One of the fastest growing luxury markets, India is slated to surpass $200 billion by 2030 and hence will attract lots of luxury brands. This will mean that there will be abundant demand for luxury brand professionals who will not only position, but also market them.
What is luxury brand management?
Luxury brand management is a professional field that involves strategizing to strengthen the perceived value of Luxury product and/or service, create brand awareness, and craft a distinct brand identity and thereby loyalty. The niche customer of Luxury product is buying an experience, rich culture and heritage associated with it and the product must deliver to that promise.
Luxury Brand Manager is also required to research, analyze and understand this niche target audience and accordingly formulate a Product, Distribution, Pricing, Retail, Marketing and Media Strategy in addition to forecasting trends, thereby being responsible for generating revenue for the company.
Eligibility:
- For Graduation: Candidate, in order to be eligible, must have cleared class 12th from a recognised board in any stream.
- For Post Graduation: Candidate must have secured a minimum of 50% marks in any stream from a recognised university.
- Eligible candidates have to undergo an entrance exam.
- Candidates clearing their entrance exam are required to pass the group discussion followed by an interview round
- Basis the ranking secured in the interview round, the marks secured in the entrance as well as graduation and/or class 12, the candidate becomes entitled to admission into the college
Skills Required:
- Outstanding Communication, Networking & interpersonal skills
- Leadership skills with adaptive thinking and problem solving abilities
- Capable of motivating team
- Passion for luxury products and understanding of the luxury market
- Attention to detail so as to achieve perfection
- Multi-tasking capability and patience along with ability to perform under pressure so as to achieve deadlines.
- Knowledge of latest computer software, tools and techniques
- Outgoing personality so as to be able to interact with people and make presentations
- Gained experience while working as interns
Masters in Luxury Brand Management:
Given the growing demand for professionals in the Luxury products industry, there are many colleges offering masters in luxury brand management. However, before enrolling in any college, students must realize that the demand from organizations for trained professionals will go to only those colleges that offer its students the following:
- The college must offer comprehensive understanding including marketing, brand management, sales, distribution and retail concepts etc. of the developed as well as rapidly emerging markets like India.
- The curriculum must offer wide-ranging knowledge of luxury segment including Watches, Automobiles, Jewellery, Wine, Haute Couture and Hospitality etc.
- The college must equip students with knowledge about competitive strategy, anthropology of luxury consumption, managing multi-brands, understanding markets, branding experience, and pricing etc.
- The college must ensure that students pursue industry-centric curriculum supported with internships and real-life projects both in India and with affiliate international partners, so as to equip the student with an in-depth understanding luxury industry and distinctive markets.
- Supplementary career support through additional specializations like digital marketing, Operations management and Supply chain management etc. must be offered to students, thereby enhancing their competencies.
- The college must offer a comprehensive Placement program so a s to ensure that students get opportunities to work with companies like Mercedes, Louis Vuitton, Gucci
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