The Indian subcontinent is packed with opportunities in the luxury industry. In the past decade, it has seen some major international luxury brands establish themselves as well as an introduction of homegrown labels that cater to this market. According to Luxury Market Monitor Bain-Altagamma, Asia clocked the fastest growth rate in the global luxury market, which grew at 4% in 2019.
The entry of the new, bigger companies in the Indian luxury space has created a high demand for professionals who are well-versed with values and principles of the luxury sector. This demand, in turn, has created a space for the luxury education industry in India.
‘Luxury education’ is a relatively new concept in the Indian educational space, but is truly a promising one – while some institutions are offering specialized luxury programs and others are rooted in the philosophy of luxury. Programs offer a range of subjects, like Foundation of Luxury, Marketing & Management, Luxury Business Strategy, Luxury Global Trends, Luxury Retail & Digital operations, Finance and Luxury Sales.
The duration of the Master’s programs would typically be 12-months.
The need of the moment is innovation, whether it’s in the business of luxury or in the luxury educational sector. A solution is taking conventional classroom learning and turning it into an industry-centric learning experience, where students learn and work with the experts via internships and industry visits. This gives them a chance to put their skills and learnings into practice.
WHAT TO EXPECT FROM A LUXURY BRAND MANAGEMENT PROGRAMME
Understanding the luxury industry from the lens of an entrepreneur, an artist, and a consumer. Learning skill sets that are essential for understanding the journey of a luxury product and giving it a voice through branding elements.
Preparing for roles in the luxury market, like Luxury Brand Manager, Product Manager, Creative Director, Digital Communications Director, PR Manager, Marketing Head, Luxury Consultant, Visual Merchandiser, Business Development Manager, and Retail Manager among others.
Training to become professionals in the fashion, hospitality, automotive, food & beverage, jewellery, retail, technology, perfume, and accessories industries.
BEST FIT FOR THESE PROGRAMMES
These programs are best-suited for individuals having an affinity toward the luxury industry, regardless of their academic background. In the past, students from design, commerce, and engineering backgrounds have been placed and have performed extremely well in roles ranging from store managers to digital operations managers.
POST-COVID LUXURY MARKET
The pandemic has affected the economy and market in a way that nobody had expected. While most brands and companies are looking for ways to innovate and survive, luxury brands did not take the kind of hit that was expected. A recent example would be how China’s market splurged money on brands like Louis Vuitton and Dior the day after China’s lockdown was lifted. This is proof that while many people have been adversely affected by the pandemic, the High and Ultra High Net-worth individuals are still in a position to spend money on luxury goods and services.
So while the dynamic of the luxury industry will change in some ways, the majority of it will still remain unaffected. A big part of the change will, however, be digitalisation and how luxury brands adapt to providing sales and services to their clients virtually. This shift will open more avenues for professionals in the digital field.
With this shift, luxury education institutions also need to innovate their curriculum, to prepare their students to spear-head the luxury market in the ‘new normal’. Part of these innovations have seen more and more online programs, webinars, and panels surface for students and professionals, where industry leaders, experts, and brand owners interact and mentor young minds. This helps students be aware of the latest developments in the luxury industry.
The challenge for luxury education institutions still remains. What is an integrated education system which is digital-friendly, retaining a ‘luxury learning experience’ that would normally only come in physical classrooms.
Inputs by Pranav Raj Aggarwal, Executive Director, INSD