When it comes to luxury goods market, India is gaining fast over other countries as being one of the most favorable and growing markets for luxury goods and services companies. With increasing spending power and spreading brand awareness in the country, larger numbers of consumers in India are now choosing to buy luxury goods and services.
According to a report by ASSOCHAM*, India is witnessing a significant growth in its economy which is leading to urbanization, and in turn, providing higher disposable income to consumers. Apart from these, the increasing presence of luxury retail brands spreading across the country has also helped to improve the Indian luxury consumer market remarkably.
The study also pointed that that Indian luxury brand market is set to experience a 5-fold growth in the next 3 years, with the number of millionaires in India expected to multiply thrice in the coming 5 years, from now.
These and other such factors are clear indicators of the immense potential that the luxury goods segment in India holds. With increasing competition, there is an immense need for highly-trained and proficient luxury business management professionals in the industry. Hence, there is a handful of leading university offering luxury business management courses and training.
What does a Luxury Business Manager need?
The main responsibility of a luxury business manager is to attract a niche clientele towards their brand. Luxury brand normally has a significantly larger budget when it comes to advertising and marketing plans. Luxury brands are ready to use the latest and most expensive marketing tool to ensure that their brand gets the optimum level of exposure in the small, but highly-competitive, market segment. As compared to conventional business managers, luxury business managers need to be constantly involved in the corporate aspects. For this, they need to have immensely impressive qualifications, such as from a renowned university offering luxury business management courses, and a higher level of proficiency in performing their managerial tasks.
What should Luxury Business Management courses offer?
A university offering Luxury Business Management courses need to teach the candidates the essential skills and knowledge which is required especially in the niche luxury market. Apart from learning the basic theoretical managerial skills, luxury business managers should also have decent exposure to the industry and its inner workings too.
Besides having a good grasp of general marketing strategies, production,and management skills, aspiring luxury business managers are also required to know and adopt innovative promotional techniques, which are best-suited and most effective for that particular brand.
What does a Luxury Business Manager do?
Today, each luxury brand is looking to introduce their own form of strategy for marketing, based on the individual company’s profile. Larger luxury brands are seeking to employ management professionals who bring truly innovative and highly effective marketing and promotional strategies to the table. On the other hand, smaller luxury brands are looking for management professionals who can help them get a break in a new category of luxury goods consumption and help to increase their distribution network.
Although there are hundreds of top business schools and colleges in India, only a few of these are known to provide comprehensive theoretical and practical training. Luxury Connect Business School (LCBS), is among the leading institutes in India offering Luxury Business Management courses as postgraduate curriculum. The institute not only provides in-depth knowledge about the luxury industry, but it also helps aspirants be better prepared with practical hands-on knowledge of conducting their potential managerial tasks with renowned luxury brands.
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