The niche segment, Luxury products, plays by a different set of brand management rules vis-e-vis brand management of regular products& services. Indian consumers are enamoured with limited popular luxury brands only. Their lesser known counterparts, at times with even better heritage, pedigree and rich culture, have little or no awareness at all. A Luxury Brand Manager, thus, has an essential role of strategizing to not only create awareness & communicate the heritage&the perceived value of luxury products and servicesbut also positioning them so that it occupies a distinct niche space in consumers mind vis-e-vis competition. A Luxury Brand Manager conceptualizes a strategy to build brand visibility of upscale premium expensive brands, educates the customer about its core values and market it to appropriate consumers who have different media habits as compared to the consumers of regular products.
Reasons to study Masters in Luxury Brand Management
Indian luxury landscape: India is attracting lots of luxury brands to set up shop since the luxury landscape is on an impressive growth spree. This means there will be high demand for professionals who can market the luxury products and services. Following points will highlight the same:
- India’s luxury goods market is slated to touch $8.5 billion in 2022-as per Euro monitor International report.
- It is estimated that by 2030, Indian luxury market will surpass $200 billion
- As per Statista
- Revenue in the Luxury Goods market is slated to reach US$7.60bnin 2022.
- The luxury goods market, between 2022 and 2027, is expected to grow at 1.43% CAGR annually.
- Themarket volume of Luxury Watches & Jewelry is US$2.23bn, which is the largest segment in luxury market in 2022.
Masters in luxury brand management will flood you with opportunities since you can apply for various job profiles. Few of the same are mentioned herewith:
- Luxury Brand Manager
- Product Manager
- Fashion Retail Manager
- PR Specialist
- Merchandising Manager
- Marketing Head
Global Exposure: You get an opportunity to be hired by the reputed luxury brands and work across the countries, to meet celebrities, interesting people&public figures.
Create Legacy: You will get a chance to market your brand to the rich and famous. You will either have to introduce people to the pedigree and heritage of the brand or you will need to create a legacy that will attract people to your brands. You need to ensure that the experience offered by your brand is unsurpassed and niche.
Handsome salary packages: Luxury Brand Management pays well in addition to exposure to luxury brands.
Masters in luxury brand management:
To study masters in luxury brand management, you must identify a college that offers:
- The college must not only offer a holistic knowledge about developed luxury markets, but also the application of this understanding in emerging markets like India.
- The college must ensure placement support in addition to exposure through internships, interaction with faculty from global partner universities, discussions and webinars with industry experts and CEOs to understand their wisdom in handing businesses, people management and facing & coming out of challenging situations.
- Curriculum must equip students with competencies in Luxury Retail Operations, Luxury Marketing &Brand Management, understanding of luxury products &segments including Watches, Jewellery, Wine, Haute Couture, Automobiles and Hospitality etc. and role of PR and Advertising in luxury brands etc.
Register without any further delay.