales Advisor, Visual Merchandisers, Assistant Store Managers, Customer Relationship Manager, Store Manager, Store Director, Area Manager, Associate Retail Head, Retail Head, Brand Head, Fashion Marketer. Back-end Profiles: PR Consultant, Event Planner & Manager, International Conference Manager, Retail Merchandiser, Logistics Manager, Supply Chain Manager, Wardrobe Manager, Luxury Consultant, Fashion Buyer, Brand Manager Etc.
As a matter of fact, India's Luxury industry is predicted to grow from $18.5 billion currently to $50 billion by 2020 and to $180 billion by 2025. By sheer logic, if the market grows, so would be the associated job opportunities. As per the studies, Indian Luxury retail would require the manpower of 5.6 million heads by 2022! And, an average starting salary of a Luxury specialist could be from 6 Lakhs per annum upwards.