How important is it to take up Luxury Brand Management as a career?

Are you thinking about switching your career to something different? Do wish to enhance your profile with a course that’s challenging and exciting at the same time? If that’s the case, then you can always go for building a career in luxury management.

While India is considered to be the fastest-growing market for luxury goods, you could expect an 86 percent growth in the luxury market by 2019. The overall growth can be anticipated due to the increasing demand for timeless jewelry pieces, luxury accessories, and stylish footwear as well as clothes. It is because this reason there are many career prospects in luxury brand management. The best business schools in India gives people the opportunity for developing the expertise and enhance the knowledge with luxury marketing.

As a matter of fact, the luxury industry can expect growth as much as $18.5 billion from the current $50 billion by 2020. This makes it evitable that as the market grows the job opportunities are sure to grow.

Why OPT for a Luxury Management Course?

Since the market has observed popularity of luxury products, a lucrative career can always make aspirants successful. There are many opportunities in the market as people become passionate about what they want to pursue. So, here are some reasons of attaining the relevant degree.

Scope – There’s immense scope in the market once a person has successfully completed the management course. He can either choose a job related to marketing, logistics or get actively involved with the design department.

Experience – Regardless of how much experienced you might be, a degree for a well-known business school can take you through aspects associated to luxury brands and services. For instance, some programs expose the person to different markets as he can study in different cities of the world.

Best practices – As the candidate moves ahead with knowledge of heritage brands, he develops the skills for carrying out the business. Management practices can actually help him succeed in the relevant market segments.

An overview of the Luxury Brand Management Program

The Luxury Brand Management Program paves the road ahead to become a successful entrepreneur in the luxury industry. Throughout the entire course, the students would be working with professionals who have an interest in fulfilling their dreams in the luxury industry.

Once the individuals have enrolled in the course, they would be in a better position to manage a successful business venture in the domain. Moreover, they can always perceive business opportunities and set business goals. When the student aspires to show entrepreneurial performance through the luxury brand management course, they can apply standards of excellence. Effective presentations in front of other people would boost confidence and enhance communication skills.

Finally, it’s always necessary to choose the most appropriate program if you are seeking to pace ahead with a bright future. Known to be India’s first luxury business school, Luxury Connect Business School (LCBS) has always delivered training for being the best in the market. As the educational institute maintains relations with top luxury brands, it always offers a different experience to students.

Best Luxury Management Courses - LCBS

Time to Choose the Best Luxury Management Courses :

India is home to an immense population which is the perfect set-up for small and large businesses to operate. Today, thanks to increasing spending power and brand awareness, the luxury goods and services industry in India is experiencing one of the best booms in recent times. This calls for management professionals to seek the right training and experience which will make them invaluable in today’s highly competitive Indian luxury market.

Growing Indian Luxury Market and its Opportunities:

According to a report by ASSOCHAM*, the luxury market in India is set to get boosted to around USD 30 billion by end of 2018, from the current USD 23.8 billion. The increasing exposure to international luxury brands thanks to the internet, along with increased spending power of tier II and tier III population are the major factors that are contributing to this boom.

Apart from these, the rules and regulations developed by the government to manage the luxury goods industry is attracting innumerable small and large luxury brands to India from all over the world. Not only this, the increasing competition has also ensured that the product quality of luxury goods has also improved remarkably today.

Aspects of Excellent Management in Luxury Industry:

The luxury retail industry is significantly different than conventional retail industry. The marketing and production aspects also differ from conventional ones for luxury goods and services.

After intense research studies, management experts found the 3 basic aspects that ensure effective, efficient and successful luxury brand management

Brands need to Express Beliefs:

Constantly talking about your brand will not be enough to increase brand value. Today, owing to increasing consumer awareness, your brand needs to express specific beliefs which appeal to the majority of your niche market.

 Look Beyond your Logo :

Normally, luxury brands tend to be visible through their easy-to-recognize logos. However, your brand image is more than that. It includes the entire set of visual icons (monograms, logos, colors, brand symbols, etc). The uniqueness of the product is also an excellent way to increase your brand awareness. With this, you may even forego using your logo as consumers will be able to identify your products simply based on their unique constant design or concept.

Creating Comprehensive Brand Experience:

Today, thanks to the increasing popularity of online shopping, luxury brands are facing tough competition in their brick-and-mortar stores. To fight this intense competition, luxury brands need to provide consumers with a wonderful user-experience. This is achieved easier when you design multi-functioning, controlled spaces to communicate, and create, brand belief effectively.

Choosing Luxury Management Courses:

Management students, especially those seeking to enter the lucrative Indian luxury market in executive positions benefit greatly with the right and relevant luxury management courses. Leading business schools in India, namely Luxury Connect Business School (LCBS) are renowned for providing not only the required theoretical material, but also provide hands-on training with renowned luxury brands through collaboration.

When you choose to enter into luxury management courses in Luxury Connect Business School you are on the verge of gaining immense knowledge about the dynamic and lucrative luxury goods and services industry. The opportunity to seek practical experience through training with popular luxury brands is an intrinsic part of LCBS management courses. It is an excellent chance to gain the most updated know-how from industrial leaders combined with an ability to gain practical day-to-day operational knowledge of the luxury industry.

With the atmosphere filled with enthusiasm you will get to learn more about brand design and brand management for numerous sectors, including automobiles, consumer electronics, accessories, etc. The luxury management courses are designed to provide students with the appropriate knowledge of the evolution of the luxury market, along with solutions for current and potential challenges that the luxury industry may face in the future.

Luxury Brand Management - LCBS

A highly detail oriented, intricate industry, the Luxury Business has been constantly evolving over the years. A profound expression of the exquisite art of living, It is an exclamation of choice - what you want, how you want it and when you want it. With the evolution of luxury brands which cover every spectrum of a flamboyant lifestyle, a willing consumer has an array of goods and services to choose from. Hence, luxury is an integral as well as an exclusive segment of the market which sells dreams. 

Luxury brand management can be best described as an interdisciplinary subject that applies time-tested management practices to businesses that offer premium services. The treatment of these basic     principles when handling luxury goods and services take a completely new dimension much beyond just normal innovation. The primary role of a luxury brand manager is to understand the heritage and history of the brand and to communicate / map associate the Brands’ DNA values with a potential set of clients. This person is responsible for the sometimes difficult task of keeping the brand popular while retaining its exclusivity, i.e. ensuring that the brand remains a popular and favoured choice amongst both - the  aspirers of luxury  in terms of desire, and the elite in terms of purchase

The accessibility and rarity of extraordinary brands which revolve around the extravagant tastes of an individual is what broadens the scope of luxury brand management. The scope of luxury management in India is so wide, yet the majority is unaware about the situation of this exquisite segment which lacks efficiency in terms of human resource. Luxury products and services are openly available but the right skills to pitch, manage, operate, market and sell them is an area with untapped potential. The vast number of management programs in India are enormous but they hardly cater to the untapped potential of luxury brand management careers.  An masters in luxury brand management is important because this is a growth area that goes beyond normal luxuries associated with retail to some very interesting areas such as luxury hospitality, catering, fashion, recreational services, or in other words, experiential luxury.

A non-existent sector till just a few years ago, luxury brand management now offers exciting career opportunities. It requires an understanding of heritage brands and the ability to network with niche market segments. The overall scope of this panel is derived from client based experience which is a formidable asset for the sustenance of a luxury brand. Candidates are given a holistic idea about luxury brand management so they can contribute accordingly in this field. It provides the necessary tools to an individual to bridge the gap between the experimental pleasures of luxury and a consumer as per demand. It provides a better understanding of what's in the luxury market and identify the right goods and services for fulfilling a client's needs.

The objective of luxury brand management as a professional course at Luxury Connect Business School is to nurture it's candidates in accordance with the decorum of this industry. Firstly, it is culturally global in geography. Secondly, it is a growing sector of the modern economy which needs more attention. Thirdly, it is based on serious research underpinning the people involved in this field. The learning platform itself is pioneered by experts who've managed and delivered luxury at a commercial level. With a concoction of expertise, practicality,  innovation and style, a specialisation in the field of luxury brand management helps an individual become a connoisseur of luxury and rightfully contribute to this industry.

5 Tips For Online Brand Management Courses

Over the past years, there has been a tremendous growth in the Luxury Industry. Who doesn’t love luxurious products? The more the growth of the industry, the more are the job opportunities. The Luxury Industry is so much more than fashion and wooing the billionaire’s club is one hell of a task. So if you want to boost your career, step into the world of Luxury.

With the continuous and rapid development of the internet, more companies have moved online. Almost all companies today not only have brick and mortar structure but also a click and portal one. Similar has been the case with the education sector. Courses have been integrated with the internet so that they are easily available to students and people willing to learn. Not only do they save time but also have a lot of varieties to choose from.

When we talk about brands, there are various things like quality, quantity, services, experience and symbols that come to our mind. They define the brand. And through brand management we can manage them in order to create a positive image in the minds of the consumers. Now imagine how important this is for brand managers? Yes, you guessed that right. There are Online Brand Management Courses as well. But before you rush and select one, here are a few tips that may help you:

Define your objectives: Anything that you pursue will have a negative or positive impact on your life. And so it is important to define the objectives, be it career objectives or just for the sake of gaining knowledge. These objectives will give you a better insight of what you want to learn from the course and what you wish to achieve after the completion. Moreover, you get to understand the reasons for which you have opted for an online course.

Connecting with the Instructors: Before you select any course, you will be given brief information about the course. This information also includes details of instructors. Now you obviously can’t call them directly but can surely connect early with them. All thanks to the internet. When you are in touch with them constantly, things become much easier as you can easily understand what is expected from you.

Learn the technical know-how: While people pursuing traditional courses have all the resources available with them very easily, the ones pursuing online courses have certain limitations. In order to overcome such challenges, it is better to be prepared well ahead of time. Not only just that, it is also important that you are easily able to access any other relevant material.

Scheduling of the course: Just because it is online and flexible, does not mean that you should be flexible. Therefore it is extremely important that you schedule your course in such a way that you are able to give it ample amount of time in order to avoid lagging behind. This will also help you in completing the assignments and tasks on time.

Credibility of the course: Nowadays, with the advancement in technology there are many courses available. But before you select a course, it is extremely important to check the credibility of the portal offering the course. This helps in avoiding cases of fraudulence any course. The course should be provided from a reliable source.

Online Brand Management Courses are cost effective and flexible for all those who wish to save time and money. Luxury Connect Business School provides an insightful and enriching Luxury Brand Management course which can be pursued online. 

Opportunities For Entrepreneurs In The Booming Luxury Industry

Abhay Gupta, Founder & CEO – Luxury Connect & Luxury Connect Business School.

The word entrepreneur originates from the French word, entreprendre, which means "to undertake." In a business context, it means to start a business. The Merriam-Webster Dictionary presents the definition of an entrepreneur as one who organizes, manages, and assumes the risks of a business or enterprise.

What is entrepreneurship?

A business model in which you create your own business entity and perhaps hire a few people is entrepreneurship. Over and above all, entrepreneurship is a mindset which makes you think beyond the normal. A craving, a desire and a ambition to break past the set norm and create a unique identity for oneself and his enterprise.  Entrepreneurship is also a process of new venture creation.

Who is an entrepreneur?

•       Someone who wants to self employed and also generates employment for others is an entrepreneur. Someone who wants to be his own boss is an entrepreneur. Someone with a vision, a passion for his product or service and a deep determination to succeed against all odds is a entrepreneur. So we can summarise that

-   ‘ An entrepreneur is someone who organises, manages and assumes the risk of a business entity, enterprise and or identity in either goods or services sector’.

-    ‘Entrepreneurs are people that notice opportunities and take the initiative to mobilize resources to make new goods and services.’

-   "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods".

What are the typical qualities of an entrepreneur?

•  A tendency to break away from the regular and be different.
•  Spot the needs / problems / challenges and convert them into opportunities for success by      being solution oriented.
• A determined mindset to innovate, create value and be continuously growth oriented.
• A Original thinker.
• A Risk taker.
• Takes responsibility for own actions
•  Feels competent, confident and capable
•  Sets high goals and enjoys working toward them even with high personal sacrifices

What is Luxury?

Luxury is a often misused term in today’s world ! Almost everyone and everything claims to be ‘Luxury’. So what really is the meaning of ‘Luxury’ ??

If one tries to Google the word luxury, one is thrown up with innumerable meanings in a split second ! This only means that ‘Luxury is relative & subjective’ – meaning ‘to each his own’.

In the words of the famous Coco Channel, ‘Luxury begins where necessity ends’.

We can thus summarise that luxury is much beyond need – it is a desire that fuels our emotional appeal. Something which defines our social status to others besides just providing us material comfort, great quality, unquestionable functional benefits and makes us feel a part of a social set normally called ‘The Elite’.

So what then is Luxury Entrepreneurship?

Someone who has a burning desire to create a business venture or a product or a service which services this sector directly or indirectly is a luxury entrepreneur. A individual with a uncanny eye for detail and excellent customer service can be a successful luxury entrepreneur.

What are the sectors one could explore within the Luxury domain?

Unfortunately, most people link and restrict luxury to fashion and ramp shows due to the glamour attached. There is no doubt that fashion is a essential part of luxury and is in every way the fulcrum point, but luxury extends way beyond fashion, giving a entrepreneur options to choose from areas like jewellery, watches, fitness & wellness, beauty and skin care,  real estate, home and interior, aviation, yachting, automobiles to also travel, tourism, hospitality and events etc. Luxury is a complete lifestyle and defines the usage pattern of the affluent class.

If one is a fashion designer, or has a inclination to be beautician, traditional jeweller, boutique owner, travel service provider or event a wedding planner, it is possible for him to position himself in this niche space.

What are the Growth opportunities in the Luxury sector?

Luxury in India has been growing continuously at a pace of 20 – 25 % PA for past several years. Currently at about 18.5 b USD, it is expected to touch 50 b USD by 2020 and 180 b by 2025. (as quoted by Amitabh Kant in February 2016). The ‘make in India’ movement is expected to fuel the domestic design industry towards this sector. Recent success of young Indian designers is a case in example of this rising phenomena.

How is Luxury Entrepreneurship different and how can one become one?

In the luxury space, the depth of the vision, the originality of the creative designer, the brand building process, the marketing & communication as well as the customer service orientation is completely of a different level. The aura of the brand, the magic around the intangibles, the romance & mystics behind the product which is accentuated by the impeccable service play the key role.

Let us say that the basics remain the same, but the treatment is entirely different.

The best way of course is to undertake a short course on ‘Luxury Entrepreneurship’ to clear up ones concept and knowledge of this sector and study in depth the nuances involved in handling such a business

Then on, if one is a creative person he can begin on his own. If one is a moneyed person, he can have his idea developed by a creative team. Alternately, there is a plethora of national & international luxury brands across sectors that are keen to reach out to the Indian luxury consumer and the fast growing market here. One is open to explore franchise opportunities with them.