{"id":209045,"date":"2019-02-07T10:23:43","date_gmt":"2019-02-07T04:53:43","guid":{"rendered":"http:\/\/abhaygupta.in\/?p=209045"},"modified":"2019-02-07T10:23:43","modified_gmt":"2019-02-07T04:53:43","slug":"luxury-brand-management-new-age-career-oriented-course-for-millennials","status":"publish","type":"post","link":"https:\/\/abhaygupta.in\/writing\/luxury-brand-management-new-age-career-oriented-course-for-millennials\/","title":{"rendered":"Luxury Brand Management – New Age Career Oriented Course For Millennials"},"content":{"rendered":"

The luxury industry in India really took off in 2012 with several luxury brands setting shop in India. While other industries and brands have been impacted by demonetization, recession and other such events, the Luxury industry has primarily remained unaffected by them. In fact, if anything, the luxury industry has only grown beyond anyone’s wildest dreams. With rising incomes, better job prospects, and cheap internet, awareness about international trends in fashion and lifestyle has grown many folds. So much has been the growth since 2016, India is now poised to beat China to become the world\u2019s largest luxury consumer. As more millennials enter the mainstream as earning members, the demand for more affordable luxury has been the key driver for most luxury brand\u2019s growth. <\/span><\/p>\n

Indian Luxury Market<\/b><\/p>\n

The Indian luxury market is different from other international luxury markets because of its extreme price sensitivity. Even when a customer buys a luxury car like a BMW or Porsche, the first question most consumers ask is \u2018what\u2019s the mileage\u2019. This hyper cost sensitivity has forced brands to rethink their marketing strategies to cater to Indian luxury consumers. This meant introducing less expensive product lines to get more footfalls, besides the heavy spend on social media marketing. Since most Millennials first research the products they want online and then purchase offline, the need to set up trendy luxury retail stores that match the brands\u2019 audacious online luxury identity. This has also created a clear demand for well-trained luxury professionals who have the right skills to be able to handle High Net-Worth Individuals (HNIs) who are the brands\u2019 loyal customers.<\/span><\/p>\n

Scope of Luxury Management<\/b><\/p>\n

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In 2017, the global luxury industry surpassed $1.2 Trillion. By 2020, it is touted to be worth $1.5 Trillion. While the Americas and Europe still remain key markets, however, studies suggest that the majority of the growth is expected from India and China. <\/span><\/p>\n

In India, there has been a steady rise in the proportion of mid-high and high-income earners. As per a recent report by Mckinsey, by 2020 the HNI population would increase by 94% whereas, in China, it is estimated to be around 74%. While Tier I cities such as Delhi, Mumbai, Chennai, and others are already replete with various luxury brands, Tier II and Tier III cities are the places where real expansion is happening. The newfound wealth in these cities, the rise in aspirational values, affinity towards the finer aspects of life are pushing sales across the board. From luxury cars, perfumes, fashion, real estate, wines & spirits, watches, all sorts of brands are expanding to Tier II and III cities. This equates to better job opportunities for those willing to make a name for themselves in the luxury industry. <\/span><\/p>\n

Stakes are high!<\/b><\/p>\n

Luxury brands need to uphold their brand image in every interaction with their customers. Since a luxury retail store is a primary avenue for product sales, brands typically employ professionals with years of top-notch experience in customer service and sales. Professionals who are presentable, strong communicators and have the confidence to deal with the kind of customers that indulge in high-end luxury products are now in great demand. And it really takes a great amount of skill to work in the luxury industry. With most products ranging from anywhere between Rs 50,000 to Rs 1 Crore, stakes are high and customers fickle minded. <\/span><\/p>\n

Brands demand and need professionals who can perform beyond expectations from day 1. Luxury management courses have bridged that gap and provide professionals who have specifically undergone the training and are well versed in the ways of how a luxury brand operates. With newer innovative marketing strategies being implemented, luxury professionals need to be prepared to deal with the challenges of working in the Industry. <\/span><\/p>\n

Key Skills needed to work in the Industry:<\/b><\/p>\n

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  1. One must be a keen follower of the luxury industry and have personal aspirations for the products. <\/span><\/li>\n
  2. Attention to details is key in the luxury business.<\/span><\/li>\n
  3. Empathy and a natural ability to be able to strike up a conversation. <\/span><\/li>\n
  4. Strong leadership qualities with excellent communication skills<\/span><\/li>\n
  5. Ability to multitask with excellence<\/span><\/li>\n<\/ol>\n

    A course in Luxury Brand Management<\/b><\/p>\n

    Luxury is a fine blend of \u2018exclusivity\u2019 and \u2018extravagance\u2019. Hence, the service a brand offers at retail is of great importance for the success of the brand. This means the professionals working with the brand must become \u2019brand ambassadors\u2019 who must speak the brand\u2019s language. They must also act as the brand\u2019s experts with intricate knowledge of the products. Nothing works better than a professional who knows the products in detail and is able to help customers with the minute details that highlight the workmanship, perfection and the labour that goes in creating a pi\u00e8ce de r\u00e9sistance. A luxury brand management course that specializes in such areas encourages students to develop the requisite skills and competencies of future professionals in the Luxury Industry. Many courses also include a significant portion dedicated to practical training at some of the most renowned luxury brands for hands-on training. Internships are also included post completion of the course for training. <\/span><\/p>\n

    Choose Luxury Connect Business School<\/b><\/p>\n

    Luxury Connect Business School is India\u2019s first and only luxury business school that offers a comprehensive 16 months post graduate luxury brand management course to students from across India. The school provides luxury brand leaders and professionals with decades of experience as faculty who share real-world professional experience with students for a more hands-on approach. <\/span><\/p>\n

    A key differentiator of Luxury Connect Business School is the fact that the curriculum focuses heavily on imbibing skills needed for performing the responsibilities of the job with panache. One key aspect of this is the customer handling aspect that needs one to be able to handle HNI customers. A major part of the job is knowing how to deal with such customers and ensure a great shopping experience. Luxury Connect Business School imparts soft skills training such as<\/span><\/p>\n