Luxury Brand Management was, until recently, a relatively niche career path. In an era of technical and medical courses, luxury brand management did not find adequate takers. However, the landscape for luxury has drastically changed since. An increasing number of youngsters are taking up luxury brand management as a full-time career. Consequently, the youth may thank the emergence of the luxury industry and increasing awareness of the market in India. It is because luxury brand management is no longer an elective degree; today’s youth see it as a legitimate career path.
The Luxury Market in India
India is one of the fastest-growing markets for luxury goods and services. One expects India to stand tall with China as the world’s leading luxury consumer. As per a report from Euro Monitor International, India’s luxury market will grow about 86% between 2016 and 2019. Expectedly, the industry will touch US$ 50 billion by 2020 and US$ 180 billion by 2025. Going by this trend, it is clear that the job market for luxury brand management will only amplify. And, this may happen over the next few years!
When it comes to net-worth, India isn’t far behind. Globally, India ranks 6th in terms of ultra-high net worth individuals (UHNWI). Mumbai leads the pack for UHNWI, followed by Delhi and Bangalore. Since 2000, the number of millionaires in India grew from 39,000 to 3.43 lakh. There has also been an increase in household income among all segments of the population ladder. One can attribute the growth of this wealth to the ease of doing business, competitive wages, strong economic growth, and better education. Moreover, an increase in investments among others may also take the credit for this growth.
Many global brands have made India their home for the past few years. These brands are from the business spheres of apparel, accessories, jewelry, home décor, watches, wines, travel, and tourism. Moreover, fine dining, art, automobiles, real estate, and many more sectors have found ample investors, both domestic and foreign. Luxury brands that already have a foothold in India are looking to expand their business beyond sales and marketing.
A Career in Luxury Brand Management
Reports suggest that only a little over 50% of employers believe in the skill level of their hires. Nearly 40% of employers are still struggling to find individuals who have a strong understanding of the luxury business. They also require individuals having functional experience in the same. Thus, there is an urgent need for qualified luxury brand management professionals.
Luxury brand management involves interaction with customers on a day-to-day basis. Professionals in the business should have a flair for networking and an amiable personality. Also, they must be able to build connections with key stakeholders. A management degree such as an MBA in Luxury Brand Management from a reputed MBA college or similar will help aspirants gain a strong foothold in the industry. With the luxury industry booming in India, many colleges have begun offering courses in luxury management.
Luxury has broken traditional boundaries and has moved on to diverse sectors. Graduates of the program can work in fashion, retail, design, event management, jewelry, and hotels. Furthermore, they can also find employment in media, tourism, the automotive industry, export, etc. Their roles can be such as a Luxury Brand Manager, Merchandising Manager, Visual Merchandiser, and Product Manager. Also, they can look forward to handling the responsibilities of PR Specialist, Buyer, Store Manager, and many more.
On an Ending Note…
The scope of luxury brand management is quite far-reaching. Therefore, there are many avenues for those who are passionate about making a career in the field. It can open doors to a global career that involves rubbing shoulders with the elite, traveling to exotic locations, and living the good life. There is no better time to consider a career in luxury brand management than right now. The market, economy, jobs have all lined up to give aspirants the perfect opportunity to consider a career in the luxury sector.
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