We’ve encountered numerous students with a keen interest in the luxury goods industry. However, their parents often express skepticism and concern regarding their child's fascination, fearing it may be a passing fancy driven by the allure of designer brands and runway shows. Furthermore, they perceive this industry as too niche, with limited job opportunities.
While it's true that students' perception of the luxury goods industry may differ from the reality of the workplace, they need the right information and guidance to make informed decisions. In terms of employment prospects, Asia stands out as the top market for the luxury goods industry. European luxury brands are expanding their marketing efforts in the region, while local brands are also emerging as strong competitors. Even high-end brands are diversifying their product lines to include more affordable luxury items. Given the demand for new talent, Asian students who have studied abroad and understand the local culture possess a strategic advantage in this industry.
Today, we'll delve into programs in Luxury Brand Management, exploring what students learn and the potential career paths in this dynamic field.
Why is there a major for Luxury Brand Management?
Luxury goods represent not only a niche industry but also a relatively new business field. Initially, business schools in Europe and the United States primarily offered general marketing and management majors without a specific focus on luxury goods. However, as the unique dynamics of selling, operating, and managing luxury goods became apparent, some universities established specialized programs to meet the growing demand from industry players.
What if the college I’m interested in doesn’t offer this major?
Currently, most universities in the UK and the US offer luxury brand management programs at the master's level. For undergraduates, considering a degree in general marketing or product management is advisable. After graduation, students can pursue a master's or MBA program specializing in luxury goods. Alternatively, those interested in fashion can explore majors in Fashion Merchandising, available at many comprehensive American universities or design schools.
What do you study in Luxury Brand Management at the master's level?
Many business schools in US and Europe offer specialization in this field. New York University’s Stern School of Business has a specialization in Luxury Market; ESSEC school offers an MBA in International Luxury Brand Management; SDA Bocconi School of Management has a concentration in Luxury Branding.
Every school will have its own curriculum that covers a range of practical and comprehensive courses, such as:
Innovation: New strategies of marketing and branding
Luxury Brand Marketing: Comprehensive observation and understanding of the luxury goods market
Consultative Marketing: Not just simple sales but engaging with customers, uncovering needs, and providing solutions
Consumer Behavior: Combining psychology and sociology theories to predict consumer responses to different marketing strategies
Pricing: Evaluating and establishing frameworks for pricing strategies
Retail Strategy: How to guide customers into making decisions
Sales Management: Managing the sales process and structure, customer relationship management, and sales team management.
Supply Chain Management: Managing the logistics information chain from raw materials to retail stores
Brand Strategy: How to design brand image and value propositions.
Marketing Planning: Developing, executing, evaluating, and refining marketing plans
After completing an MBA in this field, graduates may qualify for luxury brand companies' management trainee programs. Initially, they may rotate through various positions before choosing a specific direction to focus on, such as product, brand, marketing, public relations, etc.
Will you end up working only as a sales assistant?
While starting as a sales assistant may be part of an internship or trainee program, a career in Luxury Brand Management offers diverse opportunities beyond sales roles. Marketing and Sales are distinct concepts, with marketing roles demanding higher educational qualifications and specialized skills. Graduates of Luxury Brand Management programs are often hired by luxury goods companies as management trainees, where they undergo rotations in various departments and work towards managerial roles.
In terms of salary and job prospects, roles with a sales-oriented nature typically receive higher compensation, with increasing demand for professionals in marketing, e-commerce, and social media management, particularly in the Asian market. It's important to recognize that while the luxury goods industry may seem glamorous, the day-to-day job can be demanding and even repetitive. Salary and career progression depend on the company's development and the individual's contributions.
Ultimately, while the luxury goods industry offers exciting opportunities for those with a passion for marketing and management, it's essential for students and parents alike to thoroughly research and understand the field before making educational and career decisions. With the right information and guidance, students can embark on a rewarding journey in this dynamic and evolving industry.
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