LUXURY TOPS AS THE EMERGING MBA SPECIALIZATION WORLDWIDE!

MANAGEMENT MASTERS

Pratibha Jain, overseas education consultant, profiles emerging specialisations offered by business schools across the globe

While experts continue to debate whether management education has lost its sheen, B-schools across the globe are striving hard to retain the relevance of a management degree in a dynamic market scenario. This has led to a rise in a number of new-age MBA specialisations. Here are a few niche areas that students can consider:

1)  LUXURY BRAND MARKETING AND MANAGEMENT

A rise in the urban elite class has opened up a clientele for luxury merchandise and services ranging from designer dresses, bags, handmade jewellery, watches, accessories and custom cars to premium vacation resorts and exotic real estate apartments. Creating an aura of exclusivity, prestige and social status around a product is a specialised and complex science. Luxury brand management, as an interdisciplinary subject, helps students understand the value associated with a brand and set a specific marketing plan for the product. Client association is an integral part of this field to keep the brand popular while retaining its exclusivity. A strong business management background, coupled with functional marketing practices, is essential for those who wish to make a career in this field. A luxury brand manager learns to constantly redefine luxury contours keeping in mind changing times, perceptions and tastes of the public. Students may opt for an MBA or a PG specialisation in European countries like the UK, France and Italy which are home to some of the best luxury brands. Essec and HEC in France, International University of Monaco in Italy, Regents and Southampton University in the UK, and Columbia and NYU in the US also offer courses in luxury and brand marketing and management.

2) SPORTS MANAGEMENT

With a growing television audience for all kinds of games, sports is now a US$ 200 billion industry annually. A career in sports management is for students with core business and management

skills. The course modules focus on international sports governance, managing sports technology and innovation, business, finance and law. Aspirants can apply to universities in Australia, Europe and US. There are a number of sports management programmes at the University of Loughborough and Coventry in the UK, University of Alberta in Canada, IE in Spain, the University of Western Australia, La Trobe and Griffith in Australia, as well as the University of Virginia and the University of Massachusetts in the US.

3) LOGISTICS AND SUPPLY CHAIN MANAGEMENT

A large consumer market with mega malls and multiple outlets of the same retail chains has created a demand for products from different regions under one roof. A career in logistics and supply chain management is for students with strong management skills. A course in this field will train students in logistics, that is, managing

transport, air freight, couriers and shipping, managing retail stores, etc. Qualified professionals can work with organisations with a need for co-ordination of resources like the real estate sector, hostels, hospitals, catering firms, transport management and large international trading houses, etc.

The logistics specialisation is offered by most B-schools such as Cranfield, Warwick and Aston in the UK, Rotterdam School of Management, HEC and INSEAD in continental Europe, and Purdue, Arizona State, Michigan State in the US.

4) MUSIC MANAGEMENT

Students who wish to build a career in music management must have a fair knowledge of music production, sound engineering electronic production management and emarketing. A Master’s in music business management trains students in key business areas like finance, marketing, leadership, organisational management and entrepreneurship with special application to the music industry like knowledge of intellectual property and copyright laws, and a focus on the live music industry and revenue through digital content. The University of Westminster in the UK, Berklee College of Music, NYU, and University of South Florida in US offer music management courses.

Since most B-schools look for students with work experience, freshers should work in their field of interest for a short time before making the final decision. This will help them understand the way the industry functions as well as gauge their individual longterm interests.

Publication: The Times Of India Delhi; Date: Mar 24, 2014; Section: Education Times; Page: 37

Luxury Connect Business School (#LCBS) offers specialized programs in #Luxury management in collaboration with International University of Monaco (#IUM) .

When are you ENROLLING?

For more details contact us at +91 9811103268 or visit us at http://www.lcbs.edu.in.

Are you thinking about a specialized MBA? Here is why you should go for it

The fashion industry is fast becoming one of the biggest industries that are generating billions in profits every year. The growing market has also increased the demand for well qualified, smart, business brains who can manage the scenes better. In the past few years, the fashion industry has become significantly sleek and much more professionalized with the markets and brands going global.

This very acceleration has increased the demand for courses such as Fashion Garment Management, Luxury Program, etc. However, there is a huge talent gap as the number of qualified professionals is relatively less. To fill-in the gap, Luxury Connect Business School has introduced programs in luxury and fashion management.

Luxury Connect Business School offers a wonderful opportunity to all the individuals who imagine themselves working in the world of luxury. The programs help candidates to learn and understand fine, distinctive products and give them ample experiences and exposure to manage them. These MBA programs help the participants become inspired managers and marketers with great skills to survive the highly competitive fields of luxury fashion, cosmetics, hospitality, jewellery, gastronomy, beauty, or art.

Benefits of the courses

These specialized management programs will benefit perspective aspirants in more than one ways. First, these programs help the candidates gain ample exposure and then they will prepare them to approach luxury goods and services from different points of view: innovative, organizational, and managerial. With this knowledge, the candidate will be able to examine and evaluate marketing, branding, and communication required for unique markets.

These specialized courses will let the students explore how to create and manage elegant products and heightened experiences that are purchased by some exclusive customers. The candidates can learn about them while remaining sensitive to cultural factors surrounding the concept of luxury.

The candidate will be able to learn to build innovative branding strategies and they will be given enough knowledge to build their concept and to carry out the execution. For instance, the will learn that rough diamonds need to be cut, polished and made into extinguishing pieces to acquire their full value.

Towards the end of the course the candidate will be gain enough knowledge to develop their own personal analytical approach and their own language of expression. During the course of the educational path that combines both theory and practice, the individual will engage in a rewarding, collaborative dialogue with bigwigs of the industry.

Luxury Connect Business School is the first ever B-School in India that is offering such specialized MBA in luxury, fashion and lifestyle management. These programs are perfect for those who wish to make their careers in the most flourishing industry in the country. With LCBS’s programs, candidates can reach the pinnacle in their desired industries. So here is to call to all the MBA aspirants who wish to make exciting careers. Apply for 2017 intake and make the best choice of your career.

Opportunities are young and ripe in India's luxury market

India’s Luxury Industry – Growing At A Rapid Pace

Louis Vuitton, Gucci, Dior, Versace, Salvatore Ferragammo – names that arouse aspiration and a sense of achievement. And India has achieved - from its own story of luxury back in the era of the Maharajas to Louis Vuitton’s India entry in 2003 to today, over 50 luxury labels now retailing out of the Indian market through flagship stores.

Growing at a Compound Annual Growth Rate (CAGR) of 25% India’s luxury market has had quite a journey. In fact, last year has been a milestone when the industry touched a whopping $18.5 Bn from its $14.7 Bn mark in 2015.

While luxury cars, fashion and accessories, international hotel chains, real estate and luxury watches may be the biggest drivers of growth – other segments like beauty, wellness, furniture, travel and food are putting their best foot forward in order to appeal to the well-heeled and give them a world class experience. 

The Need For Trained Professionals

Selling luxury is not the same as standing behind a counter and showing products to a customer. Luxury is synonymous with ‘exclusivity’ and hence, the service a brand offers when a customer walks into a luxury brand showroom has to be equally exclusive and special.

And that calls for a burgeoning need for trained professionals who are well spoken, have an understanding of the luxury industry and specialise in selling or marketing a product that comes with a hefty price tag. Customer interaction in-store needs to be personalised and the approach unique. Sales staff plays a vital role in the way a first-time customer connects with a brand both emotionally and financially.

Luxury brands will profit by “communicating quality, service and craftsmanship, creating authentic relationships, having docents, not salespeople, and with brand messages built on the aficionado’s love of details,” said Ms. Cara David - Senior Vice President, American Express Publishing while speaking at the Luxury Daily First Outlook 2014 held in New York.

According to the National Skill Development Corporation, by 2020 the Luxury Products and Services market in India will seek close to 5.6 million skilled personnel.

Clearly, there is demand but do we have the supply? The answer is a big ‘NO’. A lack of trained professionals is being perceived as a major hindrance to the growth of the industry.

Why India?

An in-depth study by research firm McKinsey shows that the overall luxury industry is showing increasing signs of growth from emerging countries with India giving China tough competition, thanks to a slowing economy in the latter. Russia and Brazil too seem to be showing no signs of revival and the same seems to hold good for South Africa.

India’s HNI and UHNI population too is growing at a rapid pace – it is estimated that by 2020, the wealth of HNIs in India will see a 94 per cent rise as opposed to China’s 74 per cent. This means more opportunities for luxury retailers in India leading to an increase in job opportunities as well.

Current Pool Of Talent

A study by Luxury Connect Business School (LCBS) shows that approximately 54 per cent of luxury brands/companies are somewhat satisfied with their employees. A big chunk i.e. close to 40 per cent is still struggling to hire trained professionals who understand the business.

In fact the study also showed that it is the younger generation who has fewer years of experience who will drive the industry in the coming years. Almost 40 per cent of the current manpower is young with 4-6 years of work experience, which means there is huge scope for those who want to start early.

Opportunity is knocking, waiting for the door of success to be opened and embraced. 

Is studying Luxury Management from Europe a great idea ?

“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.

Amazed by Dazzling Luxury and Fashion Stalwarts

To some, fashion is an art, while to others; it is almost like a religion.

For most people though, fashion is a method of utilizing clothing, accessories and grooming to enhance their style statement as a individual personality. Fashion can be an extension of your personality, allowing you to introduce parts of your personality to the world without saying a word.

It was like dream come true for me when I got a chance to meet perfectionist and designers of the Indian fashion industry.

         

LCBS arranged a visit to the CII-ET Luxury Conference for us at the Leela Palace Hotel, New Delhi. There is no word which can define the magnificent beauty of the hotel - it has a royal and rich aura. As soon as we entered the hotel, we saw a delicately decorated Christmas tree. Marble has been used for chair and table that was giving a royal touch to the hotel interior. Lobby has been accessorized by silverware, used in vases placed there and ‘jharokha’ on wall, which describes lavishness of the hotel. We were escorted to explore the hotel through which we got to know about Le Cirque, the grand landmark restaurant of New York; also its avant-garde bar as ‘Library Bar’. Another one was Qube, which adds a contemporary touch to its ambience, giving it an alfresco feel even within its cool comforts. Adding to the experience of dining, it feels good to watch the chefs at their live stations and creating exotic dishes.

The conference ‘CII- ET Dialogue on Luxury’ started sharp at 10 o’clock.   Along with Luxury Experts, many designers were part of the conference. They shared their point of views on the Indian Luxury. We got a chance to interact with many designers like Ritu Beri, international fashion designer, Rohit Bal, Rajesh Pratap Singh, Sabyasachi, and Pernia Qureshi, Indian fashion

entrepreneur. Ritu Beri addressed on flashback of the Indian heritage and also told about history of luxury through Indian Maharajas and Maharani and their indulgence in luxury at that time. She also shared about a tree, which she got to know about in Paris where every country’s luxury heritage was branched off the tree except India. So, she added India’s heritage in that tree and showed us how she projected India a hub of luxury. Rohit Bal shared that he gets inspiration from Indian heritage for his designing. On why he had collaborated with premium brands, he shared that people from middle class could also buy Rohit’s designs at premium prices. We also were introduced to the designer, Rajesh Pratap Singh, who said that we are in safe hands as students of LCBS. Pernia Qureshi addressed about the rising e -commerce and digitalization preference in India, which helps working women to shop online, and hence contributes in the growth of Luxury in India.

In a nutshell, it was a highly enriching experience for me since we got to meet many designers and helped accelerate our thought process on luxury.  

By Richa Singhal

Visit To The Leela Palace

“Hospitality is when someone feels at home in your presence”

Hospitality is simply an action to show love and care. And that’s exactly what we witnessed when we paid a visit to The Leela Palace, Delhi.  The hotel opened in the year 2011 and is a perfect choice for both business and pleasure. The Leela Palace New Delhi reflects the grace and architecture of a beautifully made Palace and the moment you set your foot in, everything epitomizes the same. The hotel has a total of 254 rooms of 550sq. ft and above, equipped with latest technology. The hotel also houses some of the best restaurants and Spa options for its guests. The Leela Palace is known for its luxury hospitality and has won many accreditation and awards, including being in the Top 4 Best of the Best Hotels in the World, by Robb Report in 2012.

Luxury Connect Business School arranged for us to attend the luxury conference that was to take place at The Leela Palace followed by a tour to explore the quintessential luxury property. Right from the entry to the exit, the staff that came in contact with us during the entire duration was extremely humble and polite. They greeted us with a big smile and a polite Namaste. On the day of our visit, the hotel was having a very busy day, with all the rooms being occupied, a luxury conference taking place and some foreign delegates visiting. In spite of it, the General Manager of the hotel was helpful enough and arranged for a staff member to take us around the property. The hotel has imbibed the palace theme in their décor, lighting, and the overall ambiance. A walk through the corridors gave a feeling of grandeur and everything right from the beautiful lamps, the chandeliers, the intricate brass work and fresh roses kept at every corner and tables added to the enchanting experience. As informed by their staff, the hotel orders 14000 roses every third day and uses them to adorn their entire property. No wonder, wherever my eyes wandered, I found fresh roses and flowers!

Besides the décor, the hotel has a wonderful and massive lobby which was recently decorated for Christmas with a huge tree in the middle. Along with tree, the hotel had made a Gingerbread house as well that stocked different kinds of breads, cookies and desserts. Facing the lobby through a see-through glass is a hidden garden with all exotic flowers planted around with a beautiful Buddha statue in the center. The staff also took us around their restaurants offering continental, Japanese and multi-cuisines. Their Japanese restaurant had an outdoor seating and was a treat to the eyes. The cold winter weather and seating’s amidst natural flowers and trees made it one of my favorite spots in the entire hotel. Besides this, an outpost of the New York favorite, the Le Cirque in Leela Palace Delhi shines in terms of the service and location. It’s on the 10^th floor and provides a breathtaking view of the capital. The evening we visited, the view was enhanced by the recently settled fog and the restaurant was automatically added to my bucket list to be visited with family in future. For me as a customer and a visitor, the hotel ticks all the boxes as far as food, service, and décor are concerned.

The true culture of The Leela was experienced in those few minutes I spent in the lobby. From welcoming the delegates and the guests with utmost warmth, garlands and refreshments to general greeting and a smiling face put forth by the staff for the people sitting in the lobby, everything made the guests feel like the jewel on the cushion of hospitality. As a student of LCBS, it was our privilege to experience the luxury of this level at first hand and understand that it’s not important what job you do, but how you do it! As an aspiring luxury professional, the field visit was truly enriching and beneficial to shape up our personality traits and be industry ready for the dynamic industry.

(By: Mehak Sareen)

Why to do a Luxury Management course?

"Progress is impossible without change, and those who cannot change their minds cannot change anything." - George Bernard Shaw. 

As we see in today's world, change has become an important part of everybody's life. But there are masses who fear change irrespective of what type of change it is. In my past say 6 months of experience,  I must have counselled some 500 students who sort of show interest in our special program of ‘Luxury Brand Management’, but are unable to break the routine mould of general MBA program.

The reasons vary from any of the below :

•  They do not understand the program & their future.
• They do not want to leave the crowd and stand out.
•  They have the peer pressure of doing the same old Management program.
• Parents play an important role in deciding a child's career and even if a student wants to do the course, parents may not be as receptive.
• Lack of industry knowledge.
•  They are still confused as to what to do after an MBA because a routine MBA does not guarantee you good employment.

Putting it simply, they are RISK AVERSE or not open to change.

As a matter of fact, India's Luxury industry is predicted to grow from $18.5 billion currently to $50 billion by 2020 and to $180 billion by 2025. By sheer logic, if the market grows,  so would be the associated job opportunities. As per the studies, Indian Luxury retail would require the manpower of 5.6 million heads by 2022 !  And, an average starting  salary of a Luxury specialist could be from 6 Lakhs per annum upwards !

if you compare the salary packages of other B-schools the largest chunk just gets the salary of nothing more that Rs. 3-4 Lakhs per annum.

A luxury management course can be done by any student who is interested in making his career in the field of Luxury. This can be into any industry sector ranging from  Automobile, Fashion, Hospitality, Luxury Real Estate, travel, health, fitness and wellness etc.   A student can choose any career opportunities in any of these sectors, and work with options like retail chains, design houses, export houses, independent designers, media houses or even start their own venture.

Typical job roles could vary from Front-end profiles - Such as

Luxury Sales Advisor,

Luxury Retail Marketing Executives,

Luxury Senior Sales Advisor,

Visual Merchandisers,

Assistant Store Managers,

Customer Relationship Manager,

Store Manager,

Store Director,

Area Manager,

Associate Retail Head,

Retail Head,

Brand Head,

Fashion Marketer.

There could also be Back-end Profiles:

PR Consultant,

Event Planner & Manager,

International Conference Manager,

Retail Merchandiser,

Logistics Manager,

Supply Chain Manager,

Wardrobe Manager,

Luxury Consultant,

Fashion Buyer,

Brand Manager,

Country head etc.

In a nutshell, doing a Luxury management program will fetch a promising career as we see the tremendous growth in the Indian Luxury market.