“There
is a great difference between knowing and understanding: you can know a lot
about something and not really understand it”
- Charles F. Kettering -
I am
sure a lot of students take Europe as an option to study Luxury Brand
Management.
And of
course why not? This is only logical since Europe houses most of the Luxury
Brands of the world.
But do
you really think that doing a Luxury Management course from Europe is the
gateway to a career in the luxury industry ??
While
this is true if one could secure employment in Europe, but are there enough
jobs available there for a fresher to start his career ??
Why
are more and more brands in a outward expansion mode and reaching out to fast
emerging markets like India, China and other BRICS regions ??
If one
does a quick SWOT on a Luxury Management Course from Europe, one could list the
following :
Strengths
:
1.
Home to most of the established luxury brands and hence exposure
to a great base and historical origin.
2.
Multinational environment for learning and deep diving into the
subject.
Opportunities
:
1.
Linking up with brand managers and luxury professionals who
control global markets.
2.
Trips to brand maisons and creation facilities.
Weakness
:
1.
Exposure to a global travelling customer only who may be a very
small percentage of the customer you may need to handle in your home country of
employment.
2.
Cost of education and sustenance is extremely high.
Threats
:
1.
Constant pressure on political and economic situations to restrict
work visa for expats with increased preference to local talent.
2.
Poor or no employment opportunities in Europe.
On the
flipside, if you are really serious about a career in the luxury space, you
should perhaps educate yourselves to understand that opportunities are
currently available highest in the India Luxury Space. The sector has been
growing at a steady pace of 20-25% CAGR for past several years and is estimated
to be 18.3 b USD currently. Besides, the sector needs some 5.3 m talented heads
to manage this growth !
Hence
if you plan to study LBM from Europe, do consider the flip side as :
1.
They do not teach you according to the Indian market.
2.
People abroad have a very different mindset in comparison to the
Indian mentality.
3.
They do not understand the Indian market.
4.
Luxury is not treated the same way as it is treated in India .
5.
Many of the students do not find a job in the same country due to
language barrier, visa & immigration rules etc.
On the
other hand, Let's analyse the advantages of studying Luxury Brand Management
from the B-schools in India:
1.
The course is designed according to the market.
2.
You learn how the market functions in the particular sector.
3.
You will be updated with the current market activities where you
would work.
4.
You would pay half of the tuition fee which you pay to the
international university.
5.
Better job scenario here than in any European country.
6.
No language barrier.
7.
You have a better job opportunity because you know the market.
8.
You get a good salary.
Studying from any European
country especially a course which is market driven, would not fetch you a great
job because of the fact that you do not understand the Retail market in India
besides that the ROI you expect will take a few years to break even due
disparity in what you spend in Europe to what you earn in India !
Being very well versed
with the market scenario you are planning to work in is good for a better
growth prospect.
As a matter of fact, people who
are already working in the industry want to gain knowledge about the Indian
market to have better opportunities.
Take a informed decision to
invest your time and resources well.
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