Posted On 2018/01/15 By In Branding, News, Consumer With 137 Views

Innovative Marketing of Luxury Brands catching up

Get a gleam in your eyes over a Jimmy Choo, sway your head over a Louis Vuitton gown and obsessed with Chanel perfumes. If yes, you can simply eat, breathe and live luxury by enrolling yourself into a course in luxury brand management. The course is all about understanding the top notch luxury brands and maintaining their exclusiveness. It was a non-existing sector a few years back, but now offers exciting opportunities.

In fact, the course is an inter-disciplinary approach incorporating elements from management and business to offer premium services to the clients. Major role of a luxury brand manager is to study the history of the brand and market it to potential customers. He plays a dual role of maintaining the brand’s charm among the people who desire it and the elites in terms of purchase.

“Luxury management is how you create a position for a brand to make it successful, how you understand the client and generate ideas to sell the product, which is basically marketing,” says Shriya Agarwal, who earned her degree in Luxury Brand Management from Milan and is currently looking after her father’s business. “India is a growing economy exhibiting a huge surge in luxury consumption. Due to this, more and more brands are establishing themselves here and, thus, the demand for brand managers is increasing. Apart from good pay packages, the managers are rewarded with goodies, foreign travel, luxury dine-ins and networking with high profile individuals,” Agarwal said.

Luxury managers are expected to come up with strategies to always keep their brand popular and among the most favoured list. It is important to maintain good relations with the customer and maintain the quality as luxury houses are blessed with zero tolerance. Strong management background, experience in management practices, good networking skills, ability to build a rapport with the executive class and decision making skills are essential to become successful in this field.

Job profile of a brand manager includes interacting with clients, visual merchandising, overseeing store layout, inventory management, promotion of the brand, increasing sales, plotting purchase patterns and setting customer service standards. Lots of European colleges offer degrees in luxury management. Students can opt for countries like Switzerland, UK, France and Italy which are home to core luxury brands.

In India, the course is quite new and only some private universities offer undergraduate and postgraduate courses in luxury management. IIM Ahmedabad offers a short course on ‘Global management program for executives in luxury management’ in collaboration with the ESSEC Business School, Paris.


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Sources:

Article: Times of India / Image: Aasif Iqbal J

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About

Stefan

Stefan (from Austria, Europe) has been living, studying and working in China since 2010. Stefan has worked on several research, publication and consulting projects focusing on the China Travel Market. He holds two Masters degrees and is an expert on China Outbound Tourism, Marketing and Social Media in China. Stefan works with BMG on the Global Ready China Seminars as well as the Global Ready China News and related projects. He also has teaching engagements in the areas of eMarketing and Tourism Strategy.

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