Luxury Brand Management is relatively a newer course and is gradually gaining significance across the globe. The scope of this course is vast. It opens doors to a lot of lucrative career prospects. So, are you wondering what are the pros and cons of a career in this field? Which universities offer lucrative courses and degrees? Worry not! You will get answers to all the questions pertaining to Luxury Brand Management right here.
We are part of a YouTube and Instagram generation, where we’re constantly exposed to influencers and content creators and their lavish lifestyles. Living in a consumerist society that focuses a lot on brand names and value, there is a constant pressure on brands to create a certain image for themselves, one that comes to be associated with their brand name.
Luxury brands like Hermès, Cartier, Chanel, Louis Vuitton, and Prada among others are also unceasingly attempting to create an image of exclusivity and trying to create memorable experiences for their customers.
But how do they maintain their image? The simple answer is Luxury Brand Management
Brands need individuals who have the required knowledge of how to use social media to maintain clout, possess understanding about brand experiences, have knowledge of product design and service development experience.
If you have a passion for design and management, Luxury Brand Management course can be an ideal career choice for you. Here is all you need to know about the course:
Is it a Right Career Path for You?
With Luxury Brand Management course being a fairly unconventional field and one that has only gained ground in the 21st century, it is natural to have doubts and confusions about picking up a course in this field and about the work a Luxury Brand Manager executes on a daily basis.
As a Luxury Brand Manager, you will mainly be involved with analyzing the target audience and the brand’s relationship with its customers, with product placement, development of the brand’s strategies as they move forward and try to keep pace with the competitive market and improving organizational management of the team involved.
In a world dominated by social media and clout culture, there is an obsession for luxury products which means there is a high demand for luxury brand managers and thus for a career in Luxury Brand Manager.
What Does it take to be a Luxury Brand Manager?
It is important for a luxury brand manager to have a connect with the brand, to understand the history, legacy, and heritage of the brand, what it stands for and what value potential clients associate with the brand. A Luxury Brand Manager handles the responsibility of maintaining exclusivity while retaining the popularity of the brand so that certain sections of society aspire for it and yet others who can afford it want to purchase it.
To do well in the career of Luxury Brand Management, one must also possess the functional experience along with a background in business management, this job demands a close-knit relationship with customers. Hence, it also essential that you are good at building a network and have good interpersonal and communication skills.
As a Luxury Brand Manager, you will be working at a luxury house. Thus, it is important that you know how to maintain both the high standards of the organization as well as a good relationship with the customers so that you can efficiently manage your time amongst customers.
You must also know how to entertain clients and be innovative while planning corporate gifts to ensure that certain clients continue work with you, you might also be required to attend promotional events and business lunches.
It is almost mandatory that you must believe in the product and love it for yourself, believe in its vision and value its status. As a Luxury Brand Manager, you can influence the transformation of the brand and be instrumental in making it a dominant market player and this is only possible if you have faith in the brand.
Pros of a Career in Luxury Brand Management
The Money Involved
Since you’ll be pursuing an off-beat course that not many people enroll for and luxury brand managers are in high demand in present society, there is an immense possibility of earning high salaries. The competition will be less and the money you’ll earn will be more.
Creative and Unique Career Opportunity
Since not many people complete their MBA in this field, it’ll be a unique field and the unconventionality of the Luxury Brand Management course allows you to exercise some amount of creative freedom and tap into your creative instincts. As a luxury brand manager, it becomes your responsibility to provide the customers with a one of a kind experience that encourages them to purchase the product or to come back to your brand. Imagine convincing someone to purchase a Birkin from Hermes and encouraging them to invest that kind of money again.
Opportunities Around the Globe
The world is a global village and brands are always trying to expand their market, once you choose a career in Luxury Brand Management you could travel across the globe for expanding their services or to work in one of their stores in some other country, the world will be your oyster.
Challenges in a Career in Luxury Brand Management
You need to possess skills like leadership, interpersonal communication and networking along with displaying experience in organizational management and functioning of the organization, a mere degree makes it difficult to find a job if you don’t have prior experience in the Luxury Brand Management.
Long durations of work
The work can get extremely stressful, as they have strict deadlines to meet with the demands of this fast-paced world. Your work would also involve long and unfixed working hours once you choose a career in Luxury Brand Management.
Why Pursue a Career in Luxury Brand Management?
A Luxury Brand Management course will help you in developing business and marketing skills, along with managerial skills and a better understanding of analyzing brand strategies. This field is an evolving and vibrant industry with unique opportunities and experiences.
Luxury Brand Management course also helps one analyze the market demand, consumer behavior and understand the target audience better. It will also enable you to develop important skills like merchandising, sourcing, brand development, distribution and pricing, all crucial aspects unique to the luxury brand management industry. It also helps you hone your media marketing and communication skills that include content creation and developing relationships with brands online.
You can either pursue an MBA in Luxury Brand management, MBA in Fashion and Luxury goods or a Master’s in Fashion, Experience and Design management among other courses that have a special focus on luxury brands and their operations and management.
Universities that Offer Luxury Brand Management Courses
Among the best schools for Luxury Brand Management are-
ESSEC Business School
This university in France offers an MBA in International Luxury Brand Management, the course intends to create individuals who have the ability to enhance the luxury product and brand as well as manage it. The course trains the students with cultural foundations of luxury, luxury consumption and consumer behavior, financial management and accounting, retail management, strategic management, digital disruption, operations management, and managerial accounting. The university recognizes the importance of practical knowledge and hence offers a boutique internship in the final semester and has a Capstone Consulting Field project in the summers.
SDA Bocconi School of Management
This University situated in Italy offers a master’s program in Fashion, Experience & Design Management, the course is designed to be an intensive one-year full-time program. The university boasts of being home to 79% international students from over 23 countries and having 83% female students. The university enjoys the privilege of being located in the fashion capital of the world, Milan. The university also encourages the students to build a strong network for their future careers, the networking is facilitated by organizing online and offline-meetings and events where students can get an opportunity to interact with alumni, directors, staff, and faculty.
NYU- Stern School of Business
Another college to consider for building a career in Luxury Brand Management is NYU- Stern School of Business. Located in New York, USA the college offers an MBA course in Fashion and Luxury, the course intended for a duration of 1 year focuses on core coursework combined with an experiential learning experience. The course is divided into 51 credit points, the university also has the NYU Stern Fashion and Luxury lab that is aimed at providing students opportunities of networking and working on projects with some of the best names in the industry.
MIP Politecnico di Milano School of Management
The Neoma Business School of the university, situated in Italy, offers an International Master’s in Luxury Management, the course targets junior profiles those who have little to no prior work experience. The aim of the course is to provide students with the skills of managerial background and knowledge around the fundamentals of operations, the course is taught in English. The course hopes at creating a learning experience which helps students develop a keen interest and awareness about the responsibilities and varied tasks that are unique to the luxury brands industry.
The Columbia Business School of the university offers an MBA in Retail and Luxury Goods; the college boasts of providing 30+ internships and job postings every semester. The University also has strong and long-lasting relationships with some of the best brands in the industry like – Chanel, Louis Vuitton, Hermes, Coach, Salvatore Ferragamo, Victoria Secret’s and J. Crew to name a few, this relationship transcends to good networking opportunities for students as well as a possibility to intern with them.
Career Prospects after a Degree in Luxury Brand Management
PRODUCT MARKETING MANAGER
A product manager is involved in the development phase of the product as well as the production phase, you will be expected to use your expertise to scrutinize the two phases as well as conduct surveys analyzing the demands of customers and market research to get a better idea of what the consumer wants. Product development and execution is one of the most crucial aspects of the field.
LUXURY BRAND MANAGER
The most popular job prospect after completing a Luxury Brand Management course is Luxury Brand Manager. This job profile will involve strategizing and marketing so that you are able to attract the right clientele so that the brand is able to flourish, you will also be responsible in assisting the brand to identify and connect with the appropriate audience or the target audience. You will have to use your innovation to organize promotional campaigns, collaborate with other trending designers, creators and brands, you’ll have to use your marketing skills to carry out market research and to analyze the budgets required for marketing, you will also have to supervise the production process.
FASHION PR SPECIALIST
The PR Specialist helps the brand in maintaining a relationship with media houses so as to ensure that the brand is able to convey what it stands for and is able to maintain the brand image it wants to be associated with, they also engage in networking with the editors and writers of fashion magazines, one of their main role is also making sure that prevent the negative narratives about the brand from spreading.
FASHION RETAIL BUYER
As a fashion retail buyer you will be involved in analyzing the market pattern of buying and will have to predict the upcoming trends, you will also be involved in the decision-making process for deciding which merchandise to sell and making considerations about how much product should be sent out in the market to meet the consumer demands, you will also be involved in analyzing the discount and sale performance. You’ll also be expected to maintain a good business relationship with your suppliers.
Design Your Future
While taking a step towards a career path it is important to analyze it in the larger context of opportunities, growth and potential of the industry, Luxury Brand Management being a relevantly upcoming and unconventional course can give you immense opportunities for growth and experience.
While we have presented all the relevant and important information regarding the field, the career prospects, the scope and best universities for the Luxury brand Management course, you might have other apprehensions, you might also want to talk to someone who has previously walked down this career path so that you can make the best decision possible, you might also need help with the application process, if that is the case do not hesitate and let us at Leverage Edu, help you build the career of your dreams that plays to your strengths and helps you create an impact in the industry.