Luxury Brand Management: Career Prospects, Skills Requires, Top Institutes

Luxury Brand Management refers to the handling or managing of a luxury brand. Handling a luxury brand involves handling its pre and post-sales, brand promotion, brand-name enhancement and evaluation of its position as per the market trend. 

A luxury brand is in high demand by those individuals who are on the lookout for a premier product that is elite in taste, unique and extravagant. Some of the most sought-after luxury brands in the world include Armani, Gucci, Burberry, Estée Lauder, Ralph Lauren, Dior, Versace, etc. Those related to luxury brand management not only work for the betterment of the product’s image but also make sure that the customers gain an unforgettable experience with the product in question.

Unheard of by many until a few years back, the luxury brand management course has picked up popularity ever since the luxury industry underwent an overhaul. The best creative minds are selected not only to manage these luxury brands reach out to the right audience or customers but also to figure out outcomes such as return on investment, profit, progress, etc.

Interacting with potential customers and binding their loyalty to the product is a huge requirement in this field. Therefore, individuals with the gift of the gab and good decision-making abilities make excellent luxury brand managers, excelling at the art of dealing with corporate clients and buyers. This article explores the domain of Luxury Brand Management, throwing light on its future scope, requirements and growth prospects for studying abroad.

Check: 5 Steps to Choosing the Right College

What are the Core Principles of Luxury Brand Management?

Luxury brand management involves regularly working on maintaining the concerned luxury brand's image as per the brand norms. It also aims at sustaining high-end brands by preserving their exclusivity, desirability and prestige, Following are the core fundamentals of handling luxury brands-

1. Managing the brand's exclusivity and scarcity in the right proportion- Luxury brands work on customer's desirability hence, they need marketing in such a way that their desirability is maintained but they also do not get diluted in the long term.
2. Every luxury brand takes pride in and operates from itsheritage. They have good storytelling just to engage their customers. 
3. Luxury brands are about experience. So, a luxury brand manager also makes sure that every customer gets a superior experience when they visit the brand. They invest more in customer experience before branding.  

What are the Career Prospects of Luxury Brand Management? 

The sector which was quite invisible sometime back today offers a variety of professional options to those who possess a qualification in this field. With new luxury brands surfacing in the market, offering remarkable and uncommon experiences, the demand for people who reflect a promising innovative mind has surged. The need of the hour is skilled manpower which can help promote and manage brands which can compete with the established ones.

Many renowned establishments have vacancies open for such graduates who apart from holding strong imaginative skills and an inventive bent of mind have also gained brand experience, media skills, product design knowledge and the like. Evaluating the relationship between a customer and a brand is a significant role which experts in luxury brand management have to carry out. There are many luxury brand management courses which are available in different parts of the world for all those who hold a keen interest in this field.

Top Universities in the World for Luxury Brand Management

Although an MBA in Luxury Brand Management is one of the most popular specializations which good institutes around the world offer, there are many universities/colleges which also offer some general courses in retail, fashion, and other related fields. Topics which a student will study under these courses include finance, brand building, customer relationships, marketing, etc. Institutes which are among the top for MBA in Luxury Brand Management also help students obtain internships so that they can gain some practical experience before making the big corporate entry.

The table below features some of the top institutes in the world offering MBA, MSc, and other Masters's courses in Luxury Brand Management.

What are the Responsibilities of a Luxury Brand Manager?

Duties of a luxury brand manager include-

• Working towards improving brand’s image
• Shouldering budget planning responsibility 
• Allocating brand resources correctly to bring out most effective results 
• Designing and monitoring marketing campaigns and endorsements
• Keeping track of existing and emerging market trends.
• Keeping a direct and regular check of the prevailing and emerging competition and competitors
• Building contacts with various PR executives for the brand’s image-building and awareness
• Keeping an eye on the work of copywriters
• Collaborating with executives dealing with TV/newspaper/magazine advertisements/exhibitions/road showswebsitesart/designers.
• Studying how the audience is reacting to the brand’s performance and maintaining a record of their feedback

Skills Needed to Become a Luxury Brand Manager

Luxury brand manager needs specialised skills to connect a brand's story with its customers. They need to excel in all sorts of marketing channels that there are and must know when and how much marketing campaigns they should run to create desirability but not dilution of the brand. Here are the top skills needed by luxury brand managers to run a luxury brand-

In order to make the brand worth competing with, luxury brand managers need to keep track of the market trends and study the requirements and demands of customers so as to create a good strategy. So if you’re confident that your efforts can positively affect the brand’s image and assist it in earning a spot among the best, luxury brand management is the right career for you.

Reach out to Shiksha Counsellors for any queries related to any programme/course, admission procedure, application process and scholarships/education loans to universities abroad.