The luxury industry is a booming sector, and since there is a difference between the business models of normal brands and luxury brands, there is a huge scarcity of talent in this sector.
India, being a fast-developing country, is seeing a consistent growth of 20% PA in the luxury sector. Furthermore, the luxury market is expected to reach a whopping $50 billion by 2020 and to $180 billion by 2025. The quickly growing sector needs specialized MBAs who have skills to anticipate the consumer behavior and link their emotional intelligence with the growth of a luxury brand. There is an immensely lucrative and rewarding career in Luxury Brand Management is waiting for the ambitious aspirants.
What skills will I get in a Luxury Brand Management degree?
If you are planning on breaking into the luxury industry, you must be wondering what will be the career opportunities coming your way. There are various degree programs and specializations to make you a subject expert.
For instance, you can gain knowledge of the precisely blended academic work and experience by pursuing MBA in luxury brand management. In this program, you will learn about certain things related to luxury industry, such as:
- Consumer psychology
- Marketing and production
- Brand strategies
- Promotion techniques
- Innovation & hospitality
Once you complete your degree, endless future opportunities and marketing platforms are opened for you. In simpler words, a career in luxury brand management has ample scope in India and abroad. Besides having a rewarding work environment, the salary you could expect may range from 20 LPA to 40 LPA.
Let’s get an idea about the potential opportunities you can look forward to with this amazing degree.
- Luxury brand manager: The most expected task for managerial roles is to entail different strategies to attract the customers towards the luxury brands. Since a huge number of high-end brands have entered India, the scope for luxury brand manager career has widened extensively. You can get a decent job and a handsome pay scale to utilize your skills into the fashion and luxury sectors to create a distinct image of the brand you are working for.
- Luxury goods manager: The career opportunity for a luxury goods manager revolves around the stages of product planning and execution. If you get a chance to become the luxury goods and project manager, your first role would be to conduct market research to make sure that the product offered by your company is meeting the customer demands. Apart from that, you will be responsible for quality assurance and precise management of the production process.
- Retail Buyer: Another great career opportunity for MBAs with luxury brand management is to decide the merchandise for a brand. You can become a retail buyer by pursuing a degree in luxury brand management which makes you eligible to analyze buying patterns and sales trends.
- Luxury brand account and marketing executive: Apart from the managerial roles, you can also add a new spark to this ever-glowing luxury industry by performing back-end job roles. You can become executives for accounts and marketing tasks.
The newest emerging industry has a lot to offer to the creative experts. So, if you can understand the psychology of customer, you can easily perform the front end and back end roles of the luxury industry.
The quality of education matters!
The most important thing to land your dream job is to get your degree from a reputed institute that provides the latest technology and learning resources. For instance, you can pursue your MBA from Luxury Connect Business School which is helping talented individuals in launching their career as a professional in the luxury industry.