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Emerging courses: Luxury management and wealth services is a hot pick

This field is best for an individual who is passionate about the luxury industry which includes the fields of automobiles, fashion, perfume, accessories, jewelry, hospitality, F&B, banking, retail, technology, etc.

New Delhi | Updated: July 22, 2020 9:37:51 am
luxury management, management courses, corses after commerce, offbeat courses, college admission, emergig courses, new courses, college admission, best courses in india education news Luxury management is a postgraduate level course (Representational image)

— Written by Smita Jain

Luxury brands have always come attached with the glamour tag, however, the industry is now witnessing a change in consumer behaviour. In the past couple of years, there has been a surge in international luxury brands entering the country. As a result of this, the luxury education space has also gone through several changes.

For a career in this space, aspirants can pursue a master’s level programme in luxury and service management that delivers quality industry-driven training in the global luxury sector. Luxury master programmes usually are 12-month intensive courses which usually go beyond the classroom lectures and have industry experts and industry visits.

What to expect from a luxury management course

— Understanding of essential elements suitable for a managerial role, going ahead towards a leadership role.

— Training of general luxury management as well as an insight into specialised areas.

— Understanding of various luxury domains such as automobiles, watches, jewellery, beauty, fashion, accessories, concierge, consultancy, CRM, and other high-end services.

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— Spectrum of marketing, sales, commercials, PR, finance, merchandising, operations and SCM.

Subjects in the course include marketing, operations and supply chain, accounts, economy, luxury understanding, emerging in luxury markets, etc, as traditional subjects. Some advanced courses also have recent additions such as merchandising, grooming and etiquette, managerial communication and negotiation, digital marketing, social media, consumer behaviour, etc.

Additionally, various masterclasses and workshops are usually conducted under these programmes by industry specialists. It is a value addition for the students and makes them aware of the real understanding of the luxury market.

Who should take this course?

This field is best for an individual who is passionate about the luxury industry which includes the fields of automobiles, fashion, perfume, accessories, hospitality, F&B, banking, retail, technology, etc. The interest can vary from different fields but with the understanding of the luxury market, the students can then choose the vertical of their choice be it India or across the globe.

Currently, more than 70 per cent of the global luxury products in the fast-moving luxury goods category (FMLG) such as small leather goods, cosmetics, and handbags are being produced in China. The supply chain will see a slow transition with brands shifting their focus to new territories such as Vietnam, Taiwan, and India.

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This also means that there will be a significant rise in employment opportunities and also new positions and sectors will see major growth due to this slow transition.

Luxury consumers are already getting quite used to the easiness in shopping from the comfort of their homes. Brands like Louis Vuitton and Prada have seen more than 80 per cent rise in the interaction by consumers on their digital space. The new luxury consumer is not afraid to explore that platform of brand engagement.

A lot of the new luxury brands in a similar way are also going to look at hiring smart young professionals with the right aptitude and attitude towards luxury, who have had the right exposure and knowledge to gear their ships to slow but sure paths of success.

The symbolic and perceived value of luxury brands will not go through a major makeover, as most of these brands have been around for decades, some even centuries. However, we will definitely see brand collaborations, new product extensions, diversifications and possibly, a splurge in digital or a new way of selling which is more conscientious and conscious in its approach.

— The author is director – MGLUXM, SP Jain School of Global Management

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