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 :
Home to most of the established luxury brands and hence exposure to a great base and historical origin.
Multinational environment for learning and deep diving into the subject.
Linking up with brand managers and luxury professionals who control global markets.
Trips to brand maisons and creation facilities.
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.
Cost of education and sustenance is extremely high.
Constant pressure on political and economic situations to restrict work visa for expats with increased preference to local talent.
Poor or no employment opportunities in Europe.
On the flipside, 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:
They do not teach you according to the Indian market.
People abroad have a very different mindset in comparison to the Indian mentality.
They do not understand the Indian market.
Luxury is not treated the same way as it is treated in India .
Many of the students do not find a job in the same county 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:
The course is designed according to the market.
You learn how the market functions in the particular sector.
You will be updated with the current market activities where you would work.
You would pay half of the tuition fee which you pay to the international university.
Better job scenario here than in any European country.
No language barrier.
You have a better job opportunity because you know the market.
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 Studying from any European county 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.