The strategies to make the luxury business sustainable and exclusive
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.
As per the latest placement report, 48% of the MGB batch passing out in 2023 received international opportunities. Further, the highest package and average package offered were INR 48.84 LPA and INR 19.84 LPA, respectively. All the important details related to SP Jain School of Global Management placement 2023 for MGB are mentioned below:
Particulars | MGB Placement Statistics (2023) |
---|---|
the highest package | INR 48.84 LPA |
Average package | INR 19.84 LPA |
International placements | 48% |
Popular recruiters | Christian Dior, Gallega Global Logistics, Asian Paints |
The institute has released the 2023 placement statistics for the Master of Global Business (MGB) and Global MBA. The the highest package offered to Global MBA and MGB batches 2023 were INR 72.83 LPA and INR 48.84 LPA, respectively. Further, the SP Jain School of Global Management average package for Global MBA and MGB stood at INR 32.11 LPA and INR 19.84 LPA, respectively. In addition to this, 48% of MGB and 54% of Global MBA students received international placements. Amazon, BNED Loudcloud, Aramex, Bosch Global, and many other renowned companies participated in 2023 placements.
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.
The SP Jain School of Global Management, located in Lower Parel, is not a standard regular college. It is a corporate institution that provides specialized management training. Through a variety of degrees, including the Master's and MBA, as well as additional executive education courses, the institution focuses on offering worldwide business education. The SP Jain School of Global Management has a distinctive teaching approach that combines in-class instruction with outside initiatives, industry interactions, and international immersion experiences. It differs from a traditional college because of its emphasis on practical knowledge and exposure to other cultures. It's important to remember that SP Jain School of Global Management is certified and esteemed for the quality of its business school offerings.
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
Shiksha writer
- BBA (Bachelor of Business Administration)
- MBA (Masters of Business Administration)
- Executive MBA
- BSc
- Social Responsibility
- B.A (Bachelor of Arts)
- MSc (Master of Science)
- Ph.D.
- Business & Management Study
- Banking, Finance & Insurance
- Mass Communication & Media
- Computer Courses (IT & Software)
- Humanities & Social Sciences
- Hospitality & Travel
- Design
- Top Arts Colleges in Mumbai (All)
- Top Mass Communication Colleges in Mumbai (All)
- Top Hospitality Management Colleges in Mumbai (All)
- Top Executive MBA Colleges in Mumbai (All)
- Top BBA Colleges in Mumbai (All)
- Top BA Colleges in Mumbai (All)
- Top Arts Colleges in Maharashtra
- Top Mass Communication Colleges in Maharashtra
- Certificate colleges in Mumbai
- MBA colleges in Mumbai
- BBA colleges in Mumbai
- Executive MBA colleges in Mumbai
- Ph.D. colleges in Mumbai
- M.Sc. colleges in Mumbai
- B.Sc. colleges in Mumbai
- B.A. colleges in Mumbai
- Business & Management Studies colleges in Mumbai
- IT & Software colleges in Mumbai
- Banking, Finance & Insurance colleges in Mumbai
- Mass Communication & Media colleges in Mumbai
- Hospitality & Travel colleges in Mumbai
- Design colleges in Mumbai
- Humanities & Social Sciences colleges in Mumbai
Contact Details
Address
1st Floor, Kohinoor City Mall, Gate No. 1, Premier Road
Kurla West, Mumbai ( Maharashtra)
Get details of Similar Colleges
Student Forum
Answered a month ago
Looking at the past years' trends, the SP JAT exam is usually considered moderate in terms of the difficulty level. The SPJAT exam is a management entrance exam which is easier than the other MBA exams such as CAT, XAT, CMAT, etc.
M
Beginner-Level 5
Answered a month ago
If we talk about Cutoffs, SP Jain is much easier to crack than the to IIMs that compete with it. Because if you want to have a call from old IIMs then you have to get 99+ percentile. On the other hand, for SP Jain you can get the call at even 85 percentile.
R
Beginner-Level 5
Answered a month ago
No, the SPJAT exam is conducted only in the online mode. The exam is conducted in the computer based test mode for one hour. Candidates have to mark the correct answer among the four. There will be multiple-choice questions only.
A
Beginner-Level 5
Answered a month ago
SPJAT is an online entrance exam conducted for admissions to the MBA programme by SP Jain School of Global Management. The candidates who are selected can take part in an offline counselling conducted at the designated centre.
S
Beginner-Level 5
Answered a month ago
No, the SPJAT admit card will only be sent to the registered candidates via email. There will be no provision of sending the admit cards via post or getting it offline.
Candidates have to login using their email ID and password to download the SPJAT admit card.
A
Beginner-Level 5
Answered a month ago
The SPJAT exam pattern is as follows:
Features | Details |
---|---|
Exam mode | Computer-based test mode |
Duration | 1 hour |
Number of sections | 5 sections |
Total questions | 34 |
Total marks | 100 |
M
Beginner-Level 5
Answered a month ago
SP JAT admit card will be sent to the candidates who have registered for the exam on their email ID and mobile number. Candidates will also be sent the login details for the online test and exam instructions.
Candidates can use their email ID and password to login to SPJAT candidate portal.
M
Beginner-Level 5
Answered a month ago
Once the SPJAT result is declared, students will be evaluated on various factors. These include:
- Essay writing
- Examining case study
- Personal Interview
R
Beginner-Level 5
SP Jain is regarded as one of the top MBA and management schools in Mumbai. However, it has fierce competition from other reputable institutions in the city.
Recognized as one of India's leading business schools, SP Jain is renowned for its emphasis on entrepreneurship and global perspective. Its campuses are located in Dubai, Sydney, Mumbai, and Singapore.
A variety of management programs, including an MBA, an Executive MBA, an Executive Management program, and specialty master's degrees, are available at the Mumbai campus.
SP Jain is frequently listed among India's top 10 business schools. According to NIRF rankings, it was placed #6 among private B-schools in 2022.
The institution is well-known for its international exposure, thanks to its study abroad and exchange programs. It also accommodates students from abroad.
With more than 10,000 alumni worldwide, SP Jain boasts an impressive network. Many alumni run their own businesses and serve as worldwide organisation leaders.