Flashes of Fashion Brilliance at Amazon Fashion Week

The focus of the spring / summer 2017 fashion week was undoubtedly, relentlessly, on the new. It was the ultimate experience for us. As we, the students of lcbs intent to make a foothold in the luxury industry, we were introduced to fashion world as we saw a live runway fashion show. The collections were inspired by European folklore & bohemian discipline

with explosions of color on them.

We got to know about many upcoming Indian designer & trends of the markets. The collections were designed by designer Shruti Sancheti and Ashish. There was an elegance & hauteur in the base fabric teamed with suede & mesh, they blended handwoven khadi denim & cotton with a European sensibility. The show was a perfect merger of aesthetic & inspiration.

bThe last but not the least, impeccable moment came when we saw singer Sona Mohapatra, who turned a showstopper for the label virtues, she was seen sporting a bright orange layered pleated dress, entered on the stage dancing to the song ‘Tere ishq ne nachaya’ sung by her.

We had an interesting & enriching experience indeed. These kinds of events inspire us to go ahead in our future and also we got to see many marketing activities around us like PR activities & advertising. The overall experience was very new & extravagant for us.

By-: Richa Singhal

PGDLM 2016-17

Five education destinations to check out in 2017

The next decade will see a transformation of career choices and global workplace practices. Students gearing up for this transformation are looking for courses which can ‘give you more’ across a range of non-traditional education destinations. Tushar Sharma, who chose to study Software Engineering at Athlone Institute of Technology, Ireland, says “I found my undergraduate and postgraduate studies at AIT to be industry-driven, providing me with the necessary skills to pursue a rewarding career in the software industry.” He has completed his journey from being a student in New Delhi to being a part of the global workplace, working for Hewlett Packard in Dublin, Ireland.

Ireland:

Ireland has emerged as one of the new education destinations popular with students looking for courses from Computer Science, Cloud Computing, Data Analytics, PharmaMBA, Business Management, Biotechnology, Biomedical and general sciences. Student enrollments into Irish institutions have gone up by over 200 per cent in the last three years with over 2,000 Indian students currently studying there. This is not surprising considering that students have lucrative post-study options at leading companies such as Google, Facebook, Twitter, Apple, Abbott, Allianz and Ericsson which have their European or EMEA HQ in Ireland. With the one year stay-back option, students can seek jobs in over a 1,000 multinationals based in Ireland.

France:

Similarly, other European countries like France and Germany are becoming the first preference for students who want to explore education through paths not so commonly taken. Eisha Mathani, who wants to pursue a course in Luxury Branding says, “France (as an education destination) is the first choice for me. There seems to be no other country that knows the world of luxury as much as France does and the location only makes it better”. With a large number of scholarships, world-ranked institutions and comparatively lower tuition fees, France now has over 4,000 Indian students studying across its institutions. According to the new scheme agreed upon during PM Modi’s visit to France, Indian students will now have a stay-back option for 24 months on the completion of their course.

Germany:

Colleges and universities in Germany have always enjoyed an excellent reputation for post graduate courses in Engineering and for their research and innovation. With over 10,000 students going from India to Germany each year, the numbers are expected to grow even further primarily due to two factors – one, Germany’s advancement as a hub for scientific research in the world, and two, students no longer need to have the knowledge of, or be proficient in the German language. Students who complete their higher education in Germany can apply for an 18-month visa which helps them seek employment with international and German companies.

New Zealand:

At the other end of the spectrum, New Zealand has seen a tremendous growth of Indian students with almost 30,000 students pursuing their studies in the non-university tertiary sector or the ‘Institutes of Technology and Polytechnics’ (ITPs). Traditionally associated with Hospitality courses and specialised programs in sports – from medicine to marketing, New Zealand has emerged as a destination for science and technology as well. Students can choose from universities and the ITPs for their courses, apply for scholarships and even avail a post-study work visa for 12 months on the completion of their course.

West Indies:

Students looking for niche or highly-specialised programs can opt for institutions or destinations focussed on these courses, such as studying Medicine at St. George’s University (SGU)Gernada, West Indies. Specialising in just three areas of medicine – MBBS, Veterinary Medicine and Public Health, SGU has enrolled more than 90 medical aspirants and Indian students into their programmes in the past couple of years. Students who complete their course may get a visa to stay back for up to one year based on the discretion of the visa officer. Students gain their clinical training in countries like the US, the UK and Canada and usually find themselves placed well on the completion of their programmes.

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