Luxury Business Management Education – What Do You Need To Know?

Pursuing a degree in luxury business management can position you to take advantage of India’s growing economy and the potential for the luxury industry to thrive in this market. India’s large consumer base, physical and digital infrastructure, and international competitiveness offer opportunities for professionals in various fields. Pursuing a degree in luxury business management can position you to take advantage of India’s growing economy and the potential for the luxury industry to thrive. According to a recent EY report, India is projected to rank among the top developed economies by 2047, with a GDP of $26 trillion and per capita income of $15,000, making it a promising market for professionals in the luxury business management field.

Among the five different classifications of Indian consumers, the topmost of the pyramid, or the elite class, is merely 4% of the overall population. The absolute statistics, though, are too alluring for any luxury business to disregard. The nation brand valuation is based on five-year forecasts of sales of all brands in each nation and follows a complex process.

Not only is the number of billionaires in India expected to increase by 105% by 2026, but the country’s reputation as a valued national brand is also surging. As a result, several international luxury companies have formed new alliances and expanded their presence in India. Reliance Brands Ltd. has secured agreements to introduce brands like Valentino and Balenciaga to India, while Aditya Birla Fashion Retail (ABFRL) has partnered with the famed French luxury department store chain Galeries Lafayette.

The thriving Indian market is being targeted by luxury companies. For the wedding season, Louis Vuitton debuted a series of limited-edition shoes. A special mangalsutra was introduced by Bvlgari for India. For the 75th anniversary of India’s independence, Franck Muller unveiled 150 limited-edition timepieces with the country’s map engraved on the reverse.

Following the pandemic, luxury spending in India elevated in tandem with the desire for high-end homes and cars. The desire for second homes and retirement settlements with top-notch facilities has surged, and about 33% of HNIs and UHNIs are ready to spend more than Rs 10 crore on real estate. Sales of premium automobiles increased by 50% from 2021 to 2022, reaching 38,000 units. Rich Indians are choosing unique and exclusive experiences like offbeat luxury tours, adventure sports, and private charters for travel as a priority over material luxury. 

With rising sales of luxury goods, the luxury business is flourishing despite the current economic crisis. Luxury brands serve as more than simply a status symbol; they also stand for aspirations, taste, luxury, and achievement. Brand managers who can comprehend and advance the sector are quite important to the industry.

A degree in luxury brand management may be the right choice for you if you want to work for reputable businesses like Versace, Ferrari, or Dior. With this specialised degree, you may enjoy all of life’s better pleasures while helping luxury businesses develop and succeed. Even if the educational requirements for luxury brand management may be different from those for other specialisations, people who have a strong desire to study and are focused on success may consider making the investment. The demand for luxury goods is growing as the global market changes, giving this industry an exciting career path for aspirant brand managers.

Mundra Institute of Communication and Advertising (MICA), SP Jain School of Global Management, Indian Institute of Management, Luxury Connect Business School, FAD International, Lifestyle & Luxury Management Institute, Athena School of Management, Pearl Academy, etc are a few renowned Indian institutes to pursue this course.

Some best international B-schools to pursue a degree in Luxury Brand Management include NYU Stern School of Business, USA, Rotman School of Management, University of Toronto, Canada, Birmingham Business School, Birmingham City University, UK, Essec Business School, Europe, Bologna Business School, etc. 

The goal of luxury brand management courses is to provide students with the marketing and commercial abilities they need to manage and sell luxury goods successfully. Students who major in luxury brand management have a wide range of professional options to choose from, including product management, marketing consulting, and brand management. These programmes are offered at all academic levels, from undergraduate to graduate. A few of the well-liked choices are a BS in Luxury Brand Marketing and Management, Bachelor in Luxury – Trade Trades, BBA in Luxury Brand Management, a Bachelor in Fashion and Luxury Retail Management, a Bachelor of Events, Luxury Marketing, International Business Management Studies in Luxury Goods, Master of Science in Fashion & Luxury Marketing, Master in Fashion and Luxury Industry Business, MSc Marketing with Luxury Brands or MBA in Luxury Brand Management, etc.

With a degree in luxury brand management, one has a wide range of professional options to choose from. Luxury Retail Buyer, Luxury Brand Manager, PR Specialist, Visual Merchandiser, and Merchandise Manager, are a few designations that you can take up after your degree in Luxury Brand Management.

In conclusion, the luxury market in India is booming and doesn’t appear to be about to slow down any time soon. This indicates that there is a growing need for experts who are knowledgeable in premium brand management. For those who want to work with prominent luxury firms, enrolling in a luxury brand management programme opens up a world of opportunities. There are several employment opportunities, including brand management and product management. You may combine your entrepreneurial spirit with your creative side to support the growth of luxury firms by earning a specialised degree in luxury brand management.