SP Jain School of Global Management  ,Kurla West, Mumbai

The strategies to make the luxury business sustainable and exclusive

4 mins readUpdated on Sep 13, 2022 14:35 IST

Luxury brands are known for their high-quality products, rare and exclusive materials, their unique craftsmanship and savoir-faire. The concept of Luxury dates back to the Palaeolithic era (Gilles Lipovetsky, 2003) Luxury brands are known to have a more traditional approach when it comes to their internal or external business practices. On the contrary, when one talks about Sustainable Business and business practices today, it is seen as the way ahead or a more modernised brand pathway. Sustainability has definitely become the definite pathway for all businesses for the future.  Having said that, luxury brands and being sustainable actually, go hand in hand.

The new generation of consumers, who, in 2018 alone, drove 85% of luxury sales growth, consists primarily of millennials and Generation Z and demands sustainable practices, messaging and products. Broadcasting their lives on social media, consumers have started to perceive themselves as brands and elect labels that align with their personalized positioning claiming to only associate with sustainable brands.

There are several measures that a business can adopt in order to become more sustainable. Some of those are as follows:

Circular now is Circular future

Sustainability has encouraged brands to rethink their strategies in innovation of newer products that do not harm the environment be it flora or fauna around us. For the longest time luxury brands have always teased our vices by exciting us to indulge into guilty pleasures, be it the exquisite leather handbags, the extravagantly priced and rare mink / fur-coats, or even the unique pieces in jewellery or cosmetics which exploit animals or other natural resources. Now, luxury is all about being careful and conscientious and true to the consumer by bringing about positive changes in the environment without using such materials that cause harm to others. More and more luxury today is consumed by the millennials, who are extremely aware of the damages that the past generations have caused to the natural environment to serve to their indulgent lifestyle purposes. Since, 2018, the millennial luxury consumer today contributes to nearly 85% of the global luxury sales growth (Forbes, 2021) and brands must cater to their needs and lifestyle preferences. Being a circular brand means taking care of the environment, causing no harm and being an honest and sincere brand.

Empower the Artisans

Luxury brands have always favoured the collaboration between artisans and craftsmen to create unique and precious creations to heighten the senses of their consumers. By empowering artisans and craftsmen luxury brands can find the right balance between machine made and handmade products. The collaboration of artists also allows these local artisans and craftsman to sustain these age old skills and keep these local traditions alive for generations to come. It is essential for luxury brands to be able to give back to the local villages and to be able to allow them to grow by employing them.

Waste Zero

Today’s luxury is all saving more and causing zero waste, be it in the materials used, or the use of electricity, water or any such resources that are utilized in creating a product. One brand leading towards the zero waste category is Ren Clean Skincare. In the year 2018, this brand made the pledge to become 100 percent zero waste by the end of 2021. The unique idea that Ren also uses is to request their customers to support its direct competitors, but only the ones who have joined hands with Ren in order to promote the zero waste pledge. The brand completely changed their design and packaging philosophy by using recyclable plastic. Then they also starting moving to other parts of their supply chain cycle, such as the pump which was used in their packaging to a pour out cap which is again made out of recyclable plastic and just by doing so, they are saving 4.4 tonnes of plastic in one production cycle. Other iconic brands who are paving the way are of course, the well-known American ace designer Stella McCartney, and the very newly established Hyderabadi designer Asmita Marwa, who in her latest collection followed the 100% zero waste ideology to create a collection out of recycled, upcycled and regenerative designs. She is one amongst the few other changemakers who are leading the way for the Waste Zero Movement.

Replace Conspicuous with Conscious Luxury

Luxury has always played with the idea of indulgence, extravagance and excessiveness. The word itself, luxury means, to be excessive as per many researchers and scholars. However, brands like Cartier, the iconic French royal jeweller of the elite and Patek Philippe have time and again reminded its consumers of Luxury that should be transgenerational, crossing time and boundaries. Which means one luxury product can and must surpass one’s lifetime. With the proper love and care we must learn to pass on these beautiful pieces to our next of kin, not only because it is grows our bond stronger with our family but also because it allows us to be more conscious and less conspicuous as a consumer. It is true that luxury brands always tease us to have more and more of them, but most of the iconic luxury brands that have been around for hundreds of years, live on the philosophy of less is more and a minimalistic approach.

 

 

Note: The views expressed in this article are that of Smita Jain, Director – MGLUXM, SP Jain School of Global Management and do not reflect/represent those of Shiksha

 

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Comments

K

Is Masters in global luxury management at SP Jain worth doing or not? How is its scope and placement as it's a new course?

6635207
SPJAIN.GLOBAL Global

Beginner-Level 5

3 years ago

Hi Kirat, our MGLuxM program is a 12-month postgraduate program that will help you transform into an expert manager in the global luxury industry. You can take a look at the complete information about our program here: https://www.spjain.org/programs/postgraduate/mgluxm

S

Do you consider MAT score? I have scored 666.50. Am I eligible to get admission?

5271697
Saket Raj Sahu

Guide-Level 15

2 years ago

Hi,
Just go through this link and fill out the required details
College predictor in Shiksha
https://www.shiksha.com/college-predictor

5271697
SPJAIN.GLOBAL Global

Beginner-Level 5

3 years ago

Hi Sai, we do accept MAT score. You can submit your GMAT/GRE/CAT score or choose to take our internal assessment SPJAT to apply.

V

Is it beneficial start BBA or after 12th(UG) or is it suggested to do it after Graduation in any field?

15897449
MALLIKARJUNASWAMY S

Guide-Level 12

2 years ago

S.P. Jain Institute of Management and Research (SPJIMR) IS GOOD,
MY SUGGESTION - ANALYTICS, STATICS, INTELLIGENCE BUSINESS, COMPANY SECRETARY.

S

Is entrance exams like GMAT, CAT required for Luxury Management Course? As there is no criteria written so had a doubt about it.

15725233
MALLIKARJUNASWAMY S

Guide-Level 12

2 years ago

If your serious about considering a Masters in Luxury Management and are a passionate about brands, then I suggest you should definitely consider the Master in Global Luxury Goods and Services Management or MGLuxM as it is popularly known. The institute offers a 12 month in depth training in the ...If your serious about considering a Masters in Luxury Management and are a passionate about brands, then I suggest you should definitely consider the Master in Global Luxury Goods and Services Management or MGLuxM as it is popularly known. The institute offers a 12 month in depth training in the management of the luxury brands through class room sessions, case studies, study tours, industry interaction and Company visits, networking meeting with business associations, entrepreneurs and businesses in Milan and India, participants will get an in-depth understanding and knowledge of the entire gamut of the Luxury industry both in matured and emerging markets. The study is split into 6 months in Mumbai and 6 months in Milan. The 6 months that students spend in Milan also include dedicated study tours to Europe's top luxury districts. What's more, the MGLuxM is accredited by Politecnico di Milano and the degree is approved and recognized by the Ministry of Education, University and Research (MIUR), making it a truly an international offering
The Master in Global Luxury Goods and Services Management (MGLuxM) program is ideal for:
Young graduates with at least a bachelors degree of three years from a recognized university in India or abroad
Students who have an aptitude and appetite to work in the luxury space
The programme will be taught in English. Hence, an adequate level of proficiency in English and good written and spoken communication skills is a must
Students must also be able to display leadership and managerial skills and be willing to meet the demands of a rigorous Masters degree.

s

Am I eligible for admission without taking GMAT or CAT?

5259864
Abhishek Desai

Scholar-Level 17

3 years ago

Hello,
Yes, SP Jain School of Global Management, apart from GMAT and CAT, also accepts the scores of its internal assessment exam named SP JAT for its MBA program.
Good luck.

5259864
SPJAIN.GLOBAL Global

Beginner-Level 5

3 years ago

Hi Sukriti, in case you have taken the GMAT or CAT, you can choose to take our internal assessment SPJAT.

S

Are there placements for executive MBA?

7460533
SPJAIN.GLOBAL Global

Beginner-Level 5

3 years ago

Hi Soma,
Our E-MBA program is for working professionals and hence we do not provide any placement opportunities. However, we do provide career assistance and counselling to our students along with an opportunity to connect and be a part of a very vibrant alumni network.

n

namit khurana

Beginner-Level 5

4 years ago

No, SP Jain Global does not provide placements for Executive MBA for following reasons:1. All their EMBA students are working professionals. However, they do provide career counselling, career coaching & mentoring.2. They provide multiple opportunities for networking not just through classroom ac...No, SP Jain Global does not provide placements for Executive MBA for following reasons:
1. All their EMBA students are working professionals. However, they do provide career counselling, career coaching & mentoring.
2. They provide multiple opportunities for networking not just through classroom activities, but also through an access to their alumni portal (1500+ EMBA alumni located across the world and many more from other courses), seminars and corporate events.

N

I am from Mumbai and will be graduating in April 2018. When to prepare for MBA entrance exam if I want to join Athens, IBS, NMIMS, SP Jain?

3088625
SPJAIN.GLOBAL Global

Beginner-Level 5

3 years ago

Hi Nidhi,
As SP Jain Global, we do accept scores from exams like CAT/GMAT/GRE. In case, if you have not taken either of them, you can take our internal aptitude test SPJAT.

n

namit khurana

Beginner-Level 5

4 years ago

As per your question, you mentioned that you are graduating in April 2018. Ideally, you should start preparing for MBA entrance exams from the time you were in the 2nd year of your UG. However, for your information, if you think you can still make it, you should directly start preparing for next ...As per your question, you mentioned that you are graduating in April 2018. Ideally, you should start preparing for MBA entrance exams from the time you were in the 2nd year of your UG. However, for your information, if you think you can still make it, you should directly start preparing for next year. Adding to your list of preference, you can also prepare for SPJAT or GMAT for getting admission in SP Jain Global's post graduate programs like MGB or GMBA for next year. Keep checking their website regularly. https://www.spjain.org/.

a

Am I eligible to get admission in this college for MBA with 49.74% marks in graduation and 70 percentile in MAT?

5124063
SPJAIN.GLOBAL Global

Beginner-Level 5

3 years ago

Hi Aditya, we do accept MAT score. You can submit your GMAT/GRE/CAT score or choose to take our internal assessment SPJAT to apply.

n

namit khurana

Beginner-Level 5

4 years ago

In this case, all you should do is to simply submit your application form and then wait for the admission committee screen your application form. If the admission committee finds your application form to be eligible, then they might ask you to take for SP Jain Global's entrance test, called SPJAT...In this case, all you should do is to simply submit your application form and then wait for the admission committee screen your application form. If the admission committee finds your application form to be eligible, then they might ask you to take for SP Jain Global's entrance test, called SPJAT. You should be able to secure 80+ in SPJAT.

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