SCOPE OF LUXURY BRAND MANAGEMENT
A highly detail oriented, intricate industry, the Luxury Business has been constantly evolving over the years. A profound expression of the exquisite art of living, It is an exclamation of choice – what you want, how you want it and when you want it. With the evolution of luxury brands which cover every spectrum of a flamboyant lifestyle, a willing consumer has an array of goods and services to choose from. Hence, luxury is an integral as well as an exclusive segment of the market which sells dreams.
Luxury brand management can be best described as an interdisciplinary subject that applies time-tested management practices to businesses that offer premium services. The treatment of these basic principles when handling luxury goods and services take a completely new dimension much beyond just normal innovation. The primary role of a luxury brand manager is to understand the heritage and history of the brand and to communicate / map associate the Brands’ DNA values with a potential set of clients. This person is responsible for the sometimes difficult task of keeping the brand popular while retaining its exclusivity, i.e. ensuring that the brand remains a popular and favoured choice amongst both – the aspirers of luxury in terms of desire, and the elite in terms of purchase
The accessibility and rarity of extraordinary brands which revolve around the extravagant tastes of an individual is what broadens the scope of luxury brand management. The scope of luxury management in India is so wide, yet the majority is unaware about the situation of this exquisite segment which lacks efficiency in terms of human resource. Luxury products and services are openly available but the right skills to pitch, manage, operate, market and sell them is an area with untapped potential. The vast number of management programs in India are enormous but they hardly cater to the untapped potential of luxury brand management careers. An masters in luxury brand management is important because this is a growth area that goes beyond normal luxuries associated with retail to some very interesting areas such as luxury hospitality, catering, fashion, recreational services, or in other words, experiential luxury.
A non-existent sector till just a few years ago, luxury brand management now offers exciting career opportunities. It requires an understanding of heritage brands and the ability to network with niche market segments. The overall scope of this panel is derived from client based experience which is a formidable asset for the sustenance of a luxury brand. Candidates are given a holistic idea about luxury brand management so they can contribute accordingly in this field. It provides the necessary tools to an individual to bridge the gap between the experimental pleasures of luxury and a consumer as per demand. It provides a better understanding of what’s in the luxury market and identify the right goods and services for fulfilling a client’s needs.
The objective of luxury brand management as a professional course at Luxury Connect Business School is to nurture its candidates in accordance with the decorum of this industry. Firstly, is culturally global in geography. Secondly, it is a growing sector of the modern economy which needs more attention. Thirdly, it is based on serious research underpinning the people involved in this field. The learning platform itself is pioneered by experts who’ve managed and delivered luxury at a commercial level. With a concoction of expertise, practicality, innovation and style, a specialisation in the field of luxury brand management helps an individual become a connoisseur of luxury and rightfully contribute to this industry.
