MBA Specialization in Luxury Management allows students to develop skills and perspectives necessary to further pursue their career in the luxury sector. Marketing products and services related to the luxury sector involves several unique challenges for example the changing dynamics of the target sector, the importance of inculcating strong relationship directly with the customers and the critical as well as pivotal role played by the brand image and the respective nature of the system of distribution involved. MBA Specialization in Luxury management helps develop the marketing, strategic management and research skills of the students, providing them with specialized knowledge that is needed for a high-end career which involved managing international luxury brands.
Skills Needed to Excel in the Discipline of Luxury Management
Some of the skills that can help a student build a thriving career in Luxury Management include:
- Ability to build a vision by learning how to approach problems from a global perspective.
- Integrating technical and academic knowledge to assess business situations.
- Developing theories that are action-based.
- Acquiring theoretical frameworks to understand the change in the luxury brand sector
- Building commitment by developing organizational and communication skills to secure project and team management.
- Ability to gain familiarity with the luxury products and learning the fundamentals of the various disciplines
- Strengthening business knowledge and grasping the present day luxury market trends
- Understanding luxury brand management and its semiotics.
Curriculum of MBA Concentration in Luxury Management
The main modules covered in the curriculum include:
- Luxury Management: The course deals with understanding the idea of luxury, and what do terms like ‘space’ and ‘exclusivity’ mean in this domain. The students are taught about the historical evolution of industry of luxury and the macro trends which have structured the various international markets.
- Luxury Lifestyle: The students are able to explore diverse industries in luxury sector and are given insights about each one of them. The topics which are generally discussed in this course deals with Luxury watch making, Jewelry, Haute Couture and others. Students are familiarized with the entire concept of lifestyle that surrounds luxury and the ways it has evolved over a period of time.
- Distribution and Retail: The course deals with the past 30 years of distribution strategies that have been employed for various luxury brand conglomerates. Some topics that are dealt with are what the distribution channels are, how they are controlled, how shopping environments are created and the dramatic changes that the distribution and retail industry of the luxury sector has undergone.
- Business Issues: The students are taught how to read the signals of the market and interpret them. This thought process is cultivated in a very intrinsic manner in the students. The students are able to understand the idiosyncrasies that are present in the luxury sector from the financial and business point of view.
- Marketing and Management: The students are able to analyze the complex marketing challenges which are taught through case studies. They are taught how to allocate the resources and strategically work for the objectives which are pre-determined. The DNA of the luxury brands is understood and explored, so that students are able to have a competitive sustainable advantage and work towards it.
- Integrated Communication Strategy: The students are taught on how to build up their communication strategies while dealing with the luxury sector which is very important to procure clients and have long term relationships with them. They are taught the importance of having a brand image and how it can be perceived by different target groups, along with the reasoning of it.
Potential Career Options on Graduation
Creating profitable and long-term employability is one of the focuses of the MBA Specialization in Luxury Management. Personal development coaching is provided to each student for further brushing up their talents. Students can choose a lot of high-end career options after this special specialization such as being the Business Development Manager, Communications Manager, Travel Retail Area Manager, Marketing Manager, Buyer/Project Manager and even store managers of big brands like Louis Vuitton, Lancôme, Elizabeth Arden, Chanel and others. An upcoming field, there is no dearth of opportunities for an enterprising student and the field is only poised to grow further. Specialization in Luxury Management clearly helps reap rich rewards.