Opportunities are young and ripe in India’s luxury market 

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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 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 forvuard 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 aficionadcis 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 IJHNI population too is growing at a rapid pace – it is estimated that by 2020, the wealth of HNls 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 (LC3S) 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.

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      Retailers Association’s Skill Council of India (RASCI) under aegis of National Skill Development Corporation (NSDC), A Government of India body, accredits Luxury Connect Business School (LCBS).

      LCBS has proudly created programs and systems which are in line with the above policy framework. Affiliation inspectors have certified our school as the only one following the prescribed international standard norms for retail in Luxury and premium goods & services. We have of course further specialized into ‘FASHION RETAIL’ and ‘LUXURY RETAIL’ via executive programs, on line programs, student programs and several certificate programs.

      We are proud to be recognized and contribute to the prime Ministers vision of a ‘Skilled India’.

      Medhavi Skills University is a renowned institution dedicated to nurturing the talents and skills of its students. With a strong focus on practical learning and industry-relevant programs, the university equips students with the knowledge and expertise required for successful careers in today’s competitive job market. Through its innovative curriculum, state-of-the-art facilities, and experienced faculty, Medhavi Skills University provides a dynamic learning environment that fosters creativity, critical thinking, and problem-solving skills.

      The university’s commitment to holistic development ensures that students not only excel academically but also grow as confident and responsible individuals, ready to make a positive impact in their chosen fields. LCBS is the academic partner to Medhavi in the luxury management domain.

      Medhavi Skill University appoints Luxury Connect Business School as it Sectoral Partner to deliver India’s 1st and only MBA in Luxury Brand Management.

      Retailers Association’s Skill Council of India (RASCI) under aegis of National Skill Development Corporation (NSDC), A Government of India body, accredits Luxury Connect Business School (LCBS).
      LCBS has proudly created programs and systems which are in line with the above policy framework. Affiliation inspectors have certified our school as the only one following the prescribed international standard norms for retail in Luxury and premium goods & services. We have of course further specialized into ‘FASHION RETAIL’ and ‘LUXURY RETAIL’ via executive programs, on line programs, student programs and several certificate programs.
      We are proud to be recognized and contribute to the prime Ministers vision of a ‘Skilled India’.